The cost of raw materials is affecting apparel suppliers. Over time, these changes could result in higher prices for consumers:
“Wool prices have soared to record highs this year on booming demand, while a drought in Texas and rising Chinese imports have sent cotton futures to a nearly six-year peak in the US. The price of oil, used to make synthetic fabrics like polyester and rayon, is up over 50 percent from a year ago.”
P.S. Costs and product pricing are always serious concerns. Our Pricing Management class can help you and your team set the right price for your products even when your costs change.