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Owing to pandemic-led travel restrictions and lower foot traffic, clothing and clothing accessories sales in the United States fell more than 24% year-over-year in 2020. However, rising e-commerce sales and the introduction of new fashion trends to keep pace with the changing consumer trends enabled most apparel companies to rebound gradually.
Despite rising inflation and supply chain disruptions affecting production, the wide availability of COVID-19 vaccines, and rising consumer spending ahead of the holiday season, the apparel industry is witnessing sales growth. The National Retail Federation (NRF) forecasts holiday retail sales to rise between 8.5% -10.5% during November and December. The global apparel market is expected to grow at 7.5% CAGR to $797.30 billion by 2025. So, both RL and VFC should benefit from these tailwinds in the coming months.
