Timeline – Sri Lanka's economic crisis and the apparel sector [Yahoo! Finance]
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Source: Yahoo! Finance
As most of the world focuses on overcoming the Covid pandemic that has raged on for the last two years amid a backdrop of a war in Ukraine and rising inflation rates, Sri Lanka is in the midst of a huge battle of its own due to what is being described as its worst economic crisis in decades. Dr Sheng Lu, associate professor of fashion and apparel studies at the University of Delaware tells Just Style exclusively that like many developing countries, the export-oriented apparel sector plays a crucial role in Sri Lanka's economy. He notes Sri Lanka's apparel sector accounts for more than 40% of the country's total exports, and Western fashion brands such as Patagonia, Calvin Klein, Nike and Ralph Lauren typically source tops, bottoms and jeans from the region, especially for medium-priced items. However, Dr Lu suggests the country's recent economic turmoil and political instability could negatively affect Sri Lanka's apparel exports. “Some Western fashion brands and retailers ha
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