Industry Analysis & Industry Trends
This declining industry has experienced falling revenue over the past five years. Changing consumer preferences and increased competition from imports has caused declines in demand for domestic hosiery and sock products. Industry players are challenged with innovating and developing products that stimulate demand to recapture some of the sales lost over the past decade. Firms that can encapsulate consumer requirements and offer hosiery and sock products that enhance their satisfaction will be in a better position to grow in a shrinking environment... purchase to read more
Industry Report - Starting a New Business Chapter
New firms in the Hosiery Mills industry have difficulty in establishing their product in the market place due to a relatively high numbers of competitors promoting largely homogenous products. This environment makes it difficult for new players to differentiate themselves in any meaningful way to lure consumers to their product over more established brands.
A significant financial outlay is also required to purchase a plant and the necessary equipment. It is costly to develop and test new products and there are high advertising costs associated with promoting new products. Loyalty to existing products can make it difficult for new manufacturers to attract sales... purchase to read more