For the fashion industry, one of the must-have, but hard to come by, items this season is a favorable refinancing deal. The recent volatility in the fashion market has reflected not just the ever-changing tastes of the cognoscenti, but also the rapidly shifting economic landscape confronting designers and retailers. The fashion industry has suffered acutely in the global financial crisis as consumers curb their spending, particularly in the luxury goods market. In fact, analysts have estimated that 12% of fashion companies will not survive the recession.
Yet after months of economic stagnation, there may be signs of improvement: this summer, a number of companies in the fashion industry successfully refinanced their debts, reflecting an improving climate among credit markets and offering some struggling firms a desperately needed lifeline. But even as some companies successfully refinance their debts, a number of others have been unable to reach refinancing deals and have filed for bankruptcy protection.
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