Prime Source Forum (PSF) is a unique event as it allows senior executives of major apparel companies to meet in a non-competitive environment. Individuals, who normally compete fiercely with each other, can discuss freely topics and issues that impact them all.
This, the fourth PSF, held in Hong Kong, March 31 - April 2, attracted some 400 delegates from a long list of companies that included, among others, VF Asia, Guess, Adidas, Ann Taylor, FLIA, H&M, Li Ning, Liz Claiborne, New Balance.
The opening address came from Nicholas Kwan, the Asia economist for Standard Chartered Bank. His piece was titled, ‘Surviving the Perfect Storm’, which pretty much summed up the thoughts of his audience. One, Derek Binns of DBL Consulting said, “The apparel industry is facing up to probably the worse financial crisis since the Great Depression”
If anyone disagreed with that analysis it was probably that it was too mild.
But PSF is not about hand-wringing. Thus far no company in this industry has gone to the government asking for help, and it would certainly be rebuffed if they did.
Instead the talk was of remedies, improved supply-chains and, yes, included some pleas to governments to intervene by way of restricting unfair trade practices. Indeed, from delegates attending the event there appeared that there is always room to improve further the supply chain – complacency is simply not an option.
What makes PSF different is that these ‘tips’ and experiences, which would normally be held close to the chest, are shared with competitive rivals for a common good.
Joe Ayling, of noted, “With thousands of factories already closed in China alone, the global recession is taking its toll on apparel and footwear supply chains. A panel discussed how sourcing has now entered a transitional period”.
PSF really is an event for ‘All the apparel industry.’
