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To keep your closet stocked with Forever 21 frocks this time next summer, you might have to start shelling out more dough.
Clothing operation costs in China are rising, and pricing quotes have become so high that companies are now struggling with how to continue with the prices they currently have. Umgee USA, an apparel brand that works with overseas merchandisers to bring clothing to stores like Forever 21, has begun manufacturing products in larger American cities to cut overseas costs, but for companies who operate on a more massive scale, China's the only option.
George Feldenkreis, the Chief Executive of Perry Ellis, matter-of-factly believes that prices are going to increase by as much as 10 percent next year. And, with shoppers being more frugal with purchases already, it's going to make shopping that much more difficult for retailers. Looks like the whole minimalist thing is going to be easier to pull off than we thought.
· Price Hikes In Fashion Next Year [NY Post]