NATIONAL: Australian Wool Innovation (AWI) has set its sights north in the wake of a $17 million loss for the 2008/09 financial year.
Revenue at the wool industry body fell from around $90 million in 2007/08 to just over $60 million this year, a recent annual general meeting revealed.
While executives attributed a one-off $15 million government grant in 2007/08 for the result, reduced sales volumes and falling wool prices caused a majority of the damage.
It is understood continued reliance on Chinese wool exports - with 80 per cent of exports currently geared there - had impacted woolgrowers' ability to price more competitively.
AWI chief executive Brenda McGahan assured members a fresh effort will be made to promote wool in the northern hemisphere.
McGahan said a recent business trip to the US, UK and Europe revealed it was "clear" Australian wool had lost international market share. She said members of America's National Retail Federation conveyed the last major marketing campaign to promote Australian wool was during 1996/97.
"That's a long time to not be in that market."
She said competitors, particularly within the synthetics category, were active in promoting their product offer to clients. AWI plans to "get back on the road" and meet major retail and brand partners as part of this renewed marketing strategy, she said.
During her trip to key markets such as the US and Europe, McGahan claimed retailers had renewed their support for Australian wool, despite the industry's failure to honour a deal which would stop the practice of mulesing next year.
Global brands Hugo Boss, Abercrombie & Fitch and H&M are among those which have boycotted mulesed wool.