TCF businesses set up to fail

NATIONAL: One in three textile, clothing and footwear (TCF) manufacturing businesses will not see out their first year, new data has shown. Figures released by the Australian Bureau of Statistics and compiled by industry body The Council of Textile and Fashion Industries (TFIA) have shown that of the TCF manufacturing businesses that entered the market
in 2003, only 68 per cent of companies survived their first 12 months in business.

After 24 months of operation just 53 per cent were still around to celebrate their second anniversary. By the third year the chances of success had dwindled to 46 per cent.

The performance rate was significantly below that of what the TFIA termed the "similar" manufacturing industries of metal products, printing and publishing where 80 per cent survived their first year, 59 per cent survived their second and 51 per cent were still around for their third.

For more on this story see our September 5 print edition.