n an ever-changing world, those who stay in the same place are left behind.

The Portuguese textile and clothing industry understood this pungent truth in the great competitive shock that stemmed from the global textile commerce liberalization in 2005, and went through the same trial when the economic and financial crisis hit the globe in 2008, started by the North-America subprime, and leading to a generalized downfall in consumption that affected the business ranks, eliminating the companies that were less prepared for this sort of extreme challenges.

We are on the verge of something new that is still hard to pinpoint, which will certainly generate similar consequences to those felt during the first decade of this century.

We only know that the fast fashion business model is going through a crisis, and that these companies are struggling to reinvent it and to give it continuity. We know that the online commerce is gaining traction to traditional offline commerce every day, but we also know that one will not survive without the other, in an omnichannel type of logic.

We know that sustainability (and circular economy) is no longer just activism – it is now mainstream and has been adopted by every brand as a structural demand built into their concept and business model, creating opportunities in the entire value chain, from product conception to production, logistics and communication.

We know, furthermore, that on the account of the aforementioned, to which one might add the anticipation of a generalized economic crisis that could come in a few years, a decrease in consumption of fashion articles is already being felt, especially in developed countries, which will forcefully dictate the new logic for an entire business and, perhaps, its very reinvention.

We know that the Portuguese textile and clothing industry underwent a deep purge of its entire productive capacity about a decade ago. The companies that survived are stronger and more prepared for the global challenges, especially after undertaking massive investments on several domains, from equipment to training, and also because of it are under further pressure to satisfy the financial commitments that enabled their modernization.

We are dealing with a complex scenario, which is ahead of us and will define the new cycle – and whether the growth from recent years continues or is interrupted with consequences hard to measure right now.

This is what we will be witnessing over the next few years, in an international context marked by uncertainty, by volatility and geo-economic conflicts, of which the “trade war” between the U.S. and China is but an example. An unstable juncture is not necessarily negative, for it opens unexpected business opportunities, to which economic deciders have to keep an eye out for and should be able to act upon.

The Portuguese Textile and Clothing Industry has faced, in the recent past, more serious threats, seemingly impossible to overcome, and surpassed them. We have all the conditions for history to repeat itself successfully once again, as long as there is will, audacity, tenacity and resilience. That is what I am counting on!