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Four ways working with a financial provider can help you stay fashion-forward for a new decade

In the world of fashion and apparel, you’re used to change — from seasonal styles to consumer tastes to economic shifts. As we head into a new decade, you know change is inevitable. So, let’s focus on the good news first: The McKinsey Global Fashion Index (MGFI) 1 is predicting the industry will continue to grow with estimates at 3 to 4 percent in 2020.

And now, the challenge: That prediction reflects a slower estimate than the 3.5 to 4.5 percent expected in 2019.

With a new decade looming, the MGFI suggests success for fashion and apparel companies like yours “is likely to involve plans to boost productivity while ensuring operational flexibility (e.g., using variable contracts and more diverse supply sources), a clear approach to digitisation and a sharp focus on financial flexibility.”

That’s where a financial provider like CIT can play a key part.

Here are four reasons starting a new decade with an experienced financial provider is important:

  1. Working with an accounts receivable factoring team can provide you with the working capital you need to run — and grow — your business.
  2. With factoring, your company will be paid for all credit approved and undisputed invoices without the burden and expense of having to manage those payments yourself.
  3. An experienced financial provider will help you mitigate cash-flow challenges and customer credit risk.
  4. The right provider will tailor solutions that help you realize your vision. 

“Successful companies will be the ones that make moves early, focus on boosting earnings over revenue growth, and work out how to improve productivity while ensuring operational and financial flexibility,” The 2020 MGFI suggests.

Here at CIT, we’ve been a leading provider of accounts receivable management services and financing to provide that flexibility to fashion and apparel businesses like yours for more than a century. 

Let’s explore how we can help empower you to achieve your goals for the 2020s.

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