A number of external factors negatively affected international demand, making 2023 a challenging year for the Greek garment industry in terms of exports. On the contrary, in the domestic market, Greek companies recorded an increase in their financial figures, according to the Association of Knitting and Ready-made Clothing Enterprises of Greece (SEPEE), following the processing of their published balance sheets.

Specifically, as noted in today's announcement of the SEPEE, the total turnover of all the companies in the sample for 2023 increased by 4% and stood at €1.117.3 billion compared to 2022, gross profits amounted to €479.4 million (+ 9.6%), and the gross profit margin stood at 42.9%. The association's "microscope" companies saw a 4.4% increase in total net profits last year, reaching €78.8 million, compared to 2022, with a net profit margin of 7.1%.

Specifically, in terms of purely exporting companies, their turnover decreased by 16.9% in 2023 and fell to €165 million, compared to €198.6 million in 2022. Gross profit stood at €40.3 million (-4%), with net profit on the contrary showing an increase of 7.4% to €10.2 million. The gross profit margin stood at 24.4% and the net profit at 6.2%.

The turnover of companies operating in the domestic market moved on an upward trend, and according to the SEPEE, it increased by 8.8% and stood at 952.3 million euros last year. Compared to 2022, gross profit recovered by 11.1% (439.2 million euros), and net profit stood at 68.6 million euros. The gross profit margin was 46.1%, and the net profit margin was 7.2%.

With regard to the categorisation of results by product, the womenswear category, which is the most important, recorded an increase in turnover of 7.9% to 490.4 million euros, with gross profit up 11% to 249 million euros and net profit up to 32.1 million euros. Gross and net profit margins were 50.8% and 6.5%, respectively. Total liabilities increased by 0.2% to EUR 344 million (70.1% of turnover).

In the menswear category, turnover of the sample of 101 clothing companies increased by 13.1% to €105.1 million, gross profit recovered by 18.5% to €58.9 million, and net profit was €5.2 million. The gross profit margin amounted to 56.0%. Finally, liabilities increased by 21.1% to EUR 86.1 million.

The children's clothing category saw a 2.4% decrease in turnover in 2023, falling to 105.7 million euros, but a 5.8% increase in gross profit to 34.8 million euros and a 15.4% decrease in net profit to 6.6 million euros. The gross profit margin was 32.9% and the net profit margin 6.2%. Finally, liabilities increased by 2.8% and totalled EUR 66.6 million.

The casual-sports category saw its turnover increase by 6.4% to €122.4 million last year, and compared to 2022, gross profit increased by 9.6% to 66.5 million euros and net profit decreased by 7% to 16 million euros. Total liabilities increased to €73.6 million (23.7%).

In the lingerie category, turnover increased by 3.9% to €89.8 million, gross profit increased by 4.5% (EUR 41.9 million), and net profit was €6.2 million, down 6.1%. Liabilities increased by 3.1% to EUR 59.8 million.