Washington — The apparel industry is worth more than $20 billion annually, according to research by the research firm McKinsey & Co., and has a global reach that exceeds $400 billion.
While it’s unclear what that means for people like Mattel’s Mattel America CEO Kevin Kelly, whose company makes high-end apparel for athletes and their families, there are clues in the company’s financials.
McKinsey’s research, which focuses on the apparel industry in the U.S., found that apparel sales accounted for almost two-thirds of the company the $16.5 billion it reported last year.
The apparel business also includes shoes, belts, and other accessories for athletes, but that was dwarfed by the $5 billion apparel and accessories revenue the company reported last quarter.
“The apparel industry, in general, is in the midst of a renaissance.
And I think that’s a good thing, as it means that we’re in a good place to support the future of the apparel business,” McKinsey analyst Mark Kantrowitz said in a call.
“We think that apparel will continue to grow over time.”
For the past decade, the apparel and shoe industry has been struggling.
A decade ago, a new wave of apparel companies took off, but the growth was slow and the price of clothing plummeted.
In 2016, the overall apparel industry suffered its worst year since 2008.
In its most recent annual report, McKinsey found that the apparel sector had a $9.4 billion revenue shortfall and an average annual decline of 2.3%.
The company’s sales and profit margins have been hurt by the slowdown in the clothing industry.
The clothing industry, which includes men’s and women’s clothing, shoes, and accessories, is worth about $5.3 billion annually.
In a statement, the company said it has made changes to its apparel business and has added $1 billion to its overall sales over the past six years, which has helped drive a stronger merchandise sales and earnings per share.
The apparel and footwear industry has struggled for years.
McKinseys research found that its sales have been on the decline since the mid-1990s, and that its profit margins were around 15%.
McKinsey said that as a result of the slowdown, the stock price has lost about 7% over the last two years, and the stock’s price is down almost 9% over that period.
Despite the slow pace of growth, McKinseys said that it expects the apparel, shoes and accessories industry to see strong growth over the next two years.
McKenzie said that the company will focus on growing its apparel and shoes business, which is expected to generate more than 2% of the total apparel business in the next five years.