DAVOS, Switzerland — Despite the slowdown in the global economy, high crude oil prices are expected to persist this year, driven by supply shortfalls, brisk demand in dynamic Asian emerging nations and geopolitical concerns.
Top executives and experts said the continued high cost of oil is also expected to impact adversely on synthetic fibers, which are sensitive to the price of petroleum. Spiraling oil prices have also pushed freight rates sharply upward and have led many companies to revisit the proximity-to-market doctrine and where they source their supplies, including textile and apparel firms.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"