Australian clothing company A & B Knitwear has credited its survival to focussing on premium wool products and diversification.
In an interview with ABC Rural, company founder Adrian Bressan, who has worked in the knitting industry for over half a century, said his was one of only a couple of knitting factories left.
He said that there were hundreds when he began his profession, though these had been sent out of business by cheaper imports.
The company only uses ultrafine local merino wool, though this must be sent overseas to be processed, as there are no longer the local capabilities for this.
"Now you can't even buy Australian wool, unless you send it offshore to be made up," he told the ABC.
"You can buy the clip, but there's no-one that does any top making anymore, there's no-one that does any treatment to the raw materials anymore in Australia. It is all done offshore."
He also said that in order to adapt, the use of premium wool had to be put to diversified uses.
"We used to only produce cardigans and jumpers,” said Bressan. “Now we're producing anything.”