My Bottom Line: Kim Winser, fashion and retail expert

Retail and fashion expert Kim Winser says both manufacturers and consumers need to come to terms with the fact that the era of cheap goods is on the wane.

Manufacturers are facing increasing costs in terms of labour and raw materials, and while countries such as Vietnam and Bangladesh replacing more expensive manufacturers in China - they cannot produce on the same scale as China.

Therefore, if consumers have to pay more they will also expect better value and Kim says the companies which realise this will come out on top.

Kim appeared on The Bottom Line which is broadcast on BBC Radio 4 and BBC World Service. Listen again via the download or watch it on the BBC News Channel.

Find more business wisdom from other chief executives on the My Bottom Line website.