Gazal Corp specialises in developing and building national and international brands in the apparel and fashion accessories industries. The company is a leading supplier of business and casual wear as well as school clothing and intimate apparel. This diverse product portfolio provides Gazal with exposure to a variety of markets, a factor that should work in its favour in the current environment. While intimate apparel is categorised as discretionary spending, school and work clothing are more resilient and should help Gazal cope with a challenging retail environment. As the cycle turns, the dominant market position that Gazal has established in the niche intimate apparel market has the potential to drive above-average earnings growth. Gazal has the brand power to help it maintain revenues despite the current economic climate. Name brands such as Van Heusen, Calvin Klein, Trent Nathan and Davenport have established customer followings that help to sustain sales. While Gazal has said its earnings for the year ending June 30 2009 are likely to be "in excess of 20 per cent below" last year, this should not weigh too heavily on the company's share price given its strong track record over the past ten years.