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Extremely rapid development of technologies and major changes in global and local markets had and continue to have an impact on the existence of many industrial branches. The scientific aim of this paper is to highlight the changes undergone by the Czech - primarily family owned - textile companies. Analyse the steps that are necessary in order to diversify business risks. Prove that the textile companies, if they follow the requirements of the market, i.e. expanding and innovating their product range, offering original and quality products fulfil the prerequisites for long-term success and the opportunity to establish themselves in highly competitive international markets and they can also prove that the textile industry in the Czech Republic may be still a promising business areas. This article has been elaborated on the basis of general theoretical scientific methods, including the method of analysis of primary data, examples of good practice, by comparison, analogy, inference and generalization and by expert estimates. This study has contributed to the understanding that if the Czech family owners of textile companies exploit trend management tools and communications, new production technologies, such appropriate form presented, appealed to the quality of its products, preferring honest, persistent and systematic work, have a great chance to compete with products coming from Asia. The conclusions have resulted primarily from personal experiences of the authors´ activities in Czech textile company Tylex Letovice, Inc