Korean cotton spinning and weaving industry is classified into declining industry according to the lifecycle of industry. Thus, in general, it is not attractive in terms of growth rate and profitability. Unlike the era in the 1970s and 1980s when the firms within the industry prospered, those firms shrank and are not guaranteed for their survival. However, as an industry that produces basic materials for cotton-based diverse products, cotton spinning and weaving industry will last forever as long as human wears clothes. Further, the characteristics of cotton products are both environment-friendly and advantageous to human body compared with synthetic textiles so that it should not be given up. This case study demonstrates the industrial phenomena taking place at D Textile Co., Ltd. In addition, this case closely illustrates both similarities and dissimilarities existing among firms within the same industry while pursuing their survival adopting distinctive strategies, respectively. Michael Porter’s five forces theory provides a useful lens in analyzing opportunities and threats implied in this industry. Diverse strategies to realize opportunities in this industry such as, leadership, niche, harvest and divestment, will be viewed from the perspective of internationalization and diversification strategies. At the same rate, differences in performance between the firms within the same declining industry will be explained using the resource-based view that assumes the firm-level heterogeneity and immobility of intangible resources and organizational capabilities, in particular.