Growth and Resilience of the Fashion Industry in Italy

Growth and Resilience of the Fashion Industry in Italy

The fashion industry in Italy is an important economic and cultural catalyst, as well as a driving force for the country, boasting of its centuries-old tradition behind it.

Innovative design, distinctive style and traditional craftsmanship are the elements that distinguish this sector and place’s Italy at the center of the global fashion and design market. In particular, it is the high quality of craftsmanship that gives Italian products their unique character while the textile sector being a pillar of this industry.

It is also a particularly diversified industry, ranging from luxury high fashion to more affordable fashion, giving consumers a wide range of choice.

The city Milan plays a key role in the fashion Industry of Italy by hosting one of the world’s leading fashion weeks called the “Milan Fashion Week” which attracts tourists and designers from all over the world.

Therefore, the fashion industry also has an important impact on the national economy, contributing significantly to the country’s GDP.

To read more about the numbers recorded during Milan Fashion Week 2023, click here.

Statistically speaking in the year 2023, the turnover of the fashion industry in Italy closed with a 4% increase as compared to the previous year, despite showing a slight slowdown in the third quarter.

Moreover, although growth is expected to be moderate, the forecast for 2024 is still positive.

In the year 2023, Exports also increased by 6.3% growth in the first eight months alone marking at a total of EUR 2.4 billion. In addition to France – which is the first customer country – exports also grew significantly to many Asian countries, particularly increase of +16.4% to Japan, +9.7% to China and +8.6% to Hong Kong.

These are the figures reported by Carlo Capasa, President of the National Chamber of Fashion, during the presentation of the Men’s Fashion Week, scheduled to be held in Milan from 12 to 16 January 2024.

Generally speaking, the fashion and luxury industry continues to be considerably appealing to the investors worldwide. Indeed, the luxury sector has shown remarkable resilience after the impact of the Covid-19 pandemic, maintaining a positive growth trend, despite of the macroeconomic and geopolitical uncertainties. The interest in this sector among investors is confirmed by the dynamic increase in M&A deals recorded in the luxury industry in 2022, which saw a total of 292 transactions.

Specifically, investing in the Italian fashion industry offers a wide range of significant advantages, first and foremost the excellence of Made in Italy, underpinned by high-level design and craftsmanship. Moreover, the presence of Italian companies around the world allows investors to diversify their portfolios and participate in expanding international markets.

Finally, one of the great strengths of Italian companies in this sector is their ability to adapt to changing consumer trends, while at the same time guaranteeing elegance and style.

In conclusion, it can be said that investing in the Italian fashion industry means combining tradition, style and innovation.

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