Italian fashion to exceed 102 billion

Italian fashion is preparing to cross the 100 billion mark after a slowdown in the 2022 growth trajectory, but still with a focus on enhancing Made in Italy, generational continuity, and sustainability. The latest Fashion economic trends analysis by National chamber of Italian fashion (CNMI) has confirmed a positive 12 months for the sector, revising upward revenue growth estimates from 16% to 18% to 98.3 billion euros, driven by exports at 80.8 billion (+19%).

The protagonists among the players in the first 10 months for the apparel, leather goods, and footwear supply chain are the US (+51.9%), South Korea (+30.2%), as well as China and Japan. As for 2023, forecasts mark a 4% increase, which would bring the business of fashion and related sector to 102.2 billion. Exports may reach 86.9 billion (+7.5%). «We remain cautious in our estimates for price increases. Industrial ones in the supply chain grew 7.1%, but consumer inflation of products still remained lower than average. However, uncertainty factors remain in relation to the international scenario and energy costs that have not yet stabilized», Cnmi president Carlo Capasa said yesterday during the conference presenting the womenswear collections for the Milan Fashion Week which kicks off February 21 to February 27.

The industry slowdown will specifically see a stagnation profile for the first half of the year and then recover in the second half. «We have asked the government to encourage small business mergers. We have to try to do activities to support SMEs such as creating widespread digitization in the districts. After the loss of purchasing value for so many classes of workers in fashion, we have called for corporate welfare to put them in better conditions», Capasa continued. «The domestic turnover is the highest figure in the last 20 years, which demonstrate the industry’s ability to adapt to complicated economic situations. Fashion has remained competitive despite inflation and the war in Ukraine», Milan mayor Beppe Sala added by video link. “Labor, innovation, sustainability, and moreover internationality and dynamism. These are the key words of this Milan Fashion Week, highlighting the strategic and fundamental role of fashion for Italy and the reaffirmation of the city as the capital of fashion”.

He was echoed by Alessia Cappello, Councilwoman for economic development and labor policies with special focus on trade, fashion and design for the city council of Milan: «The objectives in the bilateral agreement between the municipality and Cnmi concern sustainability, new talents, and the enhancement of the Made-in-Italy supply chain. Fashion is capable of expanding and conveying important messages, as we saw as well in Sanremo», she pointed out. «We are emphasizing the telling of the trades to make them more attractive to young people».

There will be a total of 59 fashion shows, 54 of which will be physical, 70 presentations and 29 events. Although this edition will not have Versace in its lineup, as the Maison will run its fall-winter 2023 men’s and women’s shows next March 10 in Los Angeles, it will be numerous debuts, such as that of Japanese designer Tomo Koizumi, supported by Dolce&Gabbana, scheduled for sunday, and brands AVAVAV and Alabama Muse, which will be presented with a digital show. This format has also been chosen by MÜNN, Husky, and Laura Biagiotti. The three independent brands that are recipients of the Camera Moda Fashion Trust Grant 2022, namely Act n°1, Cormio and Vitelli, will also be present.

Among the fashion shows on Wednesday, Iceberg will lead off the dance, followed by Diesel, Fendi, Alberta Ferretti, and Etro. On Thursday Max Mara, Prada, Emporio Armani, Blumarine, Moschino, and Gcds will take the stage, while Tod’s will open Friday morning, Gucci in the afternoon, ending in the evening with Sunnei, Vivetta and Jil Sander. Ferrari will be the first on Saturday, followed by Ermanno Scervino, Ferragamo, Dolce&Gabbana, Msgm, Bally, and Missoni, and in the evening Bottega Veneta. Sunday will be Luisa Spagnoli and Giorgio Armani’ turn. New entries in the presentations will include Add, Maison Laponte, Max&Co with Anna Dello Russo, Pianegonda, Viviers, Weekend Max Mara with Kate Phelan, and Wolford. Among the novelties, the location of the Fashion Hub will move to Palazzo dei Giureconsulti. Finally, CNMI’s support for green issues and emerging creatives will be evidenced by the three projects Designers for the Planet, A Global Movement to Uplift Underrepresented brands, and Mfw Forward. (All rights reserved)