MFGS 2023: NextGen Revolution

«We have not ruled out listing», Alfonso Dolce stated at the beginning of the final day of the MFGS-Milano fashion global summit 2023. «We are approaching the brand’s 40th anniversary and have opted for self-financing and independence to create four major assets within our brand”. The ceo’s remarks occurred on a day when the stock market displayed strong potential for Made in Italy mega-brands. According to Giorgio Armani’s updated bylaws, the company’s corporate structure may now have the potential to go public on the stock market, generating 2.3 billion euros in turnover. The move could secure the longevity of one of the world’s most well-established and admired brands (see MFF of October 25).

«If Lvmh, a French company, can implement corporate pacts to govern until 2052, supply chain and training in Italy should also be improved», Paolo Panerai, ceo and editor-in-chief of Class Editori, emphasized during the opening of the gala for the 5th edition of the MF Supply chain awards. «The Florence group, led by Attila Kiss, reached 28 acquisitions, while Zegna and Prada have invested in companies like Fedeli. These developments exhibit a crucial momentum for the future of Made in Italy», he added. Whether Italian fashion maintains independence in the future depends on the success of individual Italian hubs in achieving a scale that reduces their vulnerability to foreign takeovers. In fact, except for Essilux and Prada, whose turnovers reach 4 billion euros, the remaining listed groups generate revenues between 1 to 3 billion euros, as highlighted by the new MFF Luxury stock index and MFF Italian billion club indices determined through the collaboration of the Milano Finanza intelligence unit database (see MFF of October 20). MF Fashion has analyzed the financial data of over 70 global luxury companies listed in the stock market, consequently introducing a novel benchmark for the sector. Lvmh, L’Oréal, and Hermès combined have a market capitalization of almost 1 trillion euros, shielding them from Italian competition. Armani, Otb group, and Dolce&Gabbana are out of the lists.

Another crucial aspect for the future of Made in Italy is training. «Today, brands seek professionalism and planning, while younger generations look for a better balance between their careers and personal lives», Anna De Vendictis of Naba explained. Established in 1980, the Naba-New academy of fine arts is Italy’s leading academy of fine arts and is recognized by the Miur-Ministry of education, university and research, which means its degrees are equivalent to university degrees. Offering undergraduate and post-graduate courses in areas such as fashion, design, multimedia arts, visual arts, set design, graphic design, and communication, this institution currently has over 5,000 students from Italy and over 90 countries worldwide. In addition, on the same day as the end of MFGS 2023, Carlo Capasa, president of the Cnmi-National chamber for Italian fashion chose to send a message to Giorgia Meloni’s government requesting Pnrr-National recovery and resilience plan resources.

Carlo Capasa: «Meloni Government’s budgetary measure is neglecting the fashion industry»

«Meloni Government’s budgetary measure for 2024 has very thin margins, it is all about cost savings and supporting lower incomes with the tax wedge cut, moreover operated in deficit. For fashion, there are no measures, much less aid to the industry» Carlo Capasa, president of the national chamber for Italian fashion, explained. «Although our requests had garnered the interest of the Minister of Enterprises and Made in Italy, Adolfo Urso». However, the Minister safeguarded himself with the representative of the fashion industrialists: «We hope they will resist the cuts in the budgetary measure», but this was not the case. However, Capasa did not give up, and that is why he started lobbying Parliament. (All rights reserved)