MFGS 2023 The future between groups and alliances

The 22nd MFGS-Milano fashion global summit focuses on Italy’s revival. «We chose this theme because we realized from one of our articles (see MFF of June 6) that at least 20 of the world’s leading luxury managers, including Vuitton and Saint Laurent, are Italian. This buzz extends to the supply chain and new hubs», Gabriele Capolino, editor and associate publisher of MF-Milano Finanza and Class Editori, stated. «At this summit, we are launching the inaugural MFF Luxury Stock Index, which examines trends on global stock markets for over 70 publicly traded companies» (see MFF of October 20). Following Capolino’s speech, Carlo Capasa, President of the Cnmi-National chamber for italian fashion, took the stage. «The year will end positively, with a normalization after the post-pandemic period. There are obviously various macroeconomic criticalities that must be considered: the war in Ukraine, the terrible Hamas attack on Israel, inflation issues, and the real estate crisis in China», Capasa explained.

One important issue is the supply chain. On this matter, Cnmi sought help from the government and the Ministry of Enterprises and Made in Italy, led by minister Adolfo Urso. «The executive has paid great attention to us. However, we still have not received the outcome we had hoped for in addressing our requests». Capasa cited an example of district digitization or implementing regulations to enable retired artisans to train young people. «In the next few years, the supply chain is expected to face a shortage of 40,000 workers. It is crucial to provide training, as Italy is a hub for top names in the fashion and luxury industry, earning a reputation as the Silicon Valley of fashion». Additionally, the country has taken a pioneering approach to another important issue, sustainability. «We represent the continent’s most creative industry and bring our perspective to Brussels, which generates almost 100 billion out of a total of 200 billion», Carlo Capasa continued. The European chamber of representatives received the recommendations of the Efa-European fashion alliance three months ago (see MFF of June 7) in anticipation of the July 20 vote on the new EU Regulation on Ecodesign. «We need to preserve our unique system, as 70% of luxury fashion goods are produced here», he added.

«To achieve this, we should focus on digitizing the system, streamlining its inefficiencies. Currently, there are 60,000 companies employing 600,000 individuals, resulting in an average of 10 employees per company. To prepare for future challenges, we need to network and encourage consolidation, with a keen emphasis on human capital», Capasa concluded. «During the MFGS-Milano fashion global summit 2023, we will release the MFF Italian billion club chart. This chart lists Italian apparel and accessories companies, both listed and unlisted, that have surpassed the one billion euro revenue threshold at the end of the 2022 fiscal year (see MFF of October 20)», Capolino concluded. Thirteen Italian fashion and luxury companies have achieved over a billion euros in revenue, including Prada, Moncler, Safilo group, Tod’s, while Armani and Dolce&Gabbana are surprisingly out of the list. The new indexes provide concrete data for Class Editori’s luxury conference, featuring expected speakers like Chiara Ferragni today and Alfonso Dolce tomorrow. (All rights reserved)