MFGS 2024, The power of lifestyle

Gildo Zegna greeted the final day of the MFGS-Milano Fashion Global Summit 2024 with high enthusiasm. «We had to update the 2024 projections in China, and we should be ready for any eventuality in 2025», he said. «I’m still optimistic; we will undoubtedly face a challenging year, but we'll be prepared to take advantage of any opportunities that present themselves. And we will accomplish this by hiring talent, young individuals who can comprehend local culture, retail, and consumer behavior», the entrepreneur, which was one of the first pioneers in China, continued.

How do you assess the expansion of large French groups in Italy? «I have learned a lot from the French, especially when it comes to retail. Having said this, I want to remain independent, and I believe that many valid Italian entrepreneurs think so too. » Is the stock market a viable option? «For us, it was important. I would suggest it to everyone», continued Zegna, who touched on many stimulating points during his speech. What are the new rules for the luxury system? «Simplifying complexity» summarized Gildo Zegna, reflecting on the need to reconcile the long times of luxury with the extreme speed required by markets and price lists. «Numerous Americans have learned about us and become our shareholders as a result of the Nyse listing. Fortunately, a large number of investors in China have also decided to purchase our shares».

Considerations on the country led by Xi Jinping continued with Brunello Cucinelli, who was connected from Shanghai, where he organized an event. «China is moving towards a new balance; it is consolidating itself», he said. «Our company's growth has been consistent across Europe (37%), the Usa (36%), and Asia (28%), with 13% of that growth occurring in China». A bond with Italy and a trust were also reaffirmed during the Heritage Reimagined meeting, a symposium on the revival of cultural and architectural heritage. Dialogue between Solomeo and Shanghai. The meeting was organized by Tongyii University, known in particular for its architecture faculty and its department dedicated to urbanization, in front of about 200 guests.

During the morning, the government representative Dr. Sun Jianping and the architecture and urban planning professor Zhou Jian took the stage. When asked about the possibility of seeing a luxury Italian hub emerge that could compete with the French, the entrepreneur replied: «I believe that our esteemed French are great financiers, while we Italians consider our enterprises, medium or large, as if they were our children, to be cherished, to leave in inheritance. It is not true that we do not team; we collaborate in a spontaneous way; we give each other advice, but still, we have our own company, our own strategies, and we try to be different from the others. At the same time, if you look up the word "fashion" in the dictionary, you almost feel like giving up. But I do believe we have a future if we try to stay balanced».

The work of the MFGS-Milano Fashion Global Summit 2024 closed with a focus on retail. Riccardo Grassi, founder and ceo of the Riccardo Grassi showroom, extended the estimate of the recovery of China to a three-year period, driven by big spenders often very young, even 18 years old. Massimo Bonini, co-founder of the Massimo Bonini showroom, looks towards the Usa. «We are a group that invests a lot. In January, we are opening a new location in New York City, 1000 square meters to support brands». There is incredible energy in the sector, which highlights the moment in ferment for investments in the sector.

«The identity of the store and brand wins over everything», added Beppe Angiolini from Sugar. He went on to say: «It is a significant fact that 54% of Italians purchase smaller, more accessible brands. Prices are too high». He then concluded, «Looking at fast fashion, I’m worried for players like Zara making collaborations with labels and designers; just think of the recent one with Stefano Pilati. They obviously understood that high-end fashion is in a state of crisis, so they offer design products with an interesting price». (all rights reserved)