GIOVENTU » Textile and Fashion key for the Italian Economy
Textile and Fashion key for the Italian Economy
Textile and fashion companies are crucial to the Italian economy: half of the Italian commercial surplus comes from these two sectors. The textile and fashion industry is Italy’s largest after machinery. Italian fashion revenues continue to outperform Italy’s broader economy. In the last part of 2016 and in the first quarter of 2017, they even picked up speed.
In 2016, exports amounted to $62 billion, creating a surplus of $25 billion, half of the Italian total, which recorded an absolute record. The fashion system in the widest sense, including products such as eyewear, jewellery and cosmetics, produced a turnover close to €84 billion.
Overall, given the drop in domestic consumption, exports are what have been driving economic growth in Italy in recent years, and not just fashion. Exports from Italy to Russia are up by 19.5%. Made in Italy continues to be appreciated in the growing countries, such as China and Korea. However, there was a slowdown in exports to the United States.
Growth in the luxury industry is expected to continue. UK is Made in Italy's fourth-largest market, worth more than China and Russia combined. Last year, exports across the English Channel generated a record Euro 22.5 billion for Italy: Euro 7.6 billion more than the depths to which they had sunk in 2009. This record also boosted the trade surplus to Euro 11.5 billion, the highest point ever.
Statistics show that in 2016 the leading Italian fashion brand in Italy was the eyewear company, based in Milan, Luxottica, which had the highest revenue of about nine billion euros. Out of the big clothing fashion brands, Armani was the one with the highest revenue. The luxury fashion houses founded by Giorgio Armani in 1975, specialise in several labels: Giorgio Armani, Emporio Armani, Giorgio Armani Privé, EA7, Armani Collezioni, Armani Jeans, Armani Junior and Armani Exchange. But the Armani labels also consists of home furniture (Armani/Casa), confectionery (Armani/Dolci), a florist (Armani/Fiori), seven luxury hotels and three vacation resorts. These labels are more or less expensive and reached about 2.7 billion euros of revenue. Dolce & Gabbana is another worldwide known luxury fashion company included in the first 10 leading brands by revenue. The company founded by Domenico Dolce and Stefano Gabbana specialises in clothing, footwear, handbags, jewellery, perfumes and cosmetics, all of which amounted to a revenue of about 1.3 billion euros.