Textile and fashion is the second biggest industry in Italy after machinery. Fashion in Italy in the widest sense includes in addition to apparel and products such as eyewear, jewelry and cosmetics.

Italian fashion revenues continue to outperform Italy’s broader economy, and in the last part of 2016 and in the first quarter of 2017 they even picked up speed.

Italy’s products continue to be appreciated in countries such as China and Korea in Asia. Japan and Hong Kong are also good, with exports growing at 5.8 per cent and 8.5 per cent. Exports from Italy to Russia are up 19.5 per cent.

However there has been a slowdown in exports to the United States. Companies need to increase their presence in international markets and need to find capital to make it happen especially for medium-sized businesses.

The fashion and luxury industry must exploit the new opportunities for personalization. Customization is strategic: already 22 per cent of luxury consumers consider this important when they make purchases, a percentage that is expected to increase in every country, and in particular among millennials, born after the 1980s.

Growth in luxury is expected to continue. Between 2009 and 2013 it was 8.3 per cent and between 2013 and 2016 it was 3.8 per cent.