Data from Italy’s fashion sector body, Confindustria Moda shows, turnover of Italy’s fashion sector grew to €111.7 billion in 2023 as compared to 2022. However, the growth was solely restricted to values as sales volumes registered a notable decline.
Italy’s apparel exports grew by 5.1 per cent €54.5 billion in the first eight months of 2023 compared to the same period in the previous year. Exports to the European Union grew by 47 per cent, while exports to non-EU regions covered 53 per cent. Confindustria Moda expects Italy’s exports to China to suffer with demand for domestic products rising in the country against imports,
Despite the growth in revenues, the fashion sector in Italy continues to suffer from a reduction in profit margins due to rising energy and raw material costs. Though energy costs are expected to return to pre-COVID levels, the industry remains uncertain over the future of raw material costs.
Acknowledging these challenges, Ercole Botto Poala, President, Confindustria Moda urges the industry to make collaborative efforts to address shared needs in training, sustainability, and innovation, preparing for the sector's future challenges.
