Italian fashion industry forecasts 3.8% revenue drop in H1
The Italian fashion industry started the year on a negative note, posting a 5.8% revenue downturn in the first two months of 2025. The industry's core sectors recorded a significant drop in revenue, losing 7.7%, while the results for ancillary and related sectors were on par with last year. The figures were published by the Italian Fashion Chamber (CNMI) in conjunction with the presentation of the upcoming Milan Fashion Week Men.
In early 2025, sell-in prices were at similar levels compared to the previous year, while consumer prices increased by a modest 0.8%. Retail sales for apparel and footwear in Q1 were in negative territory.
In the first two months of 2025, exports for ancillary and related sectors grew by 5.5%, while those for core sectors slumped by 6%, affected by a marked decline in exports to China (down 24.1%). Overall, exports decreased by 2.8%.
Imports for the core sectors bounced back in early 2025, increasing by 8.6%, driven by a 30.2% increase in goods sourced from China, and by increased imports from Spain (up 12.8%). Imports also increased in ancillary and related sectors (up 9.4%).
In the first two months of 2025, the Italian fashion industry recorded a trade surplus of €4.2 billion, down €1.1 billion from the same period in 2024.
The forecast for the industry's H1 revenue is a downturn of 3.8%, while the year-end result remains highly uncertain, owing to the US trade policy's radical change and instability, and the unpredictable outcome of the tariff negotiations.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion Network
3 days ago
- Fashion Network
Gildo Zegna on experiential retailing, storytelling and fashion's remaining El Dorado
Fashion, from mass produced to prestige, has gone through a pretty dire 12months. Though one gets little sense of that in Dubai, where Zegna staged an impressive show this week, right next to their busiest flagship on the planet. Publicly quoted in New York, though majority owned by the descendants of founder Ermenegildo Zegna, the brand's whole sense of storytelling seemed to dovetail precisely with the city state that is Dubai. Just as Dubai – bereft of oil or natural gas, unlike its neighbors such as Saudi Arabia and Qatar – had to reinvent itself as a financial hub and tourist destination. So too Ermenegildo Zegna and his descendants, developed one of the greatest fabric and manufacturing resources in fashion, even though most of their materials are sourced far from Italy. On Wednesday, Zegna presented its first-ever show outside of Italy inside the Dubai Opera, notably supported by the Dubai Department of Economy and Tourism. With several scores of editors flown in by Emirates, the world's biggest airline. Ads on plane screens advertising branded luxury skyscrapers as great investment opportunities – with buildings named after luxury marques like Bulgari, Bugatti and Mercedes Benz. Zegna's show took place between the ever bustling Dubai Mall, and Burj Al Khalifa, the world's tallest building where Giorgio Armani opened his first hotel over a decade ago. 'We opened in Dubai in the early 2000s. We were one of the first brands to believe in Dubai Mall. Now, more than 25 years later, our number one store is inside that mall. We have been pioneers. First, we did franchising, and then we took over. It cost me a fortune to buy that back! Now we have a joint venture with Al Tayer, though we have the majority. We are very happy with the arrangement. And we manage the business, but they support us,' explained Gildo Zegna, CEO and grandson of founder Ermenegildo Zegna. See catwalk Zegna now boasts four doors in Dubai; two in Saudi, – in Jeddah and Riyadh – with another three opening. Plus stores in Qatar, Doha and Bahrein. 'We are quite well established with some 15 doors, and opening another five,' notes Gildo. While in Dubai, the north Italian brand also unveiled its latest Villa Zegna, part uber luxe pop-up with unique products, part installation explaining the marque's history, and the foundation of Oasi Zegna. A 100-square-kilometer mountain in the lower Alps, Ermenegildo acquired in 1910, where the family then planted with 500,000 trees. 'This is a very big week for us. It's about sharing visions,' said Gildo's son Edoardo, the brand's CMDSO, at a greeting dinner on shores of the Gulf in the Four Seasons Jumeirah Hotel. 'The vision of the family I am part of. The vision that my great grandfather had with Oasi. And the vision of Dubai, to have built such a unique place. In many ways, the capital of the world.' Added Issam Kazim, CEO of Dubai Corporation for Tourism and Commerce Marketing: 'I was fascinated listening to how Oasi Zegna started, and their story telling and vision. And the way a brand can punch above your weight. And we wanted to promote that, so the whole world sees what Dubai is – like Zegna - an entrepreneurial vision!' Today, Kazim noted, 90% of Dubai's population is foreign, and that number continues to grow. Another reason the state was so keen to support Zegna staging here this week. Edoardo's younger brother Angelo is head or EMEA, in a more organizational role, handling sales, retail and the new client experience, essential for a modern retailer. 'Here we have 150 VICS here this week, who we take through a unique personalized experienced seeing product that you cannot see in any store. You have to remember this is an incredible international hub. We are talking about 30 different nationalities purchasing in Zegna stores in Dubai, every day!' enthused Gildo. Tourism is an essential key to the economy of the Emirates. There are 200 different nationalities living in Dubai. And over 100 million visitors to this country every year, noted Gildo. See catwalk 'That's more than New York, more than London, more than Paris. It makes you realize that this is the new center of the world. And understand why you are here,' he underlined. Driving the brand's success is designer Alessandro Sartori 's aesthetic – deconstructed tailoring, lighter fabrics and a more relaxed look work. Ideal for this region, with its intense climate. 'Yes, Ale's style and aesthetic does suit this region. But that is also true about the southern parts of the United States, or Southeast Asia. The world, whether we like it or not, is getting warmer, and I think that his 'seasonless' fashion works extremely well. We have linen in winter, and cashmere in summer and we sell both across the year. Traceable materials that are all extremely lightweight. They are conceived for these countries in particular in colors that would be hard to sell in Europe," continued Gildo. Bucking a global trend, Gildo remains very much a believer his retail business. A policy, which has been bearing fruit. Despite the high fashion downturn internationally, the Ermenegildo Zegna Group – which also includes Tom Ford and Thom Browne – scored profits of €184 million, earned on a 2% rise in revenues to €1.945 billion in 2025, where Zegna accounts for 69% of revenues, and 85% of profits. 'We are 85/15 retail to e-commerce right now and we have turned most of our wholesales business into a concession model - starting in the United States. So, we control our business, whether we are in Selfridges, Harrods, Rinascente, Bergdorf, Saks or Nordstrom. There is a Zegna boutique controlled by us. We buy the merchandise and we design and run each store. So, we have a direct rapport with the customer. That is vital as the customer is very fluid. Here today and gone tomorrow to another brand. So, one has to offer you impeccable service, which we try very hard to achieve," the CEO concluded.
Fashion Network
5 days ago
- Fashion Network
La Perla acquired by US billionaire Peter Kern
The new owner of Italian luxury lingerie label La Perla is US billionaire Peter Kern, the former vice-president and CEO of Expedia. The news was reported by Italian daily Il Messaggero, citing sources from Italy's Ministry of Business and Made-in-Italy (MIMIT). The news has been confirmed by other sources close to the matter. Kern lives in Italy with his wife Kirsten, and is nicknamed 'Mr Brunello di Montalcino' for his investments in the wine industry. He has acquired the rights to La Perla's brand name and the label's Bologna production site. The former was the property of UK-based company La Perla Global Management UK, which is being wound up by the court in Italy and went into administration in Britain, while the factory was owned by Bologna-based company La Perla Manufacturing, also in administration. MIMIT Minister Adolfo Urso will give the unions details of the operation, which will save 210 jobs, while a turnaround plan involving 40 new hires has been drawn up. According to Il Messaggero, it was Kirsten who encouraged her husband to buy La Perla. Kern is said to have paid approximately €25 million for the production site, the minimum price having been set at €22 million. A local accountancy firm, Studio Trombone, is advising Kern, and is drawing up a plan to relaunch La Perla, tapping its Bologna factory's lingerie expertise. Il Messaggero has reported that, although some competitors submitted higher bids for La Perla, Kern prevailed because he pledged that manufacturing and product development will remain in Bologna. Kern will assume the role of president of La Perla, while Paolo Vannucchi will be back at the helm as CEO. A few years ago, he had led the label during the final months of Silvio Scaglia's ownership, and the transition to subsequent owner Lars Windhorst.
Fashion Network
5 days ago
- Fashion Network
Italian fashion group OTB opens subsidiary in Mexico
OTB has stepped up a gear in Latin America. The Italian fashion group, owner of denim label Diesel and of luxury labels like Viktor & Rolf and Maison Margiela, has set up a subsidiary in Mexico in order to consolidate its presence 'in another major North American country, besides the USA and Canada,' as OTB stated in a press release. In 2024, OTB created a corporate entity in the country's capital, Mexico City, the focus of its local operations and main investments. The newly created company's goal is to oversee the operations and direct retail expansion in Mexico of the Diesel, Jil Sander, Marni and Maison Margiela labels, including the latter's contemporary line, MM6. OTB has also inked a partnership deal with luxury department store chain El Palacio de Hierro, a household name in Mexico, a group that is over a century old and owns 31 stores. OTB is keen to expand in states like 'Guadalajara, Monterrey, León, Cancún, Puebla and Querétaro, by opening monobrand stores and concessions.' In Mexico, it's aiming to grow its online and offline retail footprint, and to intensify its marketing activity. The group is set to open approximately 50 new stores in the next five years, 15 of them scheduled in 2025. In 2024, OTB generated revenue of €1.8 billion, down 5.2%. Its sales in Asia slumped, except for Japan, but they grew by 13.3% in North America. Establishing a corporate presence in Mexico is proof of OTB's desire to find new markets, while maintaining its momentum in regions where its performance is stronger. OTB has struck a joint-venture deal with the Chalhoub group in the Middle East, where it is already present, to step up the pace of its retail expansion in the region. 'Mexico is an influential creative and cultural country with its own distinctive style and vibrancy. Establishing a direct presence for our group in the region is a key step in the growth path of our brands, and in building a closer, more authentic connection with local customers and this amazing country,' said Rosso, founder and president of OTB.
