Latest news with #MariaPorro
South China Morning Post
09-04-2025
- Business
- South China Morning Post
Trump's ‘awful' tariffs leave Italy's luxury furniture sector scrambling to cushion blow
Even the most sumptuous cushions cannot ease the pain that Italian luxury furniture makers – gathered at their annual fair – can already feel from US President Donald Trump's tariffs. Advertisement Some companies at the Milan Furniture Fair, which opened on Tuesday, compare the sudden levies to a rampaging wrecking crew. But many are also determined to keep offering their prestige output in the hope that buyers in the key US market will stick with them. The United States is the Italian furniture industry's second-biggest market after France, accounting for 2.2 billion euros (US$2.4 billion) of its 19.4 billion euros of exports in 2024, according to industry figures. The 'geopolitical' factors, such as the new tariffs, 'will certainly have long-term repercussions,' the fair's president Maria Porro said. About 10 per cent of all Italy's exports go to the US, and Prime Minister Giorgia Meloni will go to Washington on April 17 in a bid to ease the impact of the 20 per cent tariffs imposed on European Union products. Advertisement Some furniture firms said it is too early to know how much damage can be expected from the tariffs that have shaken global markets.
Yahoo
09-04-2025
- Business
- Yahoo
Trump tariffs leave Italy's luxury furniture makers sitting uncomfortably
Even the most sumptuous cushions cannot ease the pain that Italian luxury furniture makers -- gathered at their annual fair -- can already feel from US President Donald Trump's tariffs. Some companies at the Milan Furniture Fair, which opened Tuesday, compare the sudden levies to a rampaging wrecking crew. But many are also determined to keep offering their prestige output in the hope that buyers in the key US market will stick with them. The United States is the Italian furniture industry's second-biggest market after France, accounting for 2.2 billion euros ($2.4 billion) of its 19.4 billion euros of exports in 2024, according to industry figures. The "geopolitical" factors, such as the new tariffs, "will certainly have long-term repercussions," the fair's president Maria Porro told AFP. About 10 percent of all Italy's exports go to the United States, and Prime Minister Georgia Meloni will go to Washington on April 17 in a bid to ease the impact of the 20-percent tariffs imposed on European Union products. Some furniture firms say it is too early to know how much damage can be expected from the tariffs that have shaken global markets. "We made it through Covid, we had the war in Ukraine and lost Russian clients, but we survived," said Nicola Fagetti, finance director of the Parma company La Contessina, which prides itself on producing a modern version of Italian renaissance styles. "We are now facing tariffs, but we always find a solution," he said stoically. US sales account for 35 percent of his company's made-to-order exports. Emmanuel Antonello, marketing director for Villari, a luxury brand whose tables can cost more than $20,000, is also refusing to panic. "The United States accounts for 20 percent of our exports, but we can still count on our sales in the Middle East, our primary market with a 60 percent share," he said. And he's banking on customer loyalty across the Atlantic: "Americans are fascinated by Italian design -- there's a 'Wow!' effect when they see our products; for them, they're gems." - Absent Americans - But there are few Americans roaming the fair this year, while they were the sixth-largest foreign contingent in 2024. "I will lose a lot of my clients. I think the tariffs are going to be enormously awful for trade," said interior designer Allison Muir, a 48-year-old from San Francisco and a fan of the late Italian designer Gio Ponti. "Italian design can really relax the mind and create a place to really reflect. And I think that's what a lot of my clients are looking for in the frenetic Silicon Valley," she said. Upset with Trump's policies, she is considering leaving the United States and settling with her family in Seville, Spain. A decline in exports to France (-3.3 percent) and Germany (-6 percent) already helped drag down the Italian furniture industry's revenues last year by more than two percent to 27.5 billion euros. "Even though some emerging markets are growing, such as the United Arab Emirates and Saudi Arabia, they are still unable to make up for traditional markets," said Porro, the fair's president. Turning to trends at the 63rd edition of the Salone del Mobile, she said clients are increasingly interested in sustainability and a return to nature. "In a period of instability like the one we are experiencing now, people prefer natural, bright and warm shades," she said, adding that the border between design and art is increasingly blurred. The giant show, open until Sunday, has 2,103 exhibitors, with more than a third from outside Italy. Last year, it attracted 370,824 visitors from around the world, a 20 percent increase on 2023. bh/nth/gv/tw/rjm
Yahoo
09-04-2025
- Business
- Yahoo
Trump tariffs leave Italy's luxury furniture makers sitting uncomfortably
Even the most sumptuous cushions cannot ease the pain that Italian luxury furniture makers -- gathered at their annual fair -- can already feel from US President Donald Trump's tariffs. Some companies at the Milan Furniture Fair, which opened Tuesday, compare the sudden levies to a rampaging wrecking crew. But many are also determined to keep offering their prestige output in the hope that buyers in the key US market will stick with them. The United States is the Italian furniture industry's second-biggest market after France, accounting for 2.2 billion euros ($2.4 billion) of its 19.4 billion euros of exports in 2024, according to industry figures. The "geopolitical" factors, such as the new tariffs, "will certainly have long-term repercussions," the fair's president Maria Porro told AFP. About 10 percent of all Italy's exports go to the United States, and Prime Minister Georgia Meloni will go to Washington on April 17 in a bid to ease the impact of the 20-percent tariffs imposed on European Union products. Some furniture firms say it is too early to know how much damage can be expected from the tariffs that have shaken global markets. "We made it through Covid, we had the war in Ukraine and lost Russian clients, but we survived," said Nicola Fagetti, finance director of the Parma company La Contessina, which prides itself on producing a modern version of Italian renaissance styles. "We are now facing tariffs, but we always find a solution," he said stoically. US sales account for 35 percent of his company's made-to-order exports. Emmanuel Antonello, marketing director for Villari, a luxury brand whose tables can cost more than $20,000, is also refusing to panic. "The United States accounts for 20 percent of our exports, but we can still count on our sales in the Middle East, our primary market with a 60 percent share," he said. And he's banking on customer loyalty across the Atlantic: "Americans are fascinated by Italian design -- there's a 'Wow!' effect when they see our products; for them, they're gems." - Absent Americans - But there are few Americans roaming the fair this year, while they were the sixth-largest foreign contingent in 2024. "I will lose a lot of my clients. I think the tariffs are going to be enormously awful for trade," said interior designer Allison Muir, a 48-year-old from San Francisco and a fan of the late Italian designer Gio Ponti. "Italian design can really relax the mind and create a place to really reflect. And I think that's what a lot of my clients are looking for in the frenetic Silicon Valley," she said. Upset with Trump's policies, she is considering leaving the United States and settling with her family in Seville, Spain. A decline in exports to France (-3.3 percent) and Germany (-6 percent) already helped drag down the Italian furniture industry's revenues last year by more than two percent to 27.5 billion euros. "Even though some emerging markets are growing, such as the United Arab Emirates and Saudi Arabia, they are still unable to make up for traditional markets," said Porro, the fair's president. Turning to trends at the 63rd edition of the Salone del Mobile, she said clients are increasingly interested in sustainability and a return to nature. "In a period of instability like the one we are experiencing now, people prefer natural, bright and warm shades," she said, adding that the border between design and art is increasingly blurred. The giant show, open until Sunday, has 2,103 exhibitors, with more than a third from outside Italy. Last year, it attracted 370,824 visitors from around the world, a 20 percent increase on 2023. bh/nth/gv/tw/rjm
Yahoo
27-01-2025
- Business
- Yahoo
Salone del Mobile.Milano Planning Saudi Edition as Italian Design Firms Expand Retail Footprint
MILAN — With design firms like Poltrona Frau, Molteni&C and Fendi Casa pinpointing Saudi Arabia as a strategic market, it's no wonder leading design trade show Salone del is planning a Saudi Arabian edition of the fair, which could take place in the near term. On Monday, Salone del said it signed a memorandum of understanding with the Saudi Arabian Architecture and Culture Commission to promote a dialogue between Italy and Saudi Arabia in the worlds of design and architecture. The memorandum paves the way for a Saudi edition of Salone del A Saudi Arabian version of the furniture fair would be geared toward initiating cultural dialogue and propelling the work of young talents, a statement said. More from WWD Roberto Cavalli Picks New Home and Lifestyle Textile Licensee Keeping It Real: Retail Buyers Love the Elevated Everyday for Fall U.S. Retail Sales Projected to Increase by 4% in 2025, Reaching $5.2 Trillion Amid Economic Challenges 'The memorandum represents an extraordinary opportunity for Salone del to create a cultural and commercial bridge between Italy and Saudi Arabia. Through our collaboration, we aim to enhance Italian design and encourage a fruitful exchange of skills and creativity within the Saudi context,' Salone del president Maria Porro said. Porro revealed the initiative during the Italy-Saudi Arabian roundtable talks in the ancient city of Al-Ula that also welcomed Italian Prime Minister Giorgia Meloni and Saudi Arabia's prime minister, Crown Prince Mohammed bin Salman Al Said. According to FederlegnoArredo, the Italian federation of woodworking and furniture industries and Italian statistics bureau Istat, in 2023 Italian exports from the wood-furniture supply chain to Saudi Arabia totaled 247 million euros, up 2 percent from 2022. Italy is Saudi Arabia's number-two trade partner, after China, in terms of both wood-furniture and furniture imports. A significant number of Italian luxury furniture firms have recently invested in expanding their retail footprint in Riyadh, as the nation's design economy continues to grow. Last year, Fendi Casa opened a new flagship in Riyadh at the capital's upscale Tahlia Street in partnership with Dar Al Arkan Interiors, the kingdom's leading luxury branded furniture company, while Bari-based Natuzzi reopened its Riyadh store on King Fahd Road in July 2024. Tolentino-based Poltrona Frau's told WWD its Riyadh store opening is expected in May. Molteni&C also said a Riyadh opening is slated for later this year. At the time of the Fendi Casa opening, chief executive officer Alberto da Passano stressed the growth potential of the Saudi Arabian market, as luxury construction and the nation's real estate market continues to boom. 'Saudi Arabia is a key market… Riyadh, with its dynamic growth and evolving luxury landscape, represents a strategic opening for us,' said da Passano. 'By establishing our flagship boutique in this vibrant city, we will be able to connect directly with a sophisticated clientele that values the Fendi brand while further expanding our presence in a market with significant potential for future growth.' Design activations and initiatives represent a small but significant part of the Saudi government's strategy to drive the growth and diversification of its economy, as its government works toward several of its Vision 2030 goals, including increasing the private sector's contribution to gross domestic product to 65 percent and increasing the contribution of non-oil exports from 16 to 50 percent, among others. In parallel with retail expansion for European luxury brands in Saudi Arabia, the nation is also focusing more on growing its own design economy. Helped greatly by organizations like the arts and creative industries at the Royal Commission for Al-Ula and the establishment of the Ministry of Culture's Architecture and Design Commission in 2018, designers worldwide have been welcomed to Al-Ula to take part in the Arab nation's ongoing cultural renaissance. During Milan Design Week in 2024, Saudi Arabia's Arts and Creative Industries at the Royal Commission for the ancient city of Al-Ula exhibited prototypes from the inaugural Al-Ula Design Residency. The debut showcase included the work of French design collective Hall Haus; Leen Ajlan from Saudi Arabia; Bahraini–Danish, the architectural office with offices in Bahrain and Denmark, and Studio Leo Orta from France, as well as Studio Raw Material from India. In December, Federlegno Arredo president Claudio Feltrin said Saudi Arabia is one of the markets fueling the Italian design industry amid challenging times. 'Exports, especially to the U.S., United Arab Emirates and Saudi Arabia, and the flexibility and speed of our companies in repositioning themselves in new markets, is allowing us to hold up better than other production confederations amid dark times.' FederlegnoArredo has yet to report its final figures for 2024, but in 2023, the entire Italian wood-furnishings sector booked 52.6 billion euros in revenue with 10.8 billion euros generated from Lombardy alone. Aside from boosting employment, the wood-furniture supply chain has come together to innovate the sector's supply chain and create a circular economy as a united front. In Italy, the 63rd edition of Salone del and the 32nd edition of the Euroluce light exhibition will unfold April 8 to 13 at the city's Rho Fiera trade grounds. While Porro and her team hosted events in New York, Hong Kong and Shanghai last year, the last foreign edition of the fair took place at the Shanghai Exhibition Center before the COVID-19 pandemic and was envisaged as a showcase for Made in Italy products and the Italian way of living in Shanghai. It remains to be seen whether or not organizers will see the fair return to China.
