Italian fashion industry revenue grows 2.5% in 2017, driven by exports
today Feb 9, 2018
The revenue of the Italian fashion industry in 2017 is set to grow by 2.5% on a yearly basis, reaching €64.8 billion. The increase is equivalent to 2.8% if also the fine and costume jewellery, eyewear and cosmetics sectors are taken into account.
Exports contributed with a 4.5% upturn (+6% including the other sectors), generating a trade surplus of €17.6 billion (€27.9 billion including the other sectors), €1.1 billion higher than in 2016. These are the industry's preliminary closing estimates for the year 2017, published in parallel with the presentation of the next Women's Fashion Week in Milan.
The press release emphasised how growth in 2017 was very much export-driven, with Asian markets and especially Russia (+12.8%) back on a positive track. Italian fashion exports to the USA remained instead weak, and were down 1.3%.
Carlo Capasa, President of the Italian Fashion Chamber, said industry growth in 2017 was "beyond expectations," and even the euro's strength "was not a factor, thanks to the [industry's] performance in terms of productivity, pricing and sustainability. We are working on the positive elements which allow [Italian] products to remain competitive not just price-wise but also for their quality, creativity, innovation and sustainability."