Altagamma wants to increase Italian luxury goods purchases by 50% in 10 years
The ambitious objective of Altagamma, the foundation grouping together Italian luxury goods manufacturers, chaired by Andrea Illy, is a 50% increase in worldwide consumption of Italian high-end products by 2025. To reach this goal, Altagamma plans to involve public institutions, which in its view should intervene within the framework of a public/private sector partnership.
To this purpose, the association has produced a document entitled "increasing the competitive ability of the Altagamma industry", addressed to the Italian government. In the document, Altagamma summarises the current situation, highlighting key negativities and making a series of firm proposals.
Italian companies operating in the high-end sector provide employment to 500,000 people and claim a 10% share of the entire world luxury goods market, estimated at over €1 trillion. However, the sector is faced with several impediments, including among others the companies' slow growth and limited size, the retail channel's weakness, the absence of new names and the competitive disadvantages deriving from operating in Italy.
Altagamma has elaborated a series of possible interventions for each of these issues. The association, as stated in a press release, notably encouraged the creation of a "strategic committee of the Altagamma industry", composed of the FSI (the Italian strategic fund), the Italian Investment Fund and the Altagamma foundation, with the participation of entrepreneurs from the industry's leading companies.
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