“In 2022, we’re going to attain or even exceed the extent of income generated earlier than the 2008 crisis, recording the Italian style industry’s maximum sales withinside the remaining 20 years,” said Carlo Capasa, president of the Italian Fashion Chamber, speaking on Wednesday at the presentation of the forthcoming Milan Fashion Week Women. Of course, Capasa could not avoid underlining the critical issues currently affecting the sector, above all the rise in energy costs which is severely penalising Italy’s supply chain, manufacturers especially. Still, the outlook for the final part of 2022 remains optimistic.
The 2022 revenue of the Italian fashion and luxury industry as a whole, including textiles, leather goods, apparel, footwear, jewellery, beauty products and eyewear, is expected to reach €92 billion, up 10.5% over 2021. A forecast that is justified by an “extraordinary” performance in H1, which closed with a 25% rise in revenue. “Even if the sector were to stop growing in H2, thanks to the record-breaking first six months of the year we can predict a rise in sales in the region of 10-11% for 2022 as a whole,” said Capasa.
These nice effects are in part defined with the aid of using the fee hikes brought to catch up on the growth in strength and uncooked fabric costs. As mentioned withinside the document posted with the aid of using CNMI, “with the exception of the [consumer] fee growth effect, what we would call ‘real’ sales has grown with the aid of using over 18 ove the extent recorded earlier than the 2008 monetary crisis.”
Between January and May 2022, Italian fashion exports increased by 21.9% compared to the same period a year earlier. Italian companies are currently reaping sizable benefits from the depreciation of the euro against the US dollar, and their exports have grown significantly towards all countries, with the notable exception of Russia and Hong Kong. For 2022 as a whole, the value of exports by the Italian fashion industry is expected to reach €79.4 billion.
The main concern for the Italian fashion industry is the energy crisis. Capasa said that “it will have a major impact, because our manufacturing sector is energy-hungry. Previously, energy costs amounted to 10% of a textile producer’s revenue. Now, they have reached the 30% threshold, and beyond. If prices continue to rise, many companies may be forced to stop producing,” he warned.