Italian fashion toward long-term growth

With the year 2023 ending with excellent results, fashion in our country looks with optimism to the next five-year period

The Italian textile sector closes out the year with a 4% increase in turnover compared to 2022. Although 2024 is shaping up to be a complex period, forecasts that are more long-term already speak of double-digit growth.

Italian Fashion & Luxury exceeds 100 billion in 2023

Italian fashion closes out the year 2023 in excellent health. The numbers from Fashion Economic Trends, released by the National Chamber for Italian Fashion (Camera Nazionale della Moda Italiana), make it possible for last year’s data to be consolidated: turnover for 2023, therefore, marks a 4% growth compared to 2022, bringing the total to over Euro 102 billion.

Despite the slowdown in the economy in the final part of the year, the sector recorded good performance. The growth in turnover in the first eleven months (latest data available) was equal to 4.1%: a significantly better result than that of the manufacturing industry, which in the same period recorded a 0.1% drop.

The forecast for the next five years: a 20% growth

“During the next five years, Italian fashion will grow by approximately 20%: this means we have about five good years ahead of us. The year 2024 may likely not be the best, but with an outlook that is medium-term fashion will continue to perform very well.” This is according to a statement by Chamber for Italian Fashion President, Carlo Capasa, presenting the Fashion Week calendar of events scheduled for February 20-26.

While admitting that 2024 will be a complex year and will require resilience, C.N.M.I.’s top figure has, in short, demonstrated optimism. In a meeting with the Government, he then discussed several crucial factors to latch on this long period of growth: the digital evolution in small businesses, the increase of funds for research and development and the strengthening of training through various activities.

And it is precisely in the areas of digitization and research and development that an organization like Bizeta can provide its own contribution, facilitating progress in companies with increasingly innovative technological solutions.

Published on 14/02/2024 in Trends & Markets