MILAN — Signs of a recovery of the Italian fashion industry are coming into view, but not before 2014.
The Italian Chamber of Fashion presented its Fashion Economic Trends research on Monday at a press conference at Milan’s city hall, ahead of fashion week starting on Sept. 18 and in the presence of Milan’s mayor, Giuliano Pisapia, and the councillor to fashion, Cristina Tajani.
Mirroring the chamber’s upbeat mood, with renewed efforts to reinvigorate Milan Fashion Week, the study forecasts a 3.5 percent increase in revenues for the Italian fashion industry, including textile, clothing, leather goods and shoes, in the first half of 2014.
Continued growth in exports will be offset by Italy’s weak economy, which impacts expectations for 2013. This year, revenues are forecast to drop 2.5 percent to 58.85 billion euros or $77.55 billion at current exchange.
Exports in 2013 are seen reaching 45.1 billion euros, or $59.43 billion, up 4 percent compared with 2012, and growing 7 percent in the first half of 2014. While imports are expected to edge down 1 percent in 2013 to 26.09 billion euros, or $34.38 billion, they are forecast to grow 4.5 percent in the first half of 2014.
“The difficulties in the first and second quarter of 2013 were acute,” said the study, thus affecting the fashion industry, as much as other industries. Although signs of improvement were visible midyear, it is too early to speak of a recovery, said the study. The silver lining is that the figures have improved compared with the previous quarters.
“We must note, however, that the positive notes come exclusively from foreign markets, while Italy continues to show decreases. We will not be able to talk about a light at the end of the tunnel until there is a recovery in national consumer spending,” the study added.
Mario Boselli, head of the chamber, said that “a slight improvement in Italy” is expected by the end of the year, and that the country will pick up in the first half of 2014. After consistent decreases over the past six quarters, the yarn and textile industry showed signs of improvement in the second quarter of 2013, which “always bodes well for the apparel industry, as it anticipates trends,” said Boselli.
In the first five months of 2013, consumer spending remained weak in the euro zone, but gained in the U.S. (up 7 percent); the U.K. (up 6.4 percent), and Japan (up 10.5 percent). China continues to grow at a double-digit pace. The study described the 2013 slowdown in the pace of growth in Brazil, Russia, India and China as a “physiological phenomenon” and necessary for “an orderly development of these economies,” in order to avoid “explosive tensions” stemming from the growth rate seen over the past few years. The BRIC area, together with Indonesia, Mexico and Turkey, accounted for 11.2 percent of exports in the first half.
Asked how he felt about the LVMH Moët Hennessy Louis Vuitton acquisition of Loro Piana this summer, Boselli said he regretted that such companies are no longer Italian, but “we must look at the buyers. Groups such as Kering and LVMH show a history of consistency and success.” He praised the groups for “maintaining the Made in Italy production in the most rigorous way, fully respecting this value — something that not all Italian designers have always taken into consideration.”
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)