By  on March 31, 2009

MILAN — Visibility may be poor, but one thing is almost certain: the $230 billion fashion and luxury goods industry is set to shrink this year, according to Altagamma.

The association, which represents luxury firms in Italy, said Monday that it expects sector earnings before interest, taxes, depreciation and amortization to fall 21 percent in 2009 due to a “significant” drop in demand, particularly in the first half of the year.

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