MILAN — Italian spinners face a turbulent year as they are pulled deeper into the economic storm.
In the lead-up to yarn fair Pitti Filati, set for Florence’s Fortezza da Basso from Jan. 28 to 30, executives said the current financial crisis differed from the one experienced after global quotas were lifted in 2001. Cheaper production methods available in China and Asia resulted in an influx of goods from the region and, by 2002, forced the closure of many Italian yarn mills. Mill executives said the latest upheaval has been broader in nature.
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