×

Italy's fashion industry expects growth to stall in 2019 then rebound

By
Reuters API
Published
today Sep 5, 2019
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Italy's fashion industry expects its revenues to stall this year, with growth of just 0.1%, a far cry from the average 3% annual growth rate it has achieved over the last decade and which it hopes to recoup in 2020.


Prada - Fall-Winter2019 - Womenswear - Milan - © PixelFormula


The business is the main exporting sector in Italy, which is home to firms including Prada, Gucci, Armani, Dolce & Gabbana and Salvatore Ferragamo, with around 75% of its turnover generated abroad.

"It's been a tough year, weighed down by an unfavourable international environment. Next year, we hope to return to the growth rates we are used to", Carlo Capasa, chairman of Italy's National Fashion Chamber, said on Thursday.

Fashion groups have blamed tensions related to the trade conflict between the United States and China, concerns about Brexit and the Hong Kong protests for lower sales.

© Thomson Reuters 2019 All rights reserved.