Data published by Confindustria Moda shows, sales in the Italian fashion sector grew by 3.2 per cent to €111.7 billion in 2023. Fashion sales grew in value terms during the year while their volumes contracted for the first time since the pandemic. 

Profit margins in the sector also dwindled during the year as energy and raw material costs rose. Ongoing changes in terms of geopolitical balances affected the Italian fashion, textile and accessories sector during the year, says Ercole Botto Poala, President, Confindustria Moda.

Rising production costs triggered uncertainty in the sector that had shown great resilience in the past few years. The sector needs to collaborate and work as a system, to help industries having the same needs, Poala adds. 

Italy’s apparel exports grew by 5.1 per cent in the first eight months of the year with international sales totaling €54.5 billion. Almost 47 per cent of Italy’s apparel exports are directed to the EU.  China’s apparel imports from Italy increased by 5 per cent during the year.