When compared to 2020, fashion sales in Italy increased by 22.6% in 2021. However, because of an increase in the price of raw materials and energy, pressure on the bottom line intensified. According to Cirillo Marcolin, President of Confindustria Moda, the Russia-Ukraine conflict also reduced consumer stability and confidence. According to their data, the sector’s revenues increased by €16.7 billion to €91.7 billion in the previous year.
The Italian fashion and textile conglomerate Sistema Moda Italia, which reported sales growth of 18.4% to €52.9 billion in 2021, indicated a similar trend. According to Confindustria Moda, the exports of Italian fashion goods increased by 23.5% last year to €67.5 billion, with the best-performing importers being France, Germany, China, and the US. The US had significant development, as General Manager Gianfranco Di Natale stresses, in contrast to the largely stagnant growth seen during the previous two decades. Meanwhile, the UK’s exports dropped by 10.2% last year, indicating the impact of inflation on consumer spending there.
The organization was able to predict that like-for-like sales will increase by 19.3% in the quarter thanks to a study of its affiliated businesses. Exports to Russia and Ukraine decreased by 3.1% from 2019 to € 1.72 billion in 2021, according to Confindustria Moda. In 2021, they accounted for 2.5% of all exports. According to the poll, 49% of fashion businesses anticipate that their second-quarter sales would be unchanged from the first quarter, while 43% anticipate worsening performance. According to Marcolin, creating a culture of support among the nation’s entrepreneurs is crucial to navigating the geopolitical unpredictability and guiding the digitization, internationalization, and sustainability of the industry.