Italian Textile & Fashion Industry Records 3% Growth In 2023
Italy’s textile and fashion industry has reported a 3 percent increase in revenues in 2023 to €111.7 billion as against 2022, data from Confindustria Moda, Italy’s fashion trade body said.
However, growth has been attributed to higher sales values, as there is a significant drop in volumes, which hints to a potential end to the post-pandemic economic rebound.
Although revenues have risen, the industry faces challenges of reduced profit margins, attributed to increasing energy and raw material costs.
The trade body has expressed optimism that energy costs may return to pre-Covid levels in 2024, but uncertainties persist regarding the trajectory of raw material costs.
Exports from the textile and fashion sector in the first eight months of 2023 recorded a year on year growth at 5.1 percent to total €54.5 billon.
Of these exports, those to EU accounted for 47 percent, while 53 percent was to the rest of the world.
“We acknowledge the challenges posed by production cost increases, geopolitical shifts and global instability,” Ercole Botto Poala, President of Confindustria Moda said.
“Despite the industry’s resilience, we need to collaborate and address shared needs in training, sustainability, and innovation, preparing for the sector’s future challenges,” he added.
Confindustria Moda represents 150,000 companies in to textiles and fashion and collectively employ 5.38 million people.
