Milan Fashion Week: Record Growth and the Return of the Chinese

Milan Fashion Week opened on Wednesday in an upbeat mood: a delegation of Chinese buyers is expected for the first time since the pandemic, and turnover in Italian fashion is on the rise.

Until Monday, the capital of Lombardy presents a vision of women’s fashion for the spring-summer 2023 season, with a total of 210 appointments: 68 fashion shows, more than 110 presentations and 30 events. The February parades were overshadowed by the start of the war in Ukraine.

On the other hand, this edition promises to be very good, thanks to the return of a large participation from abroad: 300 journalists and 450 buyers are expected, including the Chinese delegation, the first since the pandemic.

There is no shortage of great houses, from Gucci to Prada via Versace, Armani, Dolce & Gabbana and Bottega Veneta.

The first big name in the parade, Fendi, opened the ball on Wednesday, engaging the audience in a techno party atmosphere very much inspired by the 90s.

The worm is green

Low-rise cargo pants, embellished with straps and sometimes overskirts, tank tops, vinyl wedge shoes, dresses and colorful nets are contrasted with precious materials, silks, woven leathers, furs and a pastel palette enhanced by absinthe green, just enough. get drunk

During this fashion week, Moncler celebrates its 70th anniversary and Ferragamo parades on the site of its upcoming Milan hotel. We will also observe Marco De Vincenzo as the new artistic director of the house of Etro, Filippo Grazioli at Missoni or Andrea Incontri at the helm of the Benetton brand.

New faces like Valentina Ilardi, Marco Rambaldi or Matty Bovan will allow you to get to know new trends.

Although Europe is facing an energy crisis and uncertain inflation, Italian fashion turnover increased by 25% in the first half of 2022, “the strongest growth in the sector in the last 20 years”, Italian President Carlo Capassa emphasized. Chamber of Fashion, at the press conference to present “Fashion Week”.

Similar growth to the first half of 2021, which represented a return from the lowest levels of the Covid-19 crisis, led the Chamber of Commerce to forecast an annual turnover of more than €92 billion by 2022.

Exports are increasing

The increase in turnover is partially explained by the increase in prices, which is caused by the increase in the costs of energy and raw materials. However, this turnover has risen again by more than 18% in constant prices, returning to pre-2008 financial crisis levels.

The second half is expected to start to decline, with very uncertain forecasts for the end of the year, depending on policies to contain inflation and the energy crisis.

Export figures for the first five months of 2022 increased significantly (+21.9% in fashion, +30.2% in related sectors).

The markets of America and South Korea were the most dynamic. On the other hand, a strong slowdown was felt in the Chinese market and of course in Russia, due to the sanctions imposed by the luxury industry after the Russian invasion of Ukraine.

“The impact of the energy crisis on fashion is significant because the entire supply chain is energy-intensive. To produce a fabric or a bag requires raw materials that consume a lot of energy.”Carlo Capasa explained.

“The impact on product energy costs was 10%, and now it has jumped to at least 30%.”he clarified. “Prices won’t change indefinitely, and that puts companies in a difficult position to think about whether it’s worth producing.”

As Italians go to the polls in legislative elections on Sunday, he expressed hope that “all emergency powers will be handed over to the government elected on September 25, because we need drastic measures on the energy front.”

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