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«In the last three years, the patterns of predictability have broken down: 2023 began with double-digit growth in exports, but between the new conflict and the tail end of the pandemic and the energy crisis, the last few months have seen a slowdown. Italian fashion companies, however, are among the best in the world because they know how to create new trends on a global level: they must continue to invest in research and innovation while also seeking outlets on new markets.”
Italian excellence pushed beyond complexities
Speaking is Matteo Zoppas, president of Agenzia Ice, the foreign trade institute that works alongside Italian SMEs and trade fairs: on the one hand, in fact, it brings buyers from all over the world to Pitti Immagine and to trade fairs and fashion shows Milan; on the other hand he accompanies small companies into markets that, with their respective strengths alone, they could not reach.
2024 looks like a very complex year for fashion (and not only). In the first 11 months of 2023, men’s fashion exports stood at +7% compared to 2022 with a slowdown due «to both the decrease in purchasing power and the crisis that has affected the distribution system with intermediaries in crisis. The impact is not yet quantifiable and therefore the only thing to do is wait and see what happens.”
Niche markets where potential can be exploited
The imperative, however, is not to remain idle: «Some indicators, such as inflation, which has slowed down, tell us that Italy can be more competitive than other countries – continues Zoppas – and therefore we must work to exploit this potential.” If the key markets for Made in Italy fashion are partly in crisis – “Germany has slowed down a lot and being among our main importers this has an important weight” – and partly in an unpredictable situation, like the USA, according to Zoppas «it is time to establish contact with niche markets with high potential such as those of South East Asia, including Singapore, Indonesia and the Philippines, and India, with which we have an ongoing growing dialogue». Then there is China: «It is a strategic market for Italy, because spending capacity is growing. The fact that they recently abolished the visa requirement to travel from Italy to China will help businesses.”
The new law for Made in Italy is in force today
Today law 206/2023 comes into force to protect Made in Italy, designed to protect and promote “made in Italy”, including fashion: «We must increase competitiveness and create new conditions for trade abroad, both B2B both B2C”, comments Zoppas. What a gloss: «Florence with Pitti and Milan with fashion week have an even more central role than in the past in world fashion. Applause goes to the entrepreneurs and their workers, those who truly give life to Made in Italy”.