Speaking at the Fashion and Luxury Summit on ‘Innovation and Speed’, the president of the Italian Fashion Chamber, Carlo Capasa indicated that in 2016 the Italian fashion industry is expected to generate a revenue of €83.2 billion, equivalent to a 1.4% increase. Exports will account for 75% of revenue, and the industry’s surplus will be €25 billion.
Italy is Europe’s top country in terms of gross output value, with a 41% share, followed by Germany with 11%.
“[Italy] is the top manufacturer of luxury goods worldwide too, excluding China, whose products however are of a lower quality standard. Milan Fashion Week featured more shows than London, Paris and New York, with more events and extensive coverage on foreign media. Italian labels are driving the fashion industry right now, we are enjoying a highly energetic period for the sector,” enthused Capasa.
The conference analysed what the near future will look like in terms of speed, and Carlo Capasa acknowledged that the web is essential.
“During the Milan Fashion Week, 42 million online interactions were recorded, compared to 10 million a year ago. Digital tools establish a direct connection with consumers, this is why the industry has been thinking about adopting a ‘see now, buy now’ approach. A few foreign brands have tried it, without enjoying a resounding success. Besides not being rewarding, it is not consistent with the features of the Italian fashion industry, which is both complex and creativity-based, hence needs time. Doing otherwise means repudiating Italian style,” stated Capasa.
“Fashion labels create dreams, and must continue to do so. Fast fashion is a fact, but Italy represents slow fashion. In the future, companies will need better reciprocal communications, especially at the industrial district level. By creating a more modern communication system among companies, speed will increase and companies will become more efficient, but the main issue which must be tackled is sustainability, which is essential for the future,” concluded the CNMI President.