Fashion, closing 2025 down, but less than expected

The year 2026 will open with the usual important appointments for the Italian textile-fashion-accessories (Tma) system: the men's fashion week will begin on 13 January in Florence with the Pitti fair and will continue uninterruptedly in Milan with the fashion shows and presentations that will animate the city until 20 January. Immediately afterwards, again in Milan, there will be MilanoUnica (Europe's most important textile fair), Micam (footwear), Mipel (leather goods) and Mido (eyewear): a varied and unique showcase for Tma, which will, however, be arriving from a 2025 slowdown, as explained yesterday by the President of the Fashion Chamber, Carlo Capasa, at the presentation of the Milanese part of Men's Week (16-20 January).

Compared to the -5% hypothesised months ago, thanks to the results of the third quarter, the fashion system will close the first nine months of 2025 with a drop of 3%. "But we mustn't delude ourselves," stressed Capasa. "In the first eight months, exports fell by 4.4% compared to the same period in 2024, and the trend towards non-EU countries was significantly worse than average (-9%). Imports, on the other hand, are growing both in the core sectors, first and foremost clothing (+6.3%), and in related sectors, such as leather goods (+2.5%); the most impressive increase is that of Chinese imports (+11.8%) and for months now the Fashion Chamber and Confindustria Moda have been calling for a tax on the millions of parcels arriving from China and enjoying a customs regime that is incompatible with what can now be defined as dumping.

Returning to the figures, the trade balance in the first eight months of 2025 was positive at 26.7 billion, but down by 4.3 compared to the same period in 2024. If the positive signals of the third quarter are replicated in the fourth, 2025 should close with a drop in turnover over 2024 of between 2.7% and 3%, but Capasa emphasised that the general picture and the 2026 trend remains uncertain: "In just a few years we have lost 3 thousand companies and we renew our invitation to the government to stand by our sector because we must not leave anyone behind". Not least because fashion, stressed Fashion Councillor Alessia Cappello, "is an industry that is good for Italy", recalling the induced revenue from Milan fashion weeks: 80 million for the two men's weeks (January and June) and 200 million for the women's (February and September). Figures that could rise for the next men's and women's fashion weeks thanks to the Olympics, Cappello recalled.

All the fashion shows on the calendar (in all, there will be about 80 events) can be followed on milanofashionweek.cameramoda.it, a platform designed for insiders, but also for all fans. Among the debuts on the calendar is that of Ralph Lauren, which will take the catwalk on 16 January.