Italian fashion, revenues still falling. Focus on export support

Ten billion euros, i.e. about 10% of turnover, pulverised within three years, between 2024 and 2026. And seven billion subtracted from a trade balance that (albeit in excellent health) would fall from 44 billion euro in 2024 to 37 billion euro in 2026. The Fashion economic trends, released by the Italian National Chamber of Fashion (CNMI) on the occasion of the presentation of the men's fashion week spring-summer 2027, give an account of a scenario that remains worrying: fashion made in Italy will not manage to put the crisis behind it this year either. After a 2025 filed just under 93 billion in revenues (-3.1%), 2026 should also close with a -1.5% decrease to 91.5 billion. Ten billion less than the 101.3 billion realised in 2023, under the pressure of rising prices and the post-Covid 'hangover'.

Among the most worrying data in an increasingly unpredictable and complicated geopolitical scenario is the drop in exports, which account for about 90% of the sector's turnover: "In 2025 we recorded exports of fashion products and related sectors at -5%, due to a double-digit drop towards China, while the depreciation of the dollar and tariffs had a negative impact on US values," explains Carlo Capasa, president of CNMI. It is true that exports of fashion products to the United States rose by 2.9% in value, but the number of pieces sold decreased due to the concentration of purchases towards the higher end of the market. A fact that is reflected, in a negative way, on the supply chain that produces those pieces'.

The still unstable situation in Iran, with the closure of the Strait of Hormuz, can only exacerbate the situation: 'If the conflict is resolved by June we have hopes of breaking even thanks to a rebound, but if this does not happen the sector will lose exports (the estimate is a drop of 1.5% to 85.4 billion, ed.) and turnover. Then we will have to deal with energy costs that will rise, but the increases will be seen in 6-18 months', says Capasa. Who hopes for "government intervention to support Italy's second industry, fashion, which deserves more attention". The request of the big fashion companies (CNMI, in fact, brings together the major brands of made in Italy) is for "targeted measures to support exports, such as tax relief for large exporters," he continues, "and then support in view of rising energy costs. The companies in our supply chain are energy-intensive'.

The sector has always found a time and place for discussion with the executive in the Fashion Table, but the most recent one dates back to December 2025 when the topics on the agenda were measures against ultra fast fashion and regulations for legality in the supply chain, dossiers that are still on standby, and on the horizon there are no convocations of extended meetings, apart from technical tables on specific topics. Among the initiatives put in place to stimulate exports is the long-term collaboration with the Institute for Foreign Trade (Ice), which in 2026 will bring international buyers to Milan not only for Fashion Week, but also for the sales campaigns starting in the coming weeks. The men's fashion week, which in fact has the support of the Ministry of Foreign Affairs and Ice, will be a moment for the promotion of Made in Italy. "If we add our 75 events between fashion shows and presentations and the collections of the 750 brands present at Pitti Uomo, Italia confirms itself as the main player in men's fashion worldwide," concludes Capasa. We should be proud of this. On the calendar, from 19 to 23 June, there are 16 physical fashion shows - including that of new entry Thom Browne, with a mix of emerging and historic names such as Prada and Dolce&Gabbana -, 44 presentations, including Brunello Cucinelli, Tod's, Kiton. Some big names such as Gucci, Bottega Veneta, Versace, Salvatore Ferragamo are missing. While Giorgio Armani, directed by Leo Dell'Orco and Silvana Armani, will present a mix of men's and women's collections on 22 June.