Italy’s fashion sector forecast to climb back to pre-pandemic levels in 2023

While in the first half of 2021, with sales up by 24% on an annual basis, the Italian fashion industry was able to bounce back from a 2020 marked by the Covid-19 crisis, it was not however able to return to its 2019 revenue levels. Travel restrictions and the absence of wealthy tourists will still penalise the industry this year. Europe will notably be the region most affected, while Asia, with China leading the way, will continue to grow, as will the USA, both regions being crucial markets for Italian labels. Besides textiles and apparel, the industry includes footwear, leather accessories, luggage, jewellery and goldsmithing, eyewear, cosmetics and perfumes. It accounts for approximately 12% of Italy’s entire manufacturing sector in terms of value added, and about 14% in terms of e…