By COLLEEN BARRY, Related Press
MILAN (AP) — The top of Italy’s style chamber mentioned he has appealed to its authorities to guard the nation’s second-largest business from attainable tariffs from the Trump administration.
“We hope they don’t arrive,’’ Italian National Fashion Chamber President Carlo Capasa said Wednesday during the presentation of the calendar for the next Milan Fashion Week later this month. “If Trump penalizes the second industry in Italy, it is a pretty hostile declaration.”
Vogue generates 5% of Italy’s GDP, or $78 billion, by way of the manufacturing and sale of textiles, attire and footwear, and with 1.2 million workers, in response to a examine by the state improvement financial institution CDP launched in December.
The specter of tariffs from U.S. President Donald Trump is creating uncertainty within the business because it experiences a worldwide contraction that shrank world gross sales in 2024 by 5%, dropping to 96 billion euros from 110 billion euros in 2023, in response to figures launched by the style chamber. Past textiles, attire and footwear, the figures additionally embrace jewellery, eyewear and leather-based items.
Whereas Trump has threatened to impose tariffs on European imports to america, he has not made clear plans.
Italy exported 4.6 billion euros price of luxurious style to america throughout the first 10 months of final 12 months, together with attire, footwear, leather-based items, jewellery and eyewear. It’s the third market following France and Germany, with 7.6 billion euros and 4.7 billion euros in gross sales of Italian luxurious style, respectively, throughout the identical interval.
Exports in the identical interval have been up 2.5% to 91 billion euros, in response to the style chamber information.
Regardless of the drop in world gross sales, the business continues to be topping the outcomes earlier than the COVID-19 pandemic, with gross sales of 90 billion euros in 2019.
Initially Revealed: February 5, 2025 at 2:02 PM EST
