No. 971 - Fading glamour: are Italy's fashion exports in trouble?

Questioni di Economia e Finanza (Occasional papers)
by Gloria Allione, Marco Errico and Claire Giordano
October 2025
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The paper analyses the performance of Italian fashion exports (textiles, wearing apparel and leather) and compares it with that of other main euro-area economies, using both microeconomic and macroeconomic data. There is a particular focus on the decline recorded during the 2023-24 period. Based on the analysis, the outlook and risks for the sector are assessed.

In a context of weak global demand, foreign sales of fashion items declined in Italy and, to a lesser extent, in its euro-area competitors, France and Spain, during the 2023-24 period. In Italy, the drop was particularly marked for leather exports and, more broadly, for luxury fashion products. Foreign demand is expected to remain subdued in the short term; new US tariffs and competition from China pose additional risks, partly offset by the high quality of Italian products.

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  1. 09 October 2025
    No. 971 - Fading glamour: are Italy's fashion exports in trouble?
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