Fashion week kicked off in Milan with the presentation of the 2023-2024 fall-winter collections. In Italy, the National Chamber of Italian Fashion is optimistic: this year, the sector's turnover should still grow by 4% compared to 2022.
The Milanese event will end on February 27, after about 60 fashion shows and 30 cultural events, such as the opening of the exhibition of the American artist Bill Viola, expected in the sumptuous setting of Palazzo Reale, or the event organized by Dolce&Gabbana in honor of the star and entrepreneur Kim Kardashian.
The Fashion Week in Milan is an opportunity for the National Chamber of Italian Fashion to update on the financial health of the sector and the forecast for the future. The figures for the fourth quarter of last year were generally positive for all houses. In 2022, the sector's sales reached 98.3 billion, which corresponds to a jump of 18% compared to the previous year. After the global pandemic had dealt a considerable blow to sales in 2020, the market has seen a rapid recovery since 2021. If 2021 saw a 20% increase in sales compared to Covid's dark year, 2022 confirmed the positive trend and 2023 opens with an upward forecast thanks to the price cap on energy and several analysts predicting a drop in inflation.
However, the increase in supply costs is still a concern for many players in the sector. Carlo Capasa, president of the Camera Nazionale della Moda made this observation at the press conference held to present the course of the Milan Fashion Week: "Faced with a 7.1% increase in prices in the supply chain, prices charged to consumers have increased by only 1.5%," explaining that the houses have managed to control the problem and contain the final prices of products to limit the impact on the consumer.
The forecasts are therefore on the rise: the sector's revenue this year is expected to increase by a further 4% compared to 2022. From now on, Covid's nightmare seems to be far away.
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