Milan Fashion Industry Calls for Protection Against Potential US Tariffs
Carlo Capasa, head of Italy's National Fashion Chamber, has urged the government to safeguard the country's second-largest industry from potential tariffs imposed by the Trump administration.
Fashion contributes 5% to Italy's GDP, with 75 billion euros in revenue generated through the production and sale of textiles, apparel, and footwear. It employs over 1.2 million individuals across Italy.
Trump's threat of tariffs has cast uncertainty over the industry, which has experienced a 5% decline in global sales in 2024, from 110 billion euros to 96 billion euros, as per data released by the fashion chamber. These figures encompass not only textiles, apparel, and footwear but also jewelry, eyewear, and leather goods.
Despite Trump's threat to impose tariffs on European imports, he has not yet specified any concrete plans. In the first 10 months of 2023, Italy exported 4.6 billion euros worth of luxury fashion to the United States, making it the third largest market for Italian luxury goods, behind France and Germany.
Exports in the same period increased 2.5% to 91 billion euros, according to the fashion chamber. While global sales have declined, the industry remains ahead of pre-pandemic levels, with 90 billion euros in sales in 2019.