Italian fashion on the verge of economic catastrophe due to COVID-19

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In the fashion sector we have an unprecedented economic catastrophe, said Cirillo Marcolin, president of "Confindustria Moda".

The economic study "Textiles, Fashion and Accessories", presents a sector in great difficulty with the 86% of companies that suffered a decline in cash flow by more than 20%.

"And for the future, things do not look good as the average annual decline is expected to be 32.5% compared to the 2019 figure or in other words 30.3 billion euros less," he added.

The federation, which brings together associations of over 67,000 companies employing more than 580,000 workers in the textile, fashion and accessories sector, conducted a study with a sample of 320 companies to understand the impact of the pandemic.

Between April and June, the sample 96% suffered a drop in turnover and only 10% contained the drop to 20%.

Nearly 76% of companies expect to decline their planned investments, particularly in trade fairs, factories and staffing.

"A situation that risks erasing entire links in our supply chain, unique in the world," comments Marcolin.

During the fashion week, planned from 22 to 28 September, with the collections of men and women for spring / summer 2021 will take place the fashion show "Milano Moda", an event attended by students from the best Italian schools of fashion./ATSH

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