Fashion system better than expected in 2021, Milan Fashion Week back to normality

Return to normality (or almost). The fashion system is looking forward to Milan Fashion Week, scheduled for 22-28 February, with much improved figures. With its disruptive start, 2021 has been a significant year of recovery. In the first eleven months, the fashion industry achieved a considerable rebound in turnover compared to 2020, amounting to +20.8%. "Of the approximately 24 billion lost in 2020, the industry has recovered two-thirds of it, or 16 billion. We hope in 2022 to recover the other 8 and return to the levels of 2019," stressed Carlo Capasa, president of the Camera Nazionale della Moda Italiana, presenting the calendar of events for the appointment at the end of the month.

And everything seems to be going in this direction, so much so that the industry's 2021 turnover estimates have been revised upwards: 83 billion euros (+20.9%). Developments in international trade, the achievement of high vaccination coverage, and the figures for October and November helped this scenario, thanks to export figures. Overall export growth was 16.4% in the first ten months, already 6.3 percentage points above pre-Covid levels. The double-digit growth was in the Chinese market, where Italian exports grew fastest (+50.1%), United States (+32.8%), and France (+20.6%), while sales to Japan were more uncertain (+4.4%). On the other hand, exports to the United Kingdom were negative (-18.3%).

"In general, these are significant figures, thanks to companies but also to the country system, especially in the implementation of the vaccination plan," remarked Carlo Ferro, president of ICE. However, according to Capasa, another figure should not be underestimated. In fashion in the strictest sense, imports showed a slight decrease (-1.7%), with a substantial drop from non-EU countries (-10.8%). "This is a good sign of continuing observing this year as well: it shows," he said, "that a real reshoring may be taking place, i.e., the return of some productions to Italy, also due to the difficulty of importing raw materials.

Even the Women's Fashion Week might start to look the same as always if it weren't for the buffers and security measures. As if the pandemic were finally just a bad dream to be left behind. Meanwhile, there are 67 fashion shows, only eight digital. No more streaming and spaces closed to the public, returning to the calendar of five brands: Bottega Veneta, Diesel, Gucci, Trussardi, and Plein Sport. Then, there are the appointments. So far, there have been 169, and more are coming. Lastly, the number of participants: 450 international buyers and 300 journalists. "We are expecting more arrivals from all over the world, except for China, which is currently closed." Attendances are returning from Japan, South Korea, the United States, and, more surprisingly, from Russia and Eastern Europe, thanks to a request accepted by the government: to allow buyers from countries where the EMEA does not recognize vaccines to attend. Therefore, those vaccinated with Sputnik will come to Italy and take part in the shows, but only with a negative molecular swab.