In the first half of 2022 revenues of the Italian fashion and luxury industry went up by 25 per cent.

This includes textiles, leather goods, apparel, footwear, jewelry, beauty products and eyewear. These positive results are partly explained by the price hikes introduced to compensate for the increase in energy and raw material costs. Real revenue has grown by over 18 per cent above the level recorded before the 2008 financial crisis.

Italian companies are currently reaping sizeable benefits from the depreciation of the euro against the dollar, and their exports have grown significantly towards all countries, with the exception of Russia and Hong Kong. Between January 2022 and May 2022, Italian fashion exports increased by 21.9 per cent compared to the same period a year earlier. For the first five months of 2022, Italian fashion sales to the USwent up by 59 per cent, South Korea 34 per cent, Spain 31 per cent, France 25 per cent and Germany 20 per cent. Exports to the UK went up by 22 per cent.

Nevertheless critical issues currently affect the sector, above all, the rise in energy costs which is severely penalizing Italy’s supply chain, manufacturers, especially.Previously, energy costs amounted to ten per cent of a textile producer's revenue. Now they have reached 30 per cent.