MILAN: Gucci, Dolce & Gabbana, Fendi and Missoni are among Italy’s top brands exhibiting at Milan Fashion Week, which starts on Wednesday, with the industry buoyed by strong sales despite economic uncertainty caused by the war. .
American megastar Kim Kardashian is expected to bring celebrity stardust to a D&G-sponsored event commemorating the debut of the Ciao Kim line in the northern Italian city in September.
Big names like Etro, Giorgio Armani, Prada, Bottega Veneta and Moschino are also presenting their Fall/Winter 2023-2024 collections, with 59 catwalk shows on the official schedule between now and February 27 .
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There will also be exhibitions by American video artist Bill Viola and the late French fashion photographer Guy Bourdin, whose show was supervised by Giorgio Armani.
Meanwhile, the first Black Carpet Awards will be held on Friday, a gala evening organized by the Afro Fashion Association to celebrate diversity, where a lack of diversity has long been an issue in Milan. be.
Despite the energy crisis and global uncertainty caused by the Ukraine war that broke out almost exactly a year ago, major luxury brands are thriving.
French giant LVMH, which owns Italian brands such as Fendi, Bulgari and Loro Piana, reported a 23% increase in sales and a 17% increase in net profit in 2022, both new records for the group. became.
An “exceptional” year
Rival Kering, meanwhile, reported a 15% increase in sales and a 14% rise in net profit, despite poor performance from its main brands Gucci and Balenciaga.
Figures from the Italian National Fashion Chamber (CNMI) confirm this positive trend, with the sector recording a better-than-expected revenue of €98.3 billion in 2022, up 18% year-on-year.
“The kind of growth we saw in 2022 was unprecedented,” said Carlo Capasa, head of the Fashion Chamber, reflecting the post-pandemic boost.
Lower gas prices and hopes of curbing inflation are raising hopes that 2023 will be a good year, but the Fashion Chamber is cautiously forecasting growth of 4%, close to pre-pandemic levels. There is.
“Maybe we can do better, but there is a war on the horizon in Europe, there is uncertainty about energy costs, and we hope that China will emerge from the pandemic,” Capasa told reporters on Tuesday. Told.
Gucci’s results were hurt by the downturn in the Chinese market, where coronavirus restrictions that had disrupted shopping habits were only lifted in December.
Gucci, which appointed Sabato de Sarno as its new creative director in January following the sudden departure of Alessandro Michele in November, saw sales fall 11% in the fourth quarter.
