In Milan, the President of Italy’s fashion chamber, Carlo Capasa, has raised concerns about potential tariffs from the Trump administration that could threaten the country’s fashion industry, which contributes significantly to Italy’s GDP. Fashion accounts for 5% of Italy’s GDP, generating 75 billion euros and employing 1.2 million people. The industry faces uncertainty due to the global contraction that led to a 5% decrease in global sales in 2024, falling from 110 billion euros in 2023 to 96 billion euros. This contraction includes textiles, apparel, footwear, jewelry, eyewear, and leather goods.

Although President Trump has hinted at imposing tariffs on European imports, specific plans remain unclear. Italy exported 4.6 billion euros of luxury fashion to the US in the first ten months of the previous year, making it the third-largest market after France and Germany. Despite the global sales decline, the industry still surpasses pre-pandemic levels, with 90 billion euros in sales in 2019.

Capasa emphasized the importance of safeguarding Italy’s fashion sector from potential tariffs, highlighting its economic significance and employment impact. The industry’s resilience and export performance underscore its crucial role in Italy’s economy, making it imperative to address any threats that may jeopardize its growth and stability.