(Milan) Milan kicks off its Fashion Week on Tuesday, which will unveil the spring-summer 2025 women’s fashion trends in an edition marked by a slowdown in this sector crucial to the Italian economy.
Italian fashion sales fell 6.1% in the first half of the year, and forecasts predict a 3.5% decline for the full year compared to 2023, according to figures from the Fashion Economic Trends institute published by the National Chamber of Italian Fashion.
The half-yearly results of the major luxury groups confirm this slowdown after years of double-digit growth.
French luxury giant LVMH, which owns Italian labels Fendi and Loro Piana, reported a 1% drop in revenue to €41.7 billion. Rival Kering, which owns Gucci and Bottega Veneta, saw revenue plunge 11% to €9 billion, and Richemont closed the first quarter of its 2024 financial year (April-June) with sales down 1% to €5.27 billion.
This situation is forcing the houses to restructure (a change of direction that led to the first strike at Gucci in November 2023), to reorganize their teams (hence a musical chairs movement of CEOs and artistic directors of the big houses), and to diversify their activities (notably in luxury hotels).
It is in this gloomy context that Fendi will open the show on Tuesday afternoon, while the rest of the week will be punctuated by fashion shows from Prada, Gucci, Bottega Veneta, Versace and Dolce & Gabbana.
The calendar remains as dense as ever, with one more day compared to previous editions. 174 events are scheduled until Sunday: 57 physical fashion shows and eight online, 70 presentations, six presentations by appointment and 33 events.
Giorgio Armani, for his part, exceptionally chose New York to present his women’s collections on October 17.
5% of Italian GDP
The iconic 90-year-old designer will still be present with two shows on Thursday for his Emporio Armani line, followed by a big party in the futuristic theater of his Milanese HQ.
Moncler is also abandoning Milan this season, opting instead for Shanghai for its show on October 19. MSGM, Blumarine and Tom Ford are also not on the calendar, the latter two having just announced their new artistic directors – David Koma at Blumarine, Haider Ackermann at Tom Ford.
The fashion industry, a crucial sector of the Italian economy, represents 5% of the country’s GDP (Gross Domestic Product).
“The fashion sector, with a turnover of 108 billion euros and exports of 81.6 billion, is the one that contributes more than others to the consolidation of the image of excellence of our country abroad,” recalled Lorenzo Galanti, general director of the ICE Agency (Agency for the promotion abroad and internationalization of Italian companies) during the press conference presenting Fashion Week.
In addition to the economic stakes they represent for the fashion industry, Fashion Weeks also have significant economic repercussions for the cities that organize them.
The Lombard capital thus revealed the notable tourist impact generated by its Fashion Weeks in February and September: 396 million euros in turnover.
Results induced by the arrival of 245,000 people (models, journalists, buyers, influencers… not to mention all those who work behind the scenes), including 56% Italians and 44% foreigners, according to a study carried out by the Milanese merchants’ association Confcommercio Milano.
Their presence translates in particular into hotel nights and restaurant reservations for an average basket of expenditure estimated at 1638 euros per person for each Fashion Week.