Moderate Growth in 2023 Italian Menswear Market Sales, China Remains the NO.1 Supplier

1月 16, 2024

The data compiled by the Italian Federation of Textiles, Fashion and Accessories (Confindustria Moda) for the Italian Textile and Fashion Federation (Sistema Moda Italia/SMI) shows a “noticeably moderate growth” in the Italian men’s fashion market (including ready-to-wear, knitwear, shirts, ties, and leather clothing) for 2023. Supported by a strong rebound following the impact of the COVID-19 pandemic, the market’s revenue is preliminarily expected to increase by 4.9% to €11.9 billion compared to 2022.

The report further notes that this trend is reasonable, considering unprecedented inflation, slowing growth in several key economies, increased global uncertainty, the ongoing Russia-Ukraine conflict, and recent events in the Middle East.

For the first nine months of 2023, the market showed double-digit growth in the first quarter; the growth continued positively but more modestly in the second quarter, with early signs of weakening emerging in the third quarter.

During the first nine months of 2023, overseas sales were positive, with exports expected to grow by 5.6% to about €8.7 billion, and imports projected to increase by 3% to approximately €5.9 billion. Breaking it down, the top ten export markets for Italian menswear were:

1. France as the largest export market, with an increase of 17.7%
2. Germany as the second largest
3. The United States as the third, with an increase of 7.7%
4. Switzerland ranked fourth; however, exports to this major luxury goods logistics and trade hub fell by 20.8% to €564 million
5. Mainland China remained in fifth place, with a growth of 5%, and Hong Kong increased by 23.6%; in other Asian markets, exports to South Korea grew by 20.6%, and to Japan by 19.1%
6. Spain saw a 9.4% increase, rising to sixth place
7. The United Kingdom ranked seventh, with a decline of 3.7%
8. The Netherlands remained stable as the eighth largest market, with a slight decrease of 0.1%
9. Poland as the ninth, with a growth of 23.6%
10. Russia as the tenth, with an increase of 46.8%

In terms of supply, despite a double-digit decrease (-24.4%) compared to the same period in 2022, China continues to be the largest supplier. Bangladesh, ranking second, also experienced a decline (-16.5%), while France, in third place, saw an increase of 21.1%.

Looking at product categories from January to September 2023, all categories except leather clothing (-11.2%) saw growth in exports. On the domestic Italian market, sales for the autumn-winter of 2022-2023 showed growth in all categories except leather clothing, which declined by 5.7%. In terms of sales channels, mono-brand/franchise stores experienced double-digit growth (+22.6%), as did large distribution, department stores, and e-commerce; on the other hand, independent retail, street vendors, and outlets/specialty stores saw a decline.

|Source: AdnKronos

|Image Credit: Putti Umo Official Website

丨Reporter:Jiang jingjin

|Editor: LeZhi