Low consumer propensity, sharply rising costs, slowdown in many major economies and geopolitical tensions – be it due to the current conflicts or a number of important political elections such as the European elections in June 2024 and the recent US elections. Numerous factors influence the development of Italian men’s fashion, which will be presented at Pitti Uomo in the Fortezza da Basso in Florence from Tuesday.
2024 is shaping up to be a “difficult” year for Italian men’s fashion
After years of continuous growth, 2024 is expected to be a “difficult” year for both the fashion industry as a whole and for Italian menswear.
According to estimates by Confindustria Moda’s economic research department, based on internal sample surveys and analysis of the overall macroeconomic situation, Italian men’s fashion sales (including ready-to-wear, knitted outerwear, shirts, ties and leather clothing) are expected to grow by -3 in 2024, after three years of continuous growth. 6 percent decrease compared to the previous year. The industry’s total turnover would reach 11.4 billion euros and represent 18.9 percent of the Italian textile and clothing industry. All areas of men’s fashion are showing a negative development, with the exception of leather clothing. A decline of -4.0 percent compared to 2023 is forecast for the production value.
Foreign sales remained in positive territory in 2024, but with a more moderate growth rate: an increase of +0.6 percent is expected for exports, which corresponds to a total volume of around 8.9 billion euros. The share of exports in the industry’s total sales would rise to 77.8 percent and thus continue to consolidate.
In contrast, a decline of -6.6 percent is expected for imports, which corresponds to a total volume of around 5.3 billion euros.
Foreign trade in the first nine months of 2024
From January to September 2024, Italian men’s fashion exports remained positive, registering a growth of +1.0 percent, but reaching a total volume of 7.1 billion euros. At the same time, imports of Italian men’s fashion recorded an average decline of -7.2 percent to around 4.8 billion euros during this period.
Both the EU and non-EU markets were favorable for exports: the EU market grew by +0.9 percent, while the non-EU market recorded growth of +1.2 percent. The EU market accounts for 46.2 percent of exports, while the non-EU market remains the largest buyer at 53.8 percent.
However, there are negative trends in imports: the EU market recorded a decline of -4.4 percent, while the non-EU area fell by -9.6 percent. The EU market covers 47.8 percent of imports, while 52.2 percent comes from non-EU countries.
France remains the largest sales market for Italian men’s fashion, with 12.8 percent of total exports and growth of +7.5 percent. Germany follows with 10.1 percent, but recorded a decline of -2.9 percent. The USA, in third place, increased its share by +0.6 percent to 9.3 percent. China showed remarkable dynamism with growth of +30.1 percent and reached fourth place. While South Korea recorded a decline of -10.2 percent, Japan (+12.5 percent) and Hong Kong (+20.6 percent) recorded double-digit increases.
In Europe, exports to Spain rose by +4.1 percent, putting the country in fifth place. However, Switzerland, an important logistics center for luxury goods, recorded a sharp decline of -38.6 percent. Exports to Great Britain also fell by -8.3 percent to 335 million euros. The Netherlands, in eleventh place, recorded a decrease of -2.1 percent, while Poland and Russia showed positive changes of +13.8 percent and +6.3 percent, respectively. The United Arab Emirates showed strong growth of +32.4 percent, while Austria recorded a slight decline of -0.1 percent.
China remains the driving force
China remains the industry’s most important supplier with a share of 12.5 percent, although imports from China fell by -9.8 percent. Bangladesh, in second place, recorded a double-digit decline of -12.3 percent, as did France (-10.4 percent). Spain (+23.8 percent) and the Netherlands (+6.2 percent), however, showed positive developments.
Of the top 15 suppliers, only Portugal in 15th place showed an increase, namely +26.4 percent, while all other countries fell between -1.5 percent (Germany, seventh place) and -21.8 percent ( Turkey, tenth place).
Leather clothing was the best performer with growth of +9.7 percent. Outerwear exports increased by +1.3 percent, men’s shirts by +1.2 percent and men’s knitwear by +0.4 percent, while ties recorded a decline of -7.6 percent.
In autumn/winter 2023/24, mono-brand franchise chains retained market leadership in men’s fashion with 46.8 percent, despite a decline of -2.5 percent. There were also declines of -5.1 percent in organized retail, while department stores were the only sales channel to record growth of +1.5 percent.
This article previously appeared on Fashionunited.fr and was created using digital tools translated.
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