MILAN Feb 7 The Italian fashion industry's
revenues rose 1.9 percent last year, beating expectations, and
are forecast to keep growing in 2017 despite uncertainty linked
to U.S and British politics, an industry body said on Tuesday.
Sales in the fashion sector, one of the country's biggest,
increased to 84.1 billion euros ($89.78 billion) last year,
above the 83.6 billion euros estimated last September, according
to the national fashion association Camera Nazionale della Moda
Growth was mainly due to domestic sales, particularly in the
middle of last year, after a negative first quarter, the CNMI
said in a statement.
"These numbers, in this difficult market are very
comforting", CNMI president Carlo Capasa said.
Sales in the first six months of this year are expected to
increase by 0.8 percent even though uncertainty linked to the
new U.S. administration and to Britain's decision to leave the
European Union is likely to affect foreign sales, the CNMI said.
"Italian fashion is already highly taxed on its U.S.
exports, and we hope that there won't be any additional levies
on our products, as these could make us sell less," Capasa told
reporters when asked about the possibility of import taxes being
raised by U.S. President Donald Trump, who has signalled a more
Italy's fashion sector comprises 66,000 companies making
clothes, accessories, jewellery and cosmetics and employs almost
Consultants Bain & Company said last October they expected
the traditional luxury sector to grow by 1-2 percent in 2017.
Revenues for Italian fashion group Giorgio Armani, the
country's second biggest after Prada, fell 5 percent
last year and its founder said 2017 would continue to be
complicated for the sector as a whole.
Luxury goods maker Salvatore Ferragamo, Italy's
sixth largest fashion company, said sales last year rose just 1
percent and were down 2 percent at constant currencies.
Bernard Arnault, chairman and chief executive of France's
LVMH, the world's biggest luxury group, last month
predicted a "relatively easy" first half of 2017 for the group,
but warned the second half could be "more difficult".
($1 = 0.9368 euros)
(Reporting by Giulia Segreti and Claudia Cristoferi; Editing by