“We remain concerned for 2021, even with the situation slowly improving, as the recovery will not be visible before the 2nd half of the year”. These are the words of Cirillo Marcolin, president of Confindustria Moda, as reported by ANSA. Mr. Marcolin’s words confirm that there is little room to bet on an imminent recovery. Even if, as explained during the online conference, a loss-containment trend did take place in the fourth quarter, the overall losses for Italy’s fashion industry have been catastrophic: 25 billion euro.
25 billion lost
Italy’s fashion industry lost 25 billion euro in 2020, compared to its 2019’s revenue. The result is a 26% decrease. “A relevant decrement – continues Mr. Marcolin (in picture) -, which snaps a photo of the dramatic situation we find ourselves in, even with the good results from the 4th quarter”. At the end of 2020, in fact, “businesses, even small and medium ones, have shown relative dynamicity, even if in smaller amounts compared to the larger ones, during the first 10 months of the year. At the same time, they managed to maintain and enrich the country’s know-how in the segment, while strengthening the chain and also protecting jobs. That’s the only way we will come back stronger”.
The first quarter of 2021
During “the first few months of 2021 we noticed a trend similar to that of the previous quarter, with revenue down 18.4%”. The more positive note is that “there was a contraction in the losses, which is expected to continue”. A research from Centro Studi Confindustria Moda confirms that (out of a sample of 300), “the forecast for the second quarter of 2021 is still showing a less severe decrease of about 10% in turnover”. But when will the “recovery” be? According to Confindustria Moda, “the real recovery is expected to take place starting from the 3rd quarter of 202, with a steep improvement during the 4th quarter”. Everything, of course, is contingent on “the advanced development of the vaccination plan, with a progressive return to pre-Covid levels of activities during 2022”.