MILAN (Reuters) – Italy’s fashion industry expects its revenues to stall this year, with growth of just 0.1%, a far cry from the average 3% annual growth rate it has achieved over the last decade and which it hopes to recoup in 2020.
The business is the main exporting sector in Italy, which is home to firms including Prada <1913.HK> and Salvatore Ferragamo <SFER.MI>, with around 75% of its turnover generated abroad.
“It’s been a tough year, weighed down by an unfavourable international environment. Next year, we hope to return to the growth rates we are used to”, Carlo Capasa, chairman of Italy’s National Fashion Chamber, said on Thursday.
Fashion groups have blamed tensions related to the trade conflict between the United States and China, concerns about Brexit and the Hong Kong protests for lower sales.
(Reporting by Claudia Cristoferi; Editing by Alexander Smith)