After months of uncertainty and eight consecutive quarters of decline, the Italian fashion industry is finally seeing a turnaround. The data for the third quarter of 2025 speak clearly: turnover in the core sectors—textiles, clothing, leather, leather goods, and footwear—returned to positive territory, posting a 1.4% increase in July and a more robust 5.7% increase in September. This recovery, while not erasing the 2.7% decline seen in the first nine months, has revitalized a strategic sector for the Italian economy.
Related sectors, particularly jewelry and eyewear, remain more fragile, penalized by weak international markets. Overall, the entire fashion supply chain recorded a 3% decline in the first nine months compared to 2024: a less severe slowdown than feared just a few months ago.
On the price front, textiles continue to suffer, while clothing and footwear remain largely stable. Perfumes and cosmetics are more buoyant, confirming dynamic demand. Retail also shows mixed signals: clothing (+1.4%) and personal care products (+4.2%) are performing well, while jewelry and footwear are weaker.
The international picture remains complex. Italian fashion exports fell 9% in the first eight months of the year, with a sharp slowdown to China (-20%) and only partial stability in the United States (+2.3% in core sectors). Imports, however, are growing, especially from China, driven by the recovery of Asian exports to global markets. The trade balance remains very high—€26.7 billion—but down compared to 2024.
The forecast for 2025 indicates a decline between -2.7% and -3%, far from the most pessimistic estimates made at the beginning of the year. “The system has held up despite everything,” commented Carlo Capasa, noting however that the country has lost 3,000 businesses in two years and approximately ten billion in revenue.
Milan Men’s Fashion Week, scheduled for January 16-20, 2026, fits into this scenario as a sign of confidence: 76 events, top-notch returns like Zegna and Dsquared2, debuts like Ralph Lauren and Victor Hart, and a generation of new brands that continue to find space and visibility. This week anticipates the strategic connection with the Milan-Cortina 2026 Olympic Games and confirms the industry’s desire to be united, creative, and responsive.
The Italian fashion industry hasn’t weathered the storm, but it’s showing signs of life again. The challenge now is to transform this timid recovery into a stable trajectory, capable of combining innovation, responsible production, and new markets. The upcoming season could be the point where the curve truly begins to rise again.
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Alessandro Sicuro
Brand Strategist | Photographer | Art Director | Project Manager
Alessandro Sicuro Comunication
Sure-com America 