Over the last ten years, the Italian footwear industry has shown steady growth, reaching annual growth peaks of 8%. But naturally there were huge losses suffered during the worst moments of the lockdown, particularly by the footwear districts of Florence, Milan, Brenta (Veneto) and Fermo (Marche).
Although it is threatened by strong competition from China, which has ruled for years especially in the medium-low segment of the market, Italian footwear is still leading the luxury segment. But the gradual recovery that was bringing companies back to pre-Covid revenue levels, had to reckon with the outbreak of the conflict between Russia and Ukraine in March 2022. While Milan and Florence are still showing strong growth, on the contrary, Brenta and even more so Marche region have been the areas most heavily penalised by Russia’s de facto exit. In fact, the nation represented the third largest importer for Fermo companies.
All this forces businesses in that area to think, at least in the short term, about a new international orientation towards alternative countries. Hopefully, this geopolitical scenario can once again become calm and the belligerent nations will soon reach peace agreements.
✅ Edited by Valentina from the Italian office of Pangea Studio Associato
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