Saturday, January 16, 2010

Italy:Fashion sector will be first to exit from crisis – Expert


As per an industry body chief, Italy’s fashion sector will come out of the financial crisis, before other industrial sectors, but at the same time the government too needs to help and guide companies to become more competitive.

Michele Tronconi, Chief of Sistema Moda Italia (SMI), which represents the textile and garment industry said, “Despite the crisis not yet being over, sales are doing well currently as a change in pace is noticeable since the last few months.”

"The crisis is not yet over but the fashion industry which was the first to be hit by the economic turmoil will also be the first to record a full and complete turnaround, ahead of other sectors,”, he added by saying.

Late last year, after the crisis unfolded, Italy's fashion industry called upon the government to bail it out as demand for goods churned out by the sector like clothes, shoes and handbags started plummeting, due to the slowdown.

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