Research
February 20, 2020
Nadia Portioli is financial analyst at Mediobanca. Image courtesy of Mediobanca
By Dianna Dilworth
The Italian fashion industry earned $77.4 billion in aggregate sales in 2018, contributing to 1.2 percent of the country’s GDP as growth holds steady, never falling below 3.4 percent, despite a slowdown in growth in recent years.
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