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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","iv":"01c58a12aea177aa977397ff7c29ff77","s":"528914a54b631f45"}
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