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":"67ebe8e8cfe6b6b42e49c70fc3712969","s":"aca6ff285c08621f"}
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