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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\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