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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