Italian Fashion Industry Asks for Governmental Assistance

So far, major fashion houses have been seemingly unaffected by the recession that is leaving millions jobless worldwide. With most of them showing their latest collections in a display of luxury as if to spite the economical downturn, the Italian fashion sector is now asking for governmental aid to get through recession, Reuters reports.

Luxury brands have been spared of all the troubles that are affecting small-time producers, it has been said in a Senate meeting this week. Michele Tronconi, the head of Sistema Moda Italia, which represents the textile and clothing industry, warned that the fashion industry needed assistance, or else it would start crumbling to pieces in almost no time at all. The consequences of that would be, of course, catastrophic, Tronconi underlined.

“The Italian clothing and textile sector risks falling to pieces under the weight of the international economic crisis. We don’t want someone to pedal for us. We know how to ride a bicycle well, but at this time a push is necessary.” Tronconi reportedly said at the meeting, as quoted by the national media. Tronconi also stressed that, with the government granting this week over $2.5 billion for the auto and household sectors, it was high time the fashion industry was also aided somehow.

“The Industry ministry said a meeting would be held next week on the textile and clothing industry, adding it has already taken measures for the ‘Made in Italy’ manufacturing sector. Italy’s textile and clothing sector is known for top names such as Armani and Versace as well as its ‘Made in Italy’ reputation for quality. But it has also in past years been hit by job losses, folding businesses and competition from Asia.” Reuters further informs.

And, while Armani and Versace might not be feeling the effects of the crisis right now, it’s their suppliers that are taking the fall as things go from bad to worse, the same report indicates. In order to prevent this from spreading even further, next week’s meeting will probably offer the fashion sector the requested financial aid, Reuters points out.