In this edition of the Glossy+ Research Briefing, we analyze the start of Pitti Uomo in Florence this week and how it may send a positive signal for continued growth in European luxury markets.
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Global luxury sales increased 8-10% since 2022
Breaking news: The Pitti Uomo fashion event in Florence kicked off on Tuesday, ushering in the menswear Fall/Winter 2024-25 season. The event may serve as a positive signal to the market and Italian companies, following a year of steady growth for the global luxury market. Italy’s Minister of Business and Made in Italy Adolfo Urso opened the exhibition week by discussing the Italian government’s plan to promote creativity, traditional craftsmanship and local manufacturing. Urso announced the creation of the first “Made in Italy” high school with a curriculum to train young people in creative professions and Italian manufacturing, and he announced tax breaks for companies that relocate production to Italy.
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Research findings: According to a November 2023 report by management consultancy Bain and the Italian luxury association Altagamma, the global luxury market was projected to reach $1.6 trillion in 2023 sales, marking an 8-10% increase from 2022. Although local consumer spending slowed, a rebound in European tourism offset its effects on the European luxury market, which was expected to grow 7% to $111 billion in 2023. The U.S. luxury market didn’t fare as well, with a projected 8% loss in 2023 compared to 2022.
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