Italian Fashion Industry estimate revenues to reach €64.2 billion end of 2015

Italy’s Chamber of Fashion has announced that industry revenues for 2015 are estimated to reach €64.2 billion (or about $71.8 billion) a 5 percent higher than the prior year. According to its Fashion Economic Trends study, the report revealed that last year, the country’s industry brought in a total of €61.2 billion (or about $68.5 billion at current exchange).

According to WWD, the expectation is based on a forecast of the euro exchange rate in line with the current trend. The newest Fashion Economic Trends study also revealed an expected 6.5 percent increase in revenues for the first half of 2016.

Italian textile and fashion industries went up 2.7 percent in 2014 over the year before.

Back in December, the Italian government released its 2015-2017 spending plan, which showed significant investments slated for the promotion of Italian-made fashion and textile products. About €220 million ($267.5 million) was put on the table to support all things made In Italy. Another €130 million euros was set aside for just 2015 alone.

Back in June, Claudio Marenzi — the current president of Sistema Moda Italia, a fashion and textile trade association — announced that there has finally been clear signs of recovery, following many difficult years of economic struggle for the industry.