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.
Date:2/23/2009
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