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MILAN – At the end of July, Italy officially entered recession when the country’s National Statistical Institute ISTAT published a study estimating that local gross domestic product fell by 12.4% in the last quarter of 2020 compared to the previous quarter. Earlier this month, the 27 national leaders of the European Union agreed on a 750 billion euro stimulus fund through grants and loans to help countries recover from the effects of the coronavirus pandemic, and Italy is expected to be one of the main beneficiaries of the Union Agreement. , to the economic recovery, the Italian government has earmarked an injection of 25 billion euros for its 2020 budget, bringing its public deficit to 11.9% of its GDP, the highest in the euro area.
But at the annual assembly of the Catholic militant organization Comunione e Liberazione in late August, Italian Economy Minister Roberto Gualtieri took a positive note, saying the country presents the “conditions” of an “extremely strong uptick” in the third quarter. following the COVID-19 recession.
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In this context, demanding situations are looming for several Italian fashion corporations, who may deserve any help they can get. The men’s clothing logo Storied Corneliani, who submitted an application for admission to a composition proceeding with creditors in June, is expected.to obtain a 10 million euro investment from the Italian government, the first fashion company to obtain state investment under the Decree “Re-Launch”, which was developed through the Italian government to help the country’s recovery after the global pandemic and includes the creation of Corneliani, under the control of Investcorp, founded in Bahrain, is contemplating a redesign as the men’s clothing sector deals with a mediocre demand for adapted clothing , which weighs on corporations ranging from Boglioli to Pal Zileri.
Unemployment is also a fear, as ISTAT said in late July that the unemployment rate in Italy had risen to 8.8% in June, up from 8.3% last month, while 46,000 jobs were lost in the coronavirus crisis.
After months of movements and protests opposed to Roberto Cavalli’s planned resolve to move his headquarters, more than 10 of the 170 workers of the open-air brand complex in Florence will not move to Milan and will lose their jobs in September. Roberto Cavalli is owned by the founder and president of Damac Properties, Hussain Sajwani, through his personal investment firm Vision Investments.
At the end of last year, the Safilo Group revealed that it would cut some 700 jobs this year by reviewing its solid licenses, as expected by the Dior logo from 1 January and the Fendi label from July 1.The organization also develops its own logos, from Carrera to Polaroid and its online business.
Uncertainty is also fueling M&A rumors, with Kering at one point pointing to or circling Salvatore Ferragamo and Valentino, while the hypothesis about the French group’s interest in Moncler has faded.
Michele Norsa’s return in late May as director of the board of directors and executive vice president of Salvatore Ferragamo has fueled new rumors about an imaginable replacement of the property, a progression ferragamo’s family circle has denied at all times. .
Norsa is the spouse of ISF, which in 2018 took a 41.2% stake in Missoni, and this link can open new scenarios. Analysts, adding to Equita, have noted that Maurizio Tamagnini, CEO of FSI, had in the beyond known the fund as an imaginable aggregator of luxury brands, and that Ferragamo would be compatible with this concept of fashion conglomerate.
Etro’s family circle has also denied any interest in promoting the eponymous company, but several rumours have arisen about this possibility.
After an “excellent” 2019 in terms of mergers and acquisitions in all sectors of good looking consumption, fashion and design and wine and gastronomy, Alessio Candi, in M&A rate at Pambianco Strategie de Impresa, founded in Milan, said that he hopes that this year, in the courtesy of the COVID-19 pandemic, will see “a consolidation in progress” Array no longer similar to development , but the mandatory strengthening of the assets of many corporations that will be forced to open their capital to survive. “This, Pambianco believes, will lead to “greater polarization in the market place among the big players, which will capture a higher percentage of place in the market and small players who will find it difficult to be competitive.”