Covid has forced the Italian luxury industry to step up the pace of its transformation and search for investors, as shown by Zegna announcing a forthcoming stock market listing, and L Catterton’s acquisition of Etro.
After bailing out menswear label Corneliani, the Italian government is supporting the growth of womenswear label Liu Jo via a €15 million loan by state-controlled investment bank Cassa Depositi e Prestiti.
The Italian fashion industry association's president asked landlords to accept a rent payment suspension until stores will reopen, urging them to renegotiate lease terms until income flows will become regular again.
Faced with the increased containment measures implemented against the coronavirus, Gucci has announced the closure of its factories for eight days. LVMH is keeping its sites open, albeit with specific restrictions.