
Italy is looking to help its fashion industry with a plan that includes tax credits and access to funds for companies feeling the strains of the global economic crisis.
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Italy is looking to help its fashion industry with a plan that includes tax credits and access to funds for companies feeling the strains of the global economic crisis.
Everyone in Italy's clothing industry is begging for state aid, but some of the loudest cries for help are coming from the exclusive haute couture segment known more for sequined extravagance than humble pleas.
Milan Fashion Week starts on Wednesday under an economic cloud that has led to a cut in the number of catwalk shows this year and prompted a weakened Italian clothing sector to seek state aid.
Italy's fashion industry is calling for government help as the global crisis cuts into demand for designer clothes and accessories and the sector's first credit crunch casualty goes into special administration.
Shoe and bag maker Tod's will update on the key Christmas period this week, and like other Italian fashion companies is likely to show that sales went better than expected but maybe at the cost of margins.
The winter sales for Italy's Mariella Burani Fashion Group (MBFG.MI) have started reasonably well after a good enough December but difficult November, Chief Executive Giovanni Burani said on Tuesday.
Employers and union leaders in Italy's fashion sector on Monday called for an "urgent" meeting with Prime Minister Silvio Berlusconi to discuss ways to limit the impact of the world financial crisis.