Bags / Shoes & Accessories

Although the Italian footwear industry started well in the first quarter of this year, export revenue was 3 billion euros, an increase of 21.4% year-on-year, and the export volume A year-on-year increase of 11.7%, reaching 58.7 million pairs. But there are signs that headwinds are emerging.

First of all, in addition to the increase in production costs, from December 2021 to March 2022, 36 shoe factories have been shut down, and another 83 shoe accessories manufacturers have also closed during the same period.

A staggering 70% increase in U.S. demand for Italian footwear in the first three months of the year was offset by a 20% drop in sales and value in Russia. Compared to the first three months of 2021, Ukraine saw an even bigger drop of 48%.

According to data released by Eurostat, in April this year, the conflict between Russia and Ukraine intensified. Italy's footwear exports to Russia fell by 37%, and exports to Ukraine fell by 81%.

As long as the Russian-Ukrainian conflict continues, the Italian shoe industry will continue to bear the weight of uncertainty, not only in Russia and Ukraine, but sales in other parts of the world will also be affected to varying degrees as inflation sweeps the world economy.