Anti-Russian sanctions hit hard on shoe manufacturers in Italy. Italian manufacturers are struggling with high inventory levels. Assocalzaturifici renews its appeal to the Italian government for help.
According to Shoesbiz.com, President of the Association of Italian Manufacturers Assocalzaturifici, Mr. Badon said shoe manufacturers need help to cope with the consequences of the sanctions imposed on Russia. “We have overcome COVID. Now the government must help us overcome the war as well,” he concluded.
It is noted that despite the fact that the sanctions are aimed at transactions worth more than 300 euros, and in this regard, given the factory prices, they do not apply to most Italian shoes. However, fearing that shoes shipped to this part of Eastern Europe might not even reach buyers as logistics to Russia and Ukraine are now difficult, some companies have built up costly inventory and this is hurting business. In addition, many factories are still waiting for payment for shoes shipped to Russia before the announcement of sanctions.
Among the EU countries, Italy is the main supplier to both Russia and Ukraine. Last year, Russia bought 3,7 million pairs of Italian shoes worth 274 million euros. Italy also sold about 523 pairs of shoes to Ukraine worth 39 million euros.