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Italian footwear industry sees sales growth in value terms
In the first quarter of 2023, the Italian footwear sector recorded a 13,6% increase in sales compared to sales recorded in the first quarter of 2022, and a 16,1% increase in footwear exports in value terms. At the same time, the volume of production and export of shoes in pairs decreased in the reporting period, writes Footwearnews.com.
A report by the Confindustria Moda Research Center for Assocalzaturifici, the national association representing Italian shoemakers, notes that the number of shoes exported to North America dropped markedly by 19,4% in the first quarter. Exports also declined in Germany (down 8,8%), the UK (down 10,1%) and Switzerland (down 24,8%).
At the same time, analysts note a significant recovery in sales in Russia and Ukraine after their sharp drop in March 2022, as well as a continued recovery in sales in the Italian domestic market, where household purchases rose by 8,2% qoq.
The research center Confindustria Moda notes that there are "several signs" of a slowdown in the footwear industry in Italy, which was expected, given the V-shaped recovery in 2021 and 2022. Signs include a 2% overall decline in exports and a 1% decline in domestic footwear production.
“The survey showed that high energy and raw material prices are currently the biggest challenge for shoe companies due to their impact on business balance sheets,” Assocalzaturifici chairman Giovanna Ceolini said in a statement. She also noted that, based on a survey of businesses in Italy, another major problem is the tightening of credit policies by banks, and 84% of entrepreneurs called difficulties in finding qualified labor a “serious problem” for their business.
By product category, the report showed that the leather upper segment, which accounts for 63% of export value, was the only one to show growth in the first quarter in both value terms (slightly above average, up 18,6%) and in kind (growth by 1,4%) compared to the same period in 2022. However, the volume of exports of shoes with leather uppers decreased by 16,6% compared to 2019.
Among other items, the volume of exports of children's leather shoes decreased significantly (by 12% in physical terms). Conversely, total exports of men's shoes increased by 4,7%. And the export volume of women's shoes increased by 1,5%, with an increase in the volume of walking shoes and sandals by 2,2% and 4,2%, respectively, while the export volume of boots and ankle boots decreased by 24,5%.
In the first quarter of 2023, the Italian footwear sector recorded a sales increase of 13,6% compared to sales recorded in the first quarter of 2022, and exports also grew by 16,1%…
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