There is nothing more chic than a positive turn. And who knows this better than Milan? The city is ready to confirm its status fashion capital (next to London, Paris and New York), but above all to make the economy of this multi-billion dollar industry revolve around which, as The Devil Wears Pradabased on “inner beauty”. From 19 to 25 September Milan Fashion Week There are 176 events planned, of which 67 are physical fashion shows, with an expected economic impact of 80 million people, 10 more than the February fashion shows. However, the turnover is not limited to the glamor of the catwalks, but goes beyond: the entire city is ready to plunge into piles of cash (credit cards are also accepted).
Fashion Week is an irresistible attraction for stylists, buyers, industry workers and enthusiasts from all over the world. According to Confcommercio of Milan estimates Arrival of 800 thousand tourists, almost half are foreigners. Siren songs aside, an Armani suit or Versace dress has much more impact. Besides, all these good souls will have somewhere to sleep, eat, and possibly visit the Duomo. THAT tourism, hotel and restaurant sectors they already have fibrillation, the expected average cost is 1518 euros. We are also looking forward to the first photo of the receipt with coffee for 10 euros.
But what happens, apart from the flashes of photographers who illuminate Milan like daylight for a whole week? Let’s take the leap behind the scenes at Vanity Fair. Fashion shows alone, lasting on average 10-15 minutes, can cost from 100 thousand euros (ultra basic version) to a million (luxury version). In the 2022 Starting Finance report, spending was approx. 100 thousand dollars per minute, almost $1,667 per second that evaporates during Fashion Weeks in four fashion capitals. I need salts to recover. However, the report is dated 2022 and therefore needs to be reviewed for a moment given the overall price increase. At a time when air is also expensive, one can imagine how the basic costs of fashion shows also increase. Location, production, direction, models, makeup artist, receptionist, security, and most importantly clothing production require absurd amounts of money. Then there are those who don’t give up celebrities sit in the front row, supermodels and exclusive after-show parties. So the question arises: is it worth it?
Abacus in hand, just to give it a vintage touch, let’s move on to the shapes. On the social side, a report (soon to be compiled) published in March 2023 by brand agency Karla Otto analyzed economic value derived from content alone created by influencers. And we are not talking about big names, but about those who have at least 10 thousand subscribers. Result? The last Fashion Weeks in four fashion capitals brought in profits of 386 million euros; of these 126 million are associated only with Milan.
Now let’s move on to the real world. According to the latest estimates of the National Chamber of Italian Fashion, in 2023 the tricolor will be in fashion will exceed the 100 billion mark in turnover (not exactly pennies), despite the expected slowdown in revenue growth in the coming months. The account is mainly formed by women’s fashion and, above all, by exports, which are growing in double digits, especially towards Asia. Instead, flows in Europe increased by 4.3% and think about it, it is in France that the figures are highest (+19%). Gourmets. Moreover, including imports, the overall trade balance of the fashion and related sectors in the first half of the year was – positive for 17 billion euroswhich is 2.1 billion billion more than in the same period in 2022. All things considered, I’d say we can even afford a couple of fashion shows.
Author: Julia Cannarella