(ANSA) – MILAN, 09 MAR – In 2021 the turnover of Italian footwear manufacturing companies (170 companies with a turnover of over 10 million) had a ‘V’ recovery to 9.5 billion (+21 % on 2020) but is still below 2019 (-6%).
The return to pre-covid levels, expected this year, is jeopardized by the war in Ukraine due to the repercussions on energy and raw material prices and on exports. Even though Russia is worth only 2.7% of exports, the sanctions could limit the spending of Russian consumers, especially the rich ones interested in luxury footwear where Italy is a leader in the world. According to the first study on the sector of the Mediobanca Research Area, Russia is the tenth outlet market for Italian companies. Ukraine stops at 0.4% of exports (it is in 26th place) but has a role in production with two factories of Italian groups, both from Veneto and active in sports shoes, in the south-western area of the country so far less affected by the war : one is Tecnica Group, known for the Moon Boot brand, the other Mondeox. Then there is the expected effect of the conflict on tourist movements for a country like Russia which has consumption of footwear three times greater than its production capacity: in the high price range the Russian clientele in European stores, which in 2021 stands at 3-8%, risks dropping to 3-5% in the most optimistic scenario if the war ends soon. (HANDLE).
Source: Ansa
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