Decline in revenue of 1,4 billion euros in 2024. This is the projection of the study centre of Confindustria Accessori Moda for Assocalzaturifici, based on the data collected during the first 9 months of 2024. “In the third quarter of the year there has not occurred any turnaround in terms of the sector”, as explained by Giovanna Ceolini (in the picture), President of Assocalzaturifici, the national association representing industrial shoemakers in Italy.
The absence of a turnaround
The Italian footwear sector has registered extremely negative numbers during the first 9 months of 2024. Exports contracts by 9,2% in terms of value. Production declines by 18,9% (as stated by the ISTAT index of industrial production), and the revenue drops by 9,7%. One in 5 companies has claimed that the contraction of the turnover has been by 20% and more. Confindustria Accessori Moda forecasts that the fourth quarter of 2024 will essentially be in line with the one of 2023. This is why the entire year will ultimately register a decline in revenue of 9,3%, that corresponds to 13,2 billion euros (1,4 billion less than 2023, more or less). As stated by Ceolini, one of the consequences of this downturn is represented by “the significant decline experienced by many luxury brands, which development had contributed to the support of the mechanisms of this sector in the latest years”.
The rubber shoe upper resists
In terms of products, shoes with a rubber upper still resist, as their export has increased by +8,2% in volume and +1,3% in value. But the leather ones, which have always been a pride for the Italian production, and that cover 65% of foreign sales in value, register a drop by -7,1% in volume and -8,2% in value.
2619 jobs went up in smoke
If the decline in revenue has almost reached -10%, in terms of production quantity the decrease is even more impactful. This has negatively influenced the demography of companies and employees. From January to September 2024, the Italian footwear sector lost 144 active shoe factories (-4%) and 2619 employees (-3,6%). This led to a boom in requests for redundancy payment. In the leather supply chain the amount of authorized CIG hours has reached 26 millions (+139% compared to the same period during 2023). This corresponds to more than four and a half times compared to the same period during 2019 pre-Covid. (mv)
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