Vogue Business, the platform that analyzes fashion more from an industrial point of view than that of style, has recently released a report through which it analyzes the future of the fashion capitals.
Milan, Paris, New York and London compared according to four different criteria: general economy, fashion economic performance, market capitalization and industry influence.
The result of this analysis is unfortunately pitiless for Milan. In fact, by 2030 the Lombard city will be in the last place among the cities known as fashion capitals.
The analysis was commissioned to IFDAQ
“Today, the IFDAQ consists of a proprietary and multiple-awarded AI-technology that combines deep out-of-the-box thinking and cutting-edge methodologies to turn a highly complex fashion & luxury industry into an intelligent, predictable and transparent AI-ecosystem by providing fundamental KPIs that are made visible for the first time.”
From IFDAQ website.
London or Milan?
Particularly interesting in the study done by IFDAQ and reported by Vogue Business is the relationship between London and Milan. In fact, if Paris owes its dominant position mainly to the strength of the two groups that hold the major world brands (LVMH and Kering), the position of the other two European capitals largely depends on the general economic performance of the United Kingdom and Italy. .
In fact, the article underlines how the British economy potentially has more chances of recovery after Brexit and especially after the economic crisis due to the pandemic.
For Italy, and therefore for Milan, the possibilities of a leap forward in all sectors, and therefore a general recovery also in the fashion sector, seem to be more difficult.
Another factor that by 2030 will lead Milan to be the fourth city of fashion and probably to be overtaken by Tokyo, for the moment in fifth place, is the spread of the fashion system throughout the country.
In fact, London, Paris and New York can count on a single city where the fashion industry is concentrated. While Italy instead has several centers of excellence. Think for example of the role of Florence for men’s fashion or that of Rome for Haute Couture.
If a widespread enterprise is certainly an advantage for the general economy of the country, from a global comparison point of view this instead has a disadvantage.
The future of Italian fashion and of Milan as its capital therefore depends on the future of the entire country. The ability to create a system and create synergies between the different cities that make up the fashion soul of Milan will be, or should be, at the center of the fashion system development strategy.
Politics certainly plays a fundamental role and its role in making Italy a relevant country capable of attracting investments and above all talents.
To read the full article by Vogue Business please click here.