Italy has pledged 20 million euros ($21.6 million) in a bid to promote the European nation's textile, fashion and leather goods to the American market. Italy's vice minister of economic development Carlo Calenda, announced the initiative at the Jacob K. Javits Convention Center last week. The latest news forms a 12-month strategy that includes trade shows, partnerships with American retailers and a large media campaign, as well as incoming services and assistance in Italy.
For the move, the Italian government and the Ministry of Economic Development has teamed up with the Italian Trade Agency and key leaders of other influential associations to promote Italian exports in the American market.
According to the Italian Trade Agency, exports to the US totaled 5.2 billion euros ($5.6 billion) in 2014, up 11% from the previous year. Italy has seen 4.5% market share growth since 2013 too, which has encouraged the new found direction. Because of increased spending due to the dollar gaining strength against the euro, Italy’s growth was 23% in the first quarter compared to the same period lat year.
The Italians plan to hone in on American consumers, especially the surging youth market, which dominates street wear and the latest athleisure trend for both men and women. And it's a large market with some 34% of the US population being under the age of 25. The effort is meant to build on the rise of Italian fashion goods exports in 2014 across clothing, textiles, leather goods, cosmetics, eyewear, jewelry and skins.
Italian mills have a right to feel encouraged to make their US market move. The US has seen a 7.4% increase in men's wear exports, reaching $516.5 million; while textiles recorded a 15% gain in exports totaling $345 million. More specifically, leather has soared with hides jumping 13% to $168.9 million.
The news coincided with a slew of first-time trade shows in New York that highlighted Italian textiles. Nearly 90 exhibitors (23 of whom are more than 100 years old) showcased their wares at the premier US edition of Milano Unica at the Jacob K. Javits Convention Center. Elsewhere, leather fair Lineapelle made its transatlantic debut too, presenting 50 labels at the Metropolitan Pavilion. And, MRket, also at the Javits, featured 56 companies as part of the Padiglione Italiano pavilion.