MILAN — New designers, new C-suite executives, new owners. There’s a lot of change taking place under the Milan skies this season, although some issues remain pressing, from the international geopolitical unrest, a war not far from Italy’s borders, U.S. tariffs, and a still volatile Chinese market.
Internally, Italy is gearing up for a referendum next month over a controversial constitutional reform of the justice system, amid opposition from magistrates and the center-left party. One of the key issues hinges on the separation of careers for judges and prosecutors.
The country’s gross domestic product is projected to inch up 0.7 percent in 2026 and, according to ISTAT, the country’s statistic institute, as of December 2025, Italy’s unemployment rate dropped to 5.6 percent, reaching one of the lowest levels in recent history.
As for the fashion industry, it saw a slight recovery in the third quarter of 2025, according to Italy’s Camera della Moda. Preliminary 2025 figures register sales of the fashion and related industries (including textiles, clothing, leather goods, footwear, jewelry, eyewear and cosmetics) decreasing 2.6 percent to 93.3 billion euros compared to 2024, which is an improvement, as previous projections estimated a 3.6 percent decline in 2025 on 2024.
China weighed on exports of the core products of textiles, clothing, leather goods and footwear, as they fell 16.7 percent in the first 10 months of 2025 compared with the same period in 2024. Exports of companies in jewelry, eyewear and cosmetics were also significantly affected, especially those toward the U.S., which were down 12.5 percent versus 2024. In total, exports decreased 3.6 percent to 87.9 billion euros versus 2024.
Italy-based companies from Brunello Cucinelli to Moncler Group and OTB this month reported an acceleration in the last quarter of 2025 and a strong beginning to the year, with encouraging prospects.
Milan Fashion Week, running until March 1, will see several debuts, from Demna’s first official runway show at Gucci and Maria Grazia Chiuri’s initial collection at Fendi to Meryll Rogge’s introduction at Marni and Silvana Armani’s first Giorgio Armani collection on Sunday, following her and Leo Dell’Orco’s first coed Emporio Armani show on Thursday.
With this season “the circle is closed” at the Armani Group, said chief executive officer Giuseppe Marsocci, and “it’s a new start after the death of Mr. Armani last September.”
He said the debut Giorgio Armani menswear collection designed by Dell’Orco and the Armani Privé collection designed by Silvana Armani were received “with great appreciation and warmth by the public and the press.” He is looking forward to the feedback to the upcoming debuts, citing, among the initiatives of the week, a party for the launch of the new fragrance Emporio Armani Power of You.
“I am optimistic, an optimism that was revived also by the recent Olympics opening ceremony, a show both elegant and moving that saw our fashion and the memory of Mr. Armani as protagonists, as well as the link of the company with sports, one of our longtime pillars,” said Marsocci, referring to the tribute that was paid to the late designer during that ceremony on Feb. 6.
Models wearing Giorgio Armani at the 2026 Milano Cortina Winter Olympics opening ceremony.
courtesy image
“We obviously miss Mr. Armani but it’s beautiful and rewarding to see the company progressing smoothly on its path and it is very motivating for me and for the entire team to offer our contribution,” Marsocci concluded.
Fashion week here kicks off two days after the end of the Olympics, which contributed to a supercharged atmosphere in Milan, teeming with sports fans from all over the world.
Olympics organizers in mid-February said that 1.27 million tickets had been sold, and that, beyond the competition sites, more than 250,000 people had visited the fan villages. More than 500,000 spectators had already attended competitions and Olympics social media handles had already generated more than 7.9 billion engagements. And it’s not over yet, as the Paralympic Games run March 6 to 15.
At Fendi, CEO Ramon Ros described 2026 as “a pivotal year,” in anticipation of Chiuri’s first collection for the Rome-based brand. “We begin a new chapter in the history of this unique maison, embracing not only new products but also a new complete vision that will touch all areas of the brand and our employees, shaping our daily culture on real craftsmanship, savoir faire and excellence.”
The year 2026 also opens with several changes at the OTB Group, with Rogge’s debut show at Marni on Thursday, the arrival of the first CEO in three years at Diesel, Andrea Rigogliosi, and ongoing store openings around the world. In addition to Diesel and Marni, OTB comprises Jil Sander, Maison Margiela, and Viktor & Rolf, as well as production arms Staff International and Brave Kid. The Italian group also holds a stake in Amiri.
During an interview with WWD to comment on the group’s performance last year, CEO Ubaldo Minelli trumpeted Diesel’s improved profitability, as it recorded its best results in the last 10 years, “thanks to the significant investments made in recent years to reposition the brand, the major work done in streamlining and cleaning up the wholesale channel, which is giving its fruits now.”
Minelli reiterated that Diesel, designed by Glenn Martens, was the largest brand within the group in terms of sales, contributing the biggest slice of the pie. Martens last year also took on the creative direction of Maison Margiela, succeeding John Galliano, who exited after a successful 10-year tenure.
Minelli cited the opening of Diesel stores in Berlin and Seoul, in the latter’s Hannam district, where one of the brand’s largest flagships was conceived as a cultural hub integrating fashion, design and global trends.
Glenn Martens
Lexie Moreland/WWD
The Saks Global Chapter 11 bankruptcy announced in January impacted the Italian fashion industry, too, but Brunello Cucinelli made a point to discuss it with analysts last week, as his namesake company reported strong growth in 2025 and reiterated a forecast of a 10 percent gain in revenues for 2026. He praised the new team led by CEO Geoffroy van Raemdonck, and the value of Saks, Neiman Marcus and Bergdorf Goodman, saying they account for between 6 and 7 percent of his company’s sales, which last year totaled 1.4 billion euros, up 10.1 percent on 2024.
“In 2025, business with all three brands was very positive, in both the men’s and women’s collections, with growth in sales to end customers in all spaces, including in the last quarter, despite a slowdown in shipments related to payment times,” Cucinelli continued.
He added that in 2026 so far, the company is “observing a continuation of the very positive trend in sales to end customers, with growth in both spending per customer and the average value of individual purchases. Since the end of January, we have resumed regular shipments of the spring 2026 collection, receiving payments on time.”
The company earmarked an extraordinary provision of 8.1 million euros in the financial statements related to Saks Global as of Dec. 31, with no expected impact on 2026.
Versace this season will sit out Milan Fashion Week as it awaits the arrival of Pieter Mulier on July 1, concluding his tenure at Alaïa after the brand’s fall 2026 show during Paris Fashion Week in March. The Belgian designer will report to Versace’s executive chairman Lorenzo Bertelli, who continues to also hold the role of head of CSR and marketing director of the Prada Group.
Earlier this month, Bertelli in an exclusive interview enthused about Mulier and expressed his confidence in the designer, who will be able to “create a profound dialogue with the history and the distinctive aesthetics of the brand.” He added that he believes “Versace’s identity is distinctive and clear, there is no need to reinvent it, and Pieter will know how to reinterpret the brand.”
After Prada Group registered a 6 percent uptick in sales of 4.07 billion euros in the first nine months of 2025, a performance that reflected 19 consecutive quarters of growth, the Italian fashion company is due to report year-end financial results on March 5.
Versace’s sales consistently declined under the previous owner, Capri Holdings, over the last two years, falling from $539 million in the first half ended Sept. 30, 2023, to $386 million in the first half ended Sept. 27, 2025, but Bertelli sees big potential to turn it around. In time, Versace will leverage production and distribution synergies with the Prada Group, but the brand will remain separate, he observed.
Last year was “extremely significant” for Etro, said CEO Fabrizio Cardinali. “We have achieved important goals, despite the challenging market conditions in a very complex geopolitical context. The investments we have made on timeless products and that identify the brand have started to give good fruits, meeting the favor of loyal customers and the interest of new consumers.”
Etro last year saw the arrival of new shareholders flanking L Catterton — Rams Global, already a partner in the Etro Residences project in Istanbul, Swinger International’s Mathias Facchini, and SRI Group with banker Giulio Gallazzi — which Cardinali said was “a fundamental step that adds an even more international breadth to the brand.”
While saying it’s still early days to divulge detailed plans, he added that “it’s natural that each will bring their own excellence and their own experience, contributing to further strengthen the positioning that Etro has been consolidating in time as a lifestyle brand.”
The Etro Residences in Phuket.
The priority is to consolidate the existing markets with an important focus on the Americas and their “enormous potential,” said Cardinali.
Etro will soon launch a new bag, as accessories remain “an excellent growth driver and we will reveal some interesting collaborations that will allow us to further expand our audience and acquire new customers,” continued the executive. Menswear is also “one of the most relevant opportunities” for Etro, as is the shoe segment, for both men and women, “and we continue to invest with conviction in leather goods, an area that is already showing very positive results.”
The real estate projects will be further developed, given that the Residences in Istanbul and Phuket “have registered results beyond any expectation: we were aware of their potential, but the market response has surpassed even our forecasts,” said Cardinali. “This confirms that we are following the right direction and that lifestyle represents a growth leverage that is natural and strategic for our brand.”
