Italy Tries to Save its Fashion Industry

The Wall Street Journal just reported that Claudio Scajola, Italy's minister of economic development, has made good on his promise to pump some money
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The Wall Street Journal just reported that Claudio Scajola, Italy's minister of economic development, has made good on his promise to pump some money
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The Wall Street Journal just reported that Claudio Scajola, Italy's minister of economic development, has made good on his promise to pump some money back into the ailing fashion industry in his home country. He's meeting with fashion industry leaders tonight in Rome at 7pm local time to present them with a plan that should immediately save 700,000 jobs, though industry members are reportedly hoping for the addition of "tax breaks for female workers, a reduction in energy bills and government subsidies" and for the government to "pay the wages of laid off workers on behalf of companies temporarily". Whether this money will have any long-term effects on the industry remains to be seen, but since net profits of the Italian fashion industry fell 4% in 2008, and IT Holdings (parent company of Gianfranco Ferre) filed for bankruptcy protection (on top of an ever-growing list of more bad news), it's clear that something like what the government did for the Italian auto industry needs to happen for fashion, too. Needless to say, many Marni lovers wait in suspense for tonight's meeting.