The Financial Times the other morning reported that the world market in luxury goods is estimated to be worth $1.5 trillion. It is one of the few bright spots in consumer goods as the ranks of the wealthy grow.
A substantial part of Italy’s future lies in the export of luxury goods.
I don’t know how much of Italian branded goods are produced in Italy and how much is made offshore but at least the profits belong here even if the jobs are elsewhere.
You will notice a major upgrade to Gucci’s building beside the A1 at Florence. Further down the Autostrada, at Montevarchi, Prada have just finished a huge new complex. It is complete with a shiny helicopter registered PRA sitting on the pad. There are, hopefully, other luxury related investments I don’t see.
It is possible these buildings are solely for administration or distribution but you would hope there is some manufacturing going on. Does anybody know?
Perhaps someone with Mario Monti’s ear could suggest an export strategy that will encourage Italy’s luxury good makers to take advantage of the skills that undoubtedly exist in Italy. If the jobs necessary to meet the increasing demand for Italian products were created in Italy the country would be on the way to recovery.
By Stephen Lusher
Stephen Lusher served five terms in the Australian Federal Parliament. He worked around the fringes of politics before setting up Lush on Bondi, a trendy bar on Sydney’s Bondi Beach.
Frequent trips to Italy led to an inevitable love affair with Tuscany. He and his wife Cathy sold up in Sydney and purchased Il Mulinaccio in 2008.
Within two months of moving to the Chianti Hills he was diagnosed with throat cancer. The experience led to him re-focusing his life and priorities. After a few uncomfortable years he thinks he has it beaten.
Stephen’s interests include wine, food, history, culture and travel.
He struggles with the Italian language and indulges himself in some occasional writing.
Note: Italy Chronicles may earn an affiliate commission if you purchase something through links in articles on this website. As an Amazon Associate I earn from qualifying purchases.