The fashion sector, one of Milan’s leading industries, is in crisis. The alarm was raised by Federmoda which calculated how 12 thousand stores in Lombardy suffered a drastic drop in sales of more than 50%, Milano Today reports.
The association foresees a total loss of over 3.7 billion euros in Milan fashion retail alone at the end of the year, with the definitive closure of 350-400 stores out of over 2.500 in the city.
The Italian city of Milan is recognised internationally as one of the world’s most important fashion capitals, along with Paris, New York and London.
In 2019, via Montenapoleone in Milan ranked as the most expensive retail location in Italy. The average yearly rent in the Milanese luxury shopping street was as high as 13.7 thousand euros per square meter.
