The excellent article on the future of the Italian luxury industry under increasingly foreign, and specifically French, ownership omits to highlight a couple of important issues (“End of the line?”, The Big Read, June 26).
The arrival of deep-pocketed multi-brand conglomerates has allowed hitherto skills-rich but cash-poor houses to multiply their stores (Bottega Veneta, to take but one example, had 83 in 2005 and 271 last year) and led to turnover and employment reaching unthinkable levels (revenue for the luxury producer has gone from €160mn at the end of 2005 to €1.7bn last year, staff headcount from 741 to 3,748).
Furthermore, new owners have discovered the excellence of Italian manufacturing and invested in new factories there — Yves Saint Laurent, as French as any brand, opened a plant close to Padua, while employment of Louis Vuitton in Tuscany is expected to reach 450 once a third plant becomes fully operational.
Against this background, a good government policy would aim at improving the business climate for any investor, domestic or foreign, and make Italy a premier destination for global fashion. In other words, investing in digital technology no less than in tolerance — the two drivers of the rootless creative class. Promoting “Made in Italy” requires a change of mentality, instead of operatic defences of “Made by Italy”.
Andrea Goldstein
Paris, France
