Assocal estimates Q1 losses at €1.7 billion
Italian footwear manufacturers’ association Assocalzaturifici has said a survey of 88 of its member companies suggests an average drop in sales of 38.4% in the first quarter of 2020. This has allowed it to estimate losses for the quarter of €1.7 billion for the Italian shoe sector, although this number, clearly, is not official.
The reality is, though, that 60% of the companies that took part in the survey said their sales revenues were down by between 20% and 50% compared to the first quarter of 2019. A further 20% of those taking part said their sales had fallen by more than 50%. Member companies also reported an average fall in orders during the quarter of more than 45%.
Assocalzaturifici president, Siro Badon, said footwear was “one of Italy’s most crucial industries” and he called for “bold structural measures” from the government in areas including tax allowances and support for promoting exports.
