The president of Italian footwear manufacturers association Assocalzaturifici has said the fluctuation of exchange rates over the past year has led to a ‘worrisome’ situation for footwear exports.

"We went from 1.29 in the dollar/euro ratio in 2012 to 1.33 in 2013, to reach 1.36 in 2014 and almost certainly in 2015," said Cleto Sangripanti. “For an industry like footwear, which exports 85% of its production, an increase in the exchange rate by than 5% is a loss of competitiveness that is non-depreciable with other factors.

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