Luxury Brands Hit By Crisis: Fashion Industry Seeks Help From The Government

According to Sing Tao Daily, the financial tsunami that has affected the whole world has hit the famous brand fashion industry. After the Italy fashion brand Gianfranco Ferre parent IT Holding may be forced to file for bankruptcy protection, the Italy textile and clothing association also asked the government to rescue the industry in order to help the industry tide over the difficulties.

Since the outbreak of the financial tsunami, many luxury brands have been affected by the recession, and the overall situation is deteriorating.

In view of this, the Italy textile and Garment Association held a rare hearing at the Senate hearing this week, demanding that the government rescue the whole industry, which has been hit hard by the international economic crisis.

The Italian government passed a stimulus plan worth more than two billion euros this month, but it mainly saved the auto industry and the home industry, and it did not pay enough attention to the rescue measures in the fashion industry.

The National Fashion Association of Italy also asked the government to provide assistance.

The Ministry of industry said that next week the government will hold a special meeting on the plight of the textile and clothing industry, and stressed that the government has taken measures to assist the manufacturing sector made in Italy.

Editor: vivi