Millennials reshaping Italian fashion industry amid foreign ownership

While Italy struggles with low economic growth and EU budget corrections, its luxury fashion sector thrives, generating €11.254 billion in revenue and €550 million net profit in 2016. However, iconic Italian brands like Gucci, Fendi, Brioni, Bottega Veneta, and Pomellato are owned by French conglomerates Kering and LVMH, highlighting a disconnect between Italian creative genius and business control. Millennials (born 1980-2000) are driving change, now representing 50% of sales. They blend high and low culture, drawing inspiration from Harry Potter, Peaky Blinders, and Taboo. Brands respond: Fendi launched 'F is for…' with sections Freaks, Fulgore, Faces, Freedom, Fearless, featuring self-produced editorials by Gen Y influencers. Gucci created a shadow executive committee of Millennials advising on creative decisions, a strategy CEO Marco Bizzarri sees as key to growth. Designer Frederick Hornof, a former Thierry Mugler assistant, debuted his collection via Hornof TV on 032c, a digital platform, with short films by Lee Wei See linking directly to sales. Milena Canonero, costume designer with four Oscars and nine nominations (A Clockwork Orange, The Grand Budapest Hotel), received the Orso d'oro alla carriera, underscoring Italian excellence. Italy ranks fourth in the European social media market.