The Italian leather goods sector, especially the bag segment, has taken a significant hit in 2024, leading to notable losses in turnover and job cuts. According to recent data from Confindustria Accessori Moda, bags accounted for 70% of total sector exports, and the downturn has led to a staggering €1.2 billion loss in turnover. The financial strain has forced the closure of 184 companies, with nearly 2,000 jobs lost across the industry.
The overall turnover of the Italian leather goods sector has fallen by 8.9%, reaching €11.98 billion in 2024. Meanwhile, production saw an even sharper drop, declining by 22.9%.
The number of active companies has shrunk to 4,532, a 3.9% decrease from 2023, and employment in the sector has also dropped by the same percentage, leaving 48,714 workers employed in the industry.
Exports, a critical component of the sector, have not been immune to the downturn. From January to October 2024, exports fell by 8.8%, and the sector’s full-year estimate stands at a decline of 9.3%.
The weakening demand is reflected not only internationally but also within the domestic market. Retail sales are down by 0.7% compared to 2023, and even more concerning, 3% lower than in 2019.
Leather bag sales, in particular, have suffered a sharp 11.2% decline, while sales of synthetic alternatives have also seen a downturn of 4.6%.
Despite these challenges, Assopellettieri, the Italian association representing the leather goods sector, is holding on to a sense of resilience as the industry looks ahead to recovery.
The optimism, however, remains cautious. 32% of businesses surveyed believe that the second half of 2025 will bring improvements, while 50% are more reserved, predicting a rebound only by the early months of 2026.
