Italy has announced a major investment of €250 million ($260.8 million) for its fashion industry. Minister of Enterprises and ‘Made in Italy,’ Adolfo Urso, shared this news at the Permanent Fashion Table meeting. The aim is to stabilize and boost growth in fashion businesses.
The funding includes €100 million ($104.32 million) for development contracts and another €100 million for mini development contracts. Additionally, €15 million ($15.65 million) will support green and digital transitions, while €30.5 million ($31.8 million) promotes sustainability. This financial commitment is part of a larger €22 billion initiative for all sectors.
A key part of the strategy is the approved Small and Medium Enterprises (SME) Bill. This bill allocates €100 million for development contracts and introduces incentives for generational business transitions. The government will invest over €3 billion for SMEs and €4 billion for businesses in Southern Italy.
The plan also includes nearly €9 billion in fiscal measures under Transition Plans and €1.7 billion through the New Sabatini Scheme. Although wage support measures were used minimally last year, the government has set aside €110 million for wage subsidies in 2024 and 2025. Discussions with regional governments will focus on improving these support measures.
This investment shows Italy’s commitment to revitalizing its fashion industry. It aims to keep Italy a leader in global fashion trends while promoting sustainability and innovation. With this strategic funding, Italy seeks to empower its fashion sector to thrive in a competitive marketplace.
