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Italy - Italian tanners could lose up to €500 million
10 March 2020

Italy’s national leather industry association, UNIC, has estimated that the effects of the coronavirus outbreak could lead to a reduction in the combined turnover of Italian tanners of around 10% this year. Report by Leatherbiz.



In commenting in the first week in March on the effect on the business of the coronavirus, UNIC emphasised that the situation was evolving constantly and said it was impossible to put an exact figure on what the outbreak might cost in the long run.

Nevertheless, it said it was important to try to assess the cost to the sector’s performance “to show the authorities how serious the situation is” and added that it was in a position to share some of the estimates it has made.

It said brands and analysts who monitor the luxury and fashion sectors, have estimated that global sales in the medium-to-high end could suffer a downturn of as much as €40 billion.

It also pointed to estimates in the automotive industry that suggest global sales could fall by 2.5% in 2020.

These calculations, combined with other factors, such as projected declines in demand in other markets that traditionally consume important quantities of leather, led UNIC to its estimate in a 10% fall in Italian tanners’ turnover this year.

UNIC calculates the combined annual turnover of the 1,200 companies that are currently active in the Italian leather manufacturing sector to be €5 billion. This means that, if its estimates are correct, the global coronavirus outbreak could cost Italian tanners €500 million.

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