Revenues of the Italian fashion industry fell by about 23 percent in 2020 due to the impact of the Covid-19 pandemic and are not expected to return to pre-crisis levels before 2023, according to the investment bank Mediobanca.

This year, the sector’s sales are expected to rise by about 10 percent, it forecast. Mediobanca’s study cover 177 Italian companies with annual revenues of over €100 million.

In 2019, the panel had sales of €71.1 billion. It saw sales rise by an annual average of 4.8 percent between 2015 and 2019.