Fashion
Camera expresses belief in Italian future; Lorenzo Bertelli concerned Armani might pass into foreign hands
Published
September 24, 2025
Prada senior executive and family heir Lorenzo Bertelli on Wednesday expressed concern that the house of Giorgio Armani might pass into foreign hands, a common apprehension among senior Italian luxury executives.
“Naturally, I fully respect the right of Signor Armani to do as his wishes with his own company. But, of course, we would be disappointed if Armani passed into foreign control,” said Bertelli, speaking at a breakfast with editors to meet the board of the Camera della Moda, Italian fashion’s governing body.
Held inside private members club Cipriani, the morning get together was hosted by a Camera board that included many of Italy’s top luxury decision makers: Renzo Rosso of Diesel, Luigi Maramotti of Max Mara, Remo Ruffini of Moncler, and Gildo Zegna, Alfonso Dolce and Camera CEO Carlo Capasa. Between them, the board members control a score of luxury marques, with annual sales of over €12 billion, so one tends to pay attention to their opinion.
Under the terms of the will of Armani, who passed away on September 4, his heirs are obliged to sell 15% of his company to a major luxury group within 18 months or float the company on the stock market in a public tender offer. Furthermore, Armani listed three key candidates, two of whom are French – luxury giant LVMH and beauty behemoth L’Oreal, along with eyewear leader EssilorLuxottica, a Franco-Italian group.
This April, Prada acquired 100% of Versace in a $1.25 billion deal from New York fashion group Capri Holdings, repatriating an iconic Milan house from American to Italian control. The price was a significant discount of the $2.1 billion the Versace family sold out for in 2018, reflecting changing valuations in fashion brands in a slower market. On Friday, Dario Vitale will stage his debut show for Versace in Milan, the first since the retirement of Donatella Versace.
The breakfast took place on the second day of the six-day Milan Fashion Week, which opened Tuesday with the first collection by Demna at Gucci, Italy’s single largest luxury brand. And will climax on Friday with the 50th-anniversary show of Giorgio Armani and the opening of a retrospective of the designer’s creations inside the Pinacoteca di Brera, Milan’s greatest art museum.
The season comes at a moment when Italian luxury has been buffeted by fines levied due to unfair working conditions by Italian authorities against several major companies including LVMH’s Dior and Armani.
CEO Capasa conceded that there has been “major issues in supply chain,” but revealed that the Camera has been working with the government on developing a law to regulate the issue. Local media reports have sometimes characterized the issue as, in part, bold-faced name brands using Chinese sweatshops in Italy.
“We are presenting a law to address this issue in November. But you must remember irregular workers make up only about 30,000 people out of 600,000 working in Italy,” in fashion and luxury manufacturing, Capasa argued.
Adding that picking out a couple of hundred bags and suits that had been made in under the radar ateliers, out of several million items made per year in the peninsula, “is not so fair.”
Entering the discussion, Maramotti cautioned that the Camera has been working for 18 months on this issue.
“Some things are not so simple to regulate. This sort of activity happens at our third level of supply,” he insisted, before adding: “I love Chinese people, they have brought so much to Italy.”
Maramotti opined that too much attention is being placed on creating a giant group, when what was needed was support for small companies and artisans.
“Unfortunately, in France, the fashion industry is no longer there in terms of production,” he noted in warning.
Over 600,000 people work in the greater fashion business in Italy, the Camera estimates, though international conflicts and the collapse of Chinese consumer demand for luxury products has placed many labels under stress.
“It’s a time of deep divisions in the world with lots of problems. Also, we forget that fashion can have a positive message. But, in my view, we are going to have a strong fashion week,” added Capasa.
In a busy season, Milan will host 171 events, including 54 in-person shows, the same number as in February.
“We are very proud to be Italian and to defend our system. We are ethical and serious and proud of the fact that many of our houses are still controlled by the founding family after 100 years,” added Gildo Zegna, whose grandfather Ermenegildo founded the marque in 1910.
“I believe that the Camera, led by Carlo Capasa, has done a very good job. We are dependent on our supply system and that must be defended, especially the small companies and not just the big ones,” added Zegna, before cautioning that U.S. tariffs posed a major threat by inflating prices in the United States.
Zegna, whose firm at one stage manufactured most of Armani’s men’s apparel, also pointedly expressed his “gratitude to Signor Armani, our god and leader.”
In his remarks, Renzo Rosso focused on the need of all companies need to grow through a sustainable model.
“We Italians can create strong groups, look at Remo and I,” he smiled. Noting that his group OTB had four runway fashion brands, he signaled that the key to success was hard work and our creativity.
“Right now, we don’t have traffic inside the stores. So, we must work even harder. And we need to be positive. Even if sometimes it’s often easier to attract more readers with bad news. Maybe you could all write about something positive?” said Renzo, in a gentle admonishment of certain critics at the breakfast.
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With sustainability benchmarks rising, companies are rethinking how they produce and deliver, pivoting toward greener, more circular models that reduce waste, emissions, and resource use.
The stakes are high. In 2025, Vietnam’s exports to the EU reportedly reached $56.2 billion, up 10.1 per cent year on year, underscoring how pivotal Europe is for the country’s manufacturing base.
Vietnam’s textile and footwear exporters are accelerating sustainability efforts as stricter EU regulations reshape market access requirements.
Rising compliance pressure from measures such as CBAM and ESPR is pushing manufacturers toward circular production, cleaner technologies and greater supply-chain transparency, though limited green finance remains a major challenge for smaller firms.
The EU market, nevertheless, comes with its own challenges as access to this market increasingly depends on meeting strict environmental and product-design requirements.
The EU is rolling out an ambitious sustainability agenda, including the Carbon Border Adjustment Mechanism (CBAM) and the Ecodesign for Sustainable Products Regulation (ESPR). Together, these measures are changing what global suppliers must document, design, and decarbonise.
ESPR shifts expectations toward durability, repairability, and recyclability, while pushing manufacturers to reduce products’ overall environmental footprint. Supply chains are also expected to become more transparent through Digital Product Passports, and practices such as destroying unsold goods being phased out gradually.
For Vietnam’s exporters, compliance is becoming a baseline requirement to keep EU orders and remain competitive.
Recognising this, both the Government and industry players are stepping up. Vietnam’s long-term development strategy for textiles and footwear, which stretches to 2030 with a vision toward 2035, places sustainability at its core. The plan charts a path toward efficient, environmentally responsible growth anchored in a circular economy, where materials are reused, waste is minimised, and production cycles are closed rather than linear.
Crucially, it also provides a legal backbone to help businesses align with global sustainability trends.
On the ground, change is already underway. Textile and apparel manufacturers are investing in renewable energy, upgrading machinery, and fine-tuning production processes to cut emissions and resource use. These shifts are not just about compliance; they are about future-proofing operations in a market where green credentials increasingly determine who wins contracts.
However, the transition has not been entirely seamless. A key barrier seems to be access to green finance, especially for small and medium-sized enterprises. Large firms can more readily fund clean technologies and certification, while smaller suppliers often struggle to fund the shift, risking exclusion from high-value export markets if they cannot keep pace.
There is also a growing recognition that policy support needs to go further. As Vietnam leans into a circular economy, industry voices are calling for a more cohesive and comprehensive framework, one that not only sets clear standards for circular products but also actively incentivises recycling, cleaner production, and sustainable innovation.
Without this, progress risks being uneven, with smaller firms left behind.
Momentum is, nevertheless, building as manufacturers and policymakers push for better-aligned standards and support mechanisms. The goal is to narrow the gap between sustainability ambition and day-to-day implementation across the sector.
The aim is clear: create an ecosystem where businesses of all sizes can invest in circular solutions, strengthen their export capabilities, and meet the EU’s exacting standards head-on.
Fibre2Fashion News Desk (DR)
The increase was driven primarily by higher reinvested earnings and intra-company loans, indicating continued engagement by existing investors with Bangladesh.
Reinvested earnings rose by 318.25 per cent, from $103.79 million in 2024 to $434.10 million in 2025, while intra-company loans increased by 25.68 per cent, from $621.96 million to $781.68 million.
Bangladesh’s net FDI inflows increased by 39.36 per cent last year to $1,770.42 million compared with $1,270.39 million in 2024, the Bangladesh Bank said.
The increase was driven primarily by higher reinvested earnings and intra-company loans.
Reinvested earnings rose by 318.25 per cent, from $103.79 million in 2024 to $434.10 million in 2025, while intra-company loans rose by 25.68 per cent.
Equity capital remained broadly stable, rising by 1.84 per cent, from $544.64 million to $554.64 million in 2025, a release from Bangladesh Investment Development Authority said.
Greenfield project announcements declined by 16 per cent in 2025.
Fibre2Fashion News Desk (DS)
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