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Italy yesterday became the first European country to take steps to help its fashion industry build a stronger presence in Iran following the lifting of Western sanctions.
The two countries signed an agreement during a two-day visit by Italian Prime Minister Matteo Renzi with a delegation of business leaders to increase trade between Italy and Iran and reinforce industrial co-operation.
The deal was signed by the National Textiles and Fashion Association Sistema Moda Italia (SMI), which represents a sector worth more than 52bn euros ($59bn) in revenues, and its Iranian counterpart the Tehran Garment Union (TGU).
It aims to cut red tape and make it easier for Italian companies to obtain the TGU licence required to operate in Iran.
Some analysts estimate the Islamic Republic of nearly 80mn people has more than 3mn high net worth individuals who are major and regular buyers of luxury goods.
“Iran could be an interesting expansion market, probably worth about 2% of the global luxury market, once developed,” Exane BNP Paribas analyst Luca Solca said.
There are no comments.
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