Italian fashion houses beset by higher lira, tight-fisted shopper.

From: WWD | Date: December 31, 1996| Author: | Copyright information

Price has become more important in the 1997 Italian fashion market. The Italian lira is at a 20% high rate because of its re-entry in Europe's Exchange Rate Mechanism. Italian consumers have also become value conscious and fashion designers Giorgio Armani and Gianfranco Ferre plan to decrease their prices accordingly. Armani will decrease prices 10% to 20%.

MILAN -- For Italian fashion, price is shaping up to be 1997's hot button issue.

Between a lira that's 20 percent higher than a year ago and an increasingly value-conscious customer, a new reality is settling in for Italian design ...

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