In 2024, Italy consolidated its position as one of the world’s favourite tourist shopping destinations, the first in Europe. Tax-free spending by non-EU visitors in the country continues to grow, having risen by 15% last year, and by 20% if we take into account the impact of the new minimum threshold of €70 to qualify for VAT rebate, introduced by Italy’s Ministry of Tourism in 2024. Among the nationalities with the highest share of tax-free spending in Italy, US tourists led with a 25% share, followed by Chinese (11%) and Middle Eastern tourists (10%). These are some of the findings of the survey presented in Milan on Tuesday, March 25, by Global Blue, the international shopping tax refund company, during the Trend&Insight 2025 event. For the occasion, Deloitte also presented its first exclusive report on tourism and retail in Italy, which analysed domestic and European tourist flows as well as non-EU ones.
A panel at the Trend&Insight 2025 event in Milan – Global Blue
Tax-free shopping in Italy recorded a CAGR of 6.6% between 2019 and 2024, with notable year-on-year spending growth recorded by Turkish tourists (up 39%) and Chinese ones (up 35%). (U)HNWIs, i.e. those who spent more than €20,000 on tax-free purchases in 2024, contributed significantly to the results. (U)HNWIs accounted for only 3% of total shoppers, but for 30% of total spending. Significantly, one third of (U)HNWIs worldwide chose to shop in Italy in 2024.
In terms of product categories, 34% of tax-free spending in Italy in 2024 was on ready-to-wear, with a 12% increase over 2023 and an average spend per shopper of €1,200. Leather goods and handbags followed with a 24% share, a 4% rise and a €1,300 average spend, while jewellery recorded a 9% share, with a 5% rise and a €1,500 average spend. Despite accounting for only a 7% share, spending in the watches category increased by 32% over 2023, with an average per shopper of €6,600.
Chinese tourists’ spend at pre-Covid levels, notably in Japan
The 20% growth in tax-free shopping spending in Italy was consistent with worldwide trends. Tax-free spending in Europe as a whole rose by 16%, while Asia was the real global driver, recording a 61% spending growth in 2024, chiefly thanks to Japan’s record performance.
Tax-free spending rebounded slowly in the initial post-pandemic years, but in 2024 its performance overtook that of the luxury market as a whole, currently going through a weak patch. In the 2019-2024 period, the luxury sector posted a 5% CAGR, and the tax-free shopping sector an 8.5% one. The tax-free sector’s resilience was the result of three factors: a 13% increase in travellers and a 29% one in tourist shoppers worldwide; more affordable prices stimulating purchases; and a higher-spending consumer base than the luxury market as a whole, with a 68% share of aspirational shoppers vs a 36% one.
Nationality-wise, in 2024 Chinese tourists returned to and even exceeded, by 12%, their 2019 spending levels. They accounted for 24% of global tax-free spend, thanks to an 81% increase over 2023. Notably, their purchases were chiefly concentrated in Asia: 55% of Chinese spending took place in Japan (whose share was up by 13 points over 2023), equivalent to a whopping 139% spending increase in the country, while Chinese tax-free spending in Europe rose by ‘only’ 35%.
US tourists accounted for 14% of global tax-free spending in 2024, a 20% rise. This was the result of the US dollar’s appreciation, the US stock market’s performance, and the increased global popularity of the many brands that decided to open stores in the USA in 2023. Besides, US shoppers are increasingly high-spending: American UHNWIs increased their spend by 50%, contributing to 10% of total spending.
Category-wise, spending grew for both lifestyle and premium/luxury brands, with the latter’s CAGR in 2019-2024 at 9.5%, vs 6.3% for the former. Proof that tax-free shopping is still a key growth driver for the luxury market, which is generally struggling to increase its revenue, as Global Blue noted. Interestingly, shoppers who bought across the luxury, premium and lifestyle categories increased their spend by 39%, with an average spend of €3,400.
Expectations for 2025
US consumers will be the market’s driving force in 2025, owing to their strong desire to travel (91% of US respondents in a Global Blue survey said they want to visit Europe this year), a record increase in passport numbers (50% of Americans have one, up 5 points over 2019), and a desire to increase luxury spending. Conversely, Chinese tax-free spending will continue to grow at a slower pace, given also that visas for tour groups are harder to come by, though the situation could change in the second half of the year.
The Deloitte study
During Trend&Insight 2025, Global Blue presented part of the exclusive ‘Travellers’ Retail Market in Italy’ study commissioned to Deloitte. The study found that Italy’s current macroeconomic environment is favourable to international tourism, with rising foreign demand playing a positive part in the country’s 2024-2025 GDP growth.
According to the study, in 2024 the offline retail market’s value in Italy was estimated at approximately €240 billion, of which 27% (€63 billion) was attributable to product categories related to discretionary shopping, whose revenue returned to pre-Covid levels thanks to a 1% CAGR in 2019-2024.
About 85% of discretionary shopping revenue (€54 billion) was generated by categories of interest to tourists in Italy, including fashion and apparel, perfume and cosmetics, footwear, leather goods, handbags and accessories, watches and jewellery.
As for tourist flows, approximately 152 million tourists (both domestic and foreign) visited Italian destinations in 2024, up 1% over 2023. The number of international tourists visiting Italy did not reach pre-Covid levels, but grew by 3% in 2024. Domestic tourism instead posted a 3% decrease compared to 2023, also due to the decrease in Italian household purchasing power.
In 2024, about 35 million people visited Italy on holiday, spending on average more than those who visited the country for other reasons. The average length of stay in Italy by foreign tourists was slightly lower than in 2023, from 4.5 nights to 4.1 nights. However, there was a shift towards higher-end hotels, in line with the positive revenue trend for 5-star and 4-star hotels, where spending per stay grew by 11% and 10% respectively.
Excluding accommodation expenses, the total expenditure incurred by international tourists in Italy in 2024 was about €54 billion, up 5% over 2023; of this, 26% was devoted to shopping, the second expenditure category after food & dining, which had a 42% share. Shopping spending posted double-digit growth over the previous year, rising by 10.6% in 2024.
Looking to the future, the propensity of foreigners to travel has continued to increase in early 2025, while for the next three years, the Italian offline retail market for the main product categories in which tourists typically spend their money is expected to grow modestly.
“[Tax-free spending] growth [in Italy] in 2024 was significant, thanks also to the positive contribution of the lower spending threshold to qualify for VAT rebate. The upward trend has been confirmed in early 2025. It will be crucial for brands to follow the market’s evolution via increasingly comprehensive and in-depth data analysis,” said Stefano Rizzi, managing director Italy of Global Blue, a NYSE-listed company that connects thousands of retailers, buyers and hotels with almost 80 million consumers in 53 different countries, with tax-free shopping, payments and post-purchasing solutions. With over 2,000 employees and a revenue of €422 million in fiscal 2023-24, Global Blue generated €28 billion of in-store sales in the same year through its solutions.
Tommaso Nastasi, partner of Deloitte Italy, said that “international tourism is a strategic driver for the retail trade in Italy, within an unstable macroeconomic environment. Investing in an ad hoc value proposition would enable brands to exploit a high-added-value sector and bolster market growth for the coming years.”
The Marseille commercial court ordered the judicial liquidation of French denim brand Kaporal on March 27, marking the end of the company’s operations. The ruling follows an 18-month management-led takeover and affects 280 employees.
Kaporal shuts down – Kaporal
As of March 28, Kaporal’s e-commerce site displays a closure message: “Permanently closed. This site is no longer active. Thank you for your trust and support. See you soon, here or somewhere else!”
The liquidation ruling definitively halts the company’s activity. At its peak, Kaporal operated over 60 stores in France. According to the local newspaper, La Provence, the court did not permit business continuation under new terms.
The ruling brings an end to the company’s short-lived recovery effort. In July 2023, three senior managers took over the brand through a court-approved restructuring plan, aiming to save 78 out of 85 stores and retain 395 of the 434 employees. Since then, the company has further scaled back, focusing on restoring its denim heritage and reconnecting with its Southern French roots.
“Since the takeover, the team worked relentlessly to revive the brand, with a renewed focus on style and the popular, warm values that define Kaporal,” the company stated in a letter shared with FashionNetwork.com.
“By returning to our denim roots and embracing bold collaborations, we reignited creative energy, clarified our brand identity, and reinforced our position in the market. We managed to modernize the offer without losing Kaporal’s authenticity—rooted in Mediterranean culture and, especially, its love for Marseille. Unfortunately, today’s economic conditions make it impossible to continue this work within the current framework.”
Kaporal had set an ambitious revenue target of €60 million, requiring sustained double-digit growth, which it ultimately failed to achieve. Although broader conditions in the French fashion retail sector have been challenging, the company has not disclosed specific reasons behind the decision to cease operations.
In the same letter, the leadership expressed gratitude to teams in France and abroad, acknowledging their commitment and resilience: “Their dedication kept the business going and drove the necessary transformation. We also want to thank our partners, suppliers, and customers for their unwavering support and trust.”
It remains unclear whether a buyer will step in to acquire Kaporal’s assets, including the brand name.
Founded in 2004 by a Marseille-based family with roots in denim manufacturing, Kaporal posted €99 million in revenue in 2022 but struggled with persistent losses, which led to its restructuring. In 2023, founder Laurent Emsellem—who led the company until 2013, following its acquisition by TowerBrook Capital Partners—made an unsuccessful attempt to repurchase the brand, proposing to retain 281 employees and 70% of the store network.
Other Marseille-based denim players, including Golden Blue, owner of Le Temps des Cerises, expressed interest in the brand. The case also drew attention from Guerrida—operator of Frishop and Tritex—and off-price chain Noz, which explored acquiring Kaporal’s stock.
In a major strategic change Dsquared2 has ended its long-time licensing agreement with Staff International, the key operating company of Italian fashion billionaire Renzo Rosso. Who, in turn, has already sued the designers in response.
Dean & Dan Caten, by Giampaolo Sgura
However, six hours after DSquared2 announced the termination of its long-time licensing agreement with Staff International, the licensor sued the fashion house for breach of contract. The conflicting statements suggest that this issue looks like becoming a major court battle pitting one of Italy’s largest fashion empires and one of Milan’s hottest runway brands.
“Dsquared2 Group announces the immediate termination of its licensing agreement with Staff International S.p.A. Consequently, the Group will assume direct control over the production and distribution of its Ready-to-Wear collections,” the Milan-based house said in a terse release Saturday.
“This transition takes effect immediately and will commence with the upcoming Pre-Collection Spring/Summer 2026 sales campaign,” added Dsquared2, which was founded by twin brothers Dean and Dan Caten over three decades ago.
Staff International is the key production wing of Only The Brave, the holding company of Rosso, which also owns Diesel, Marni, Maison Margiela and Jil Sander, as well as the manufauring license of Viktor&Rolf.
“Dsquared2 Group expresses its sincere gratitude to all those who have contributed to this collaboration and looks forward to fostering continued partnerships in the future,” the release added.
However, later Saturday, Rosso’s group responded forcefully: “Staff International reiterates its conviction that the license agreement is fully effective and confirms its intention to fully execute it until its natural expiry. Therefore, the company firmly rejects any possibility of early termination of the contractual relationship, and believes that legal conditions for early termination do not exist.”
“Staff International will continue to act with the utmost transparency and determination to protect its rights, honour its contractual commitments and safeguard its reputation, and reserves the right to take any further action,” it added.
The agreement – which is said to last 25 years, with Staff International dates back to 2002, and helped fuel the spectacular development of Dsquared2, the last runway brand in Milan to have grown into a major global fashion brand.
Born in Willowdale, Ontario, Dean and Dan Caten (Catenacci, originally) began their career path in fashion by moving to New York in 1983 to attend Parson’s School of Design. In 1991 they arrived in Italy where in 1994, after numerous collaborations with major fashion houses, they first staged their debut runway collection. It marked the first in a long line of runway extravaganzas that would capture the attention of journalists and buyers for their unique brand of fashion, music and theatre.
The Catens went on to build a multi-million dollar business. And to dress everyone from Madonna in her iconic western video clip, “Don’t Tell Me”, to Beyoncé for her Super Bowl performance. The duo also has an impressive range, all the way to dressing the four-time English Premiership Champions, Manchester City. And a great HQ, a former electric energy headquarters converted into office, show-space, inn, gym and rooftop restaurant with swimming pool. They have become one of the city’s great fashion institutions without ever losing the DNA of the Wild North. And famed for their ovations, where they take their bow in matching outfits – whether disco dragoons, Klondike trappers or matinee idols.
Leave it to the Canadian duo to stage an epic 30th anniversary show in Milan this past season, the cast marching out of a wrecked brick garage, or arriving in a series of mighty wheels. From armored personnel carriers and Ford Mustang convertibles to an all-silver DeLorean and a vintage Rolls Royce – all took turns arriving in the huge warehouse done up like a nightclub.
All of the Caten’s great archetypes got an outing. Mad saucy trapper girls in giant puffers and lots of legs; a trio of rockers with Kiss goth makeup but in three-piece suits; Klondike gold diggers off to an all-night rave; sexy vampy rock goddesses with bumster leather pants and fur coats with trains; and a beautiful black rodeo gal with mini cocktail made of bands of Western belts. Leading to the arrival with sirens of NYC police car, from which emerged a dominatrix leather police captain played by Brigitte Nielsen escorted two white collar criminals. You guessed it – Dean and Dan. Before, amid huge roars, JT and Doechii took the floor in a call and response duet surrounded by the entire cast.
Renzo Rosso’s fashion holding company OTB suffered a setback in 2024, seeing revenues fall 4.4 percent at constant exchange rates to 1.8 billion euros, recording EBITDA of 276 million euros and EBIT of 44 million euros. Retail (+7.4 percent), Japan (+16.3 percent) and North America (+13.3 percent) held up. Among the brands in the portfolio, Maison Margiela (+4.6 percent) and Diesel (+3.2 percent) performed positively.
In the past fiscal year, the Vicenza-based company sustained investments of 77 million euros, with a focus on the expansion of the retail network and major innovation projects.
The possible departure of DSqyared2 will be seen as a setback for Rosso, who has long praised the brand as a dynamic creative force. Like every season, Rosso sat front row at the 30thanniversary show in Milan on February 25th.
“Staff International will continue to act with the utmost transparency and determination to protect its rights, honour its contractual commitments and safeguard its reputation, and reserves the right to take any further action,” read the last paragraph in Rosso’s company statement.
In a major strategic change Dsquared2 has ended its long-time licensing agreement with Staff International, the key operating company of Italian fashion billionaire Renzo Rosso.
Dean & Dan Caten, by Giampaolo Sgura
“Dsquared2 Group announces the immediate termination of its licensing agreement with Staff International S.p.A. Consequently, the Group will assume direct control over the production and distribution of its Ready-to-Wear collections,” the Milan-based house said in a terse release Saturday.
“This transition takes effect immediately and will commence with the upcoming Pre-Collection Spring/Summer 2026 sales campaign,” added Dsquared2, which was founded by twin brothers Dean and Dan Caten over three decades ago.
Staff International is the key production wing of Only The Brave, the holding company of Rosso, which also owns Diesel, Marni, Maison Margiela and Jil Sander, as well as the manufauring license of Viktor&Rolf.
“Dsquared2 Group expresses its sincere gratitude to all those who have contributed to this collaboration and looks forward to fostering continued partnerships in the future,” the release added.
The agreement with Staff International dates back to 2002, and helped fuel the spectacular development of Dsquared2, the last runway brand in Milan to have grown into a major global fashion brand.
Born in Willowdale, Ontario, Dean and Dan Caten (Catenacci, originally) began their career path in fashion by moving to New York in 1983 to attend Parson’s School of Design. In 1991 they arrived in Italy where in 1994, after numerous collaborations with major fashion houses, they first staged their debut runway collection. It marked the first in a long line of runway extravaganzas that would capture the attention of journalists and buyers for their unique brand of fashion, music and theatre.
The Catens went on to build a multi-million dollar business. And to dress everyone from Madonna in her iconic western video clip, “Don’t Tell Me”, to Beyoncé for her Super Bowl performance. The duo also has an impressive range, all the way to dressing the four-time English Premiership Champions, Manchester City. And a great HQ, a former electric energy headquarters converted into office, show-space, inn, gym and rooftop restaurant with swimming pool. They have become one of the city’s great fashion institutions without every losing the DNA of the Wild North. And famed for their ovations, where they take their bow in matching outfits – whether disco dragoons, Klondike trappers or matinee idols.
Leave it to the Canadian duo to stage an epic 30th anniversary show in Milan this past season, the cast marching out of a wrecked brick garage, or arriving in a series of mighty wheels. From armored personnel carriers and Ford Mustang convertibles to an all-silver DeLorean and a vintage Rolls Royce – all took turns arriving in the huge warehouse done up like a nightclub.
All of the Caten’s great archetypes got an outing. Mad saucy trapper girls in giant puffers and lots of legs; a trio of rockers with Kiss goth makeup but in three-piece suits; Klondike gold diggers off to an all-night rave; sexy vampy rock goddesses with bumster leather pants and fur coats with trains; and a beautiful black rodeo gal with mini cocktail made of bands of Western belts. Leading to the arrival with sirens of NYC police car, from which a dominatrix leather police captain played by Brigitte Nielsen escorted two white collar criminals. You guessed it – Dean and Dan.
And amid huge roars, JT and Doechii took the floor in a call and response duet surrounded by the entire cast.
Renzo Rosso’s fashion holding company OTB suffered a setback in 2024, seeing revenues fall 4.4 percent at constant exchange rates to 1.8 billion euros, recording EBITDA of 276 million euros and EBIT of 44 million euros. Retail (+7.4 percent), Japan (+16.3 percent) and North America (+13.3 percent) held up. Among the brands in the portfolio, Maison Margiela (+4.6 percent) and Diesel (+3.2 percent) performed positively.
In the past fiscal year, the Vicenza-based company sustained investments of 77 million euros, with a focus on the expansion of the retail network and major innovation projects.
The departure of DSqyared2 will be seen as a setback for Rosso, who has long praised the brand as a dynamic creative force.
Entertainment8 years ago