Is Giorgia Meloni the Key to Revitalizing Italy’s Economy?
A book titled Quando eravamo i padroni del mondo (When we were the masters of the world) has been prominently displayed at a bookshop in Milan’s Linate airport. This bestseller reflects Italians’ nostalgic longing for their ancient glory, symbolized by iconic Italian brands such as Ferrari, Maserati, Lamborghini, Ducati, Vespa, Gucci, Prada, Zegna, Fendi, and Bottega Veneta.
However, many of these coveted Italian brands are no longer fully Italian-owned, and collectively, they lag behind those from other European countries in terms of value. Italy’s 30 biggest brands are worth significantly less than Germany’s and France’s top 30 brands, according to Kantar, a research firm.
The Italian stock market is worth less than €800bn ($860bn), which is just twice the market capitalization of LVMH, the French owner of several Italian luxury brands. Italy’s stock market is also smaller than those in Paris and Frankfurt relative to each country’s GDP and has underperformed them in the past decade. Italy has only five of the world’s 500 biggest companies by revenue, a significant decline from 1997. “Italians are world-class at creating companies but they are not good at managing and growing them,” says Stefano Caselli, dean of the Bocconi School of Management in Milan.
2024-02-08 09:40:12
Article from www.economist.com