News of Russia’s invasion of Ukraine has reached Milan. “I woke up to 10 messages from my mother.'
Milan Fashion Week proceeded on Thursday amid a sense of profound shock as Russian troops invaded Ukraine.
At Kiton, designer Maria Giovanna Paone described in show notes the muse of her fall 2022 collection, presented on Thursday, as: “Born in Naples, she has an art degree in London, a job between Moscow and Dubai, and lives in New York.” Naples-based Kiton makes some of the most expensive and well-tailored suits in the world.
Her statement reflects an industry that – along with much of the world – struggled to absorb the reality of a potential invasion and ensuing war even during weeks of warnings. On Thursday, luxury stock prices fell in the face of the mounting crisis. Bernstein analyst Luca Solca wrote in a note that whileand Ukraine is low, sanctions, inflation and a resulting recession would have the greatest impact on the industry’s economic outlook.
Kiton has struggled with the pandemic and related supply chain issues, which have hampered its development of stores as foods such as steel and wood came in short supply. Just as optimism emerged that supply chains might be restored soon, the Russian invasion threw the future in jeopardy. Like many luxury brands that have discovered lucrative markets in Ukraine and Russia, Kiton’s plans there are suddenly uncertain.
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