8 MAY 2025
The recent decisions by the U.S. administration to impose tariffs on several countries have shaken the global trade landscape, sending shockwaves across various sectors. To fully understand the impact of these measures, we listened to the voices of those who will have to face these challenges firsthand, gathering their insights and potential strategies to adopt.
Marco Ruffa: Luxury is Resilient, Fast Fashion is Vulnerable
Marco Ruffa, General Manager at Data Life, paints a picture of how the tariff war is reshaping fashion in asymmetrical ways. “These latest U.S. tariffs hit unevenly: the impact won’t be the same for a small Tuscan manufacturer versus a global sportswear giant with factories all over Southeast Asia.”
Luxury, thanks to the perceived value of Made in Italy, shows strong resilience to price hikes. “High-end bags, shoes, and garments will always remain desirable for consumers who won’t compromise on quality—even with higher import duties,” says Ruffa. The situation is more complex for fast fashion and sportswear brands with predominantly Asian production. “For companies like Nike, the new tariffs could backfire: raising prices scares off the mainstream consumer, while absorbing costs eats into profit margins.”
Ruffa notes that some brands are exploring “nearshoring” or “friend-shoring” strategies, but maintaining quality takes time. “Overall, luxury houses appear less vulnerable to these barriers, while global fashion giants may bear the heaviest cost.” Yet, every crisis also offers opportunities for new solutions. “In my view, this period of trade tensions is a reminder that fashion isn’t just creativity and aesthetics—it’s also about strategy, planning, and adapting to a shifting geopolitical landscape.”
Enrico Roselli: Turning Crisis into Opportunity for Made in Italy
Enrico Roselli, Senior Advisor, offers a pragmatic take on the situation. While acknowledging that tariffs could pose a challenge for an export-oriented system like Made in Italy, he urges a more measured reaction. According to Roselli, the U.S. moves may reflect broader financial and negotiation strategies rather than a direct attack on Italian industries. Nonetheless, this period of uncertainty could paradoxically present a crucial opportunity.
Roselli highlights how this scenario could prompt Europe to strengthen its strategic autonomy, deepen trade ties with Asia, and reassess global supply chains. “For Italian fashion and lifestyle companies, this is a chance to further elevate their positioning by focusing on excellence, craftsmanship, and their ability to inspire global desire.”
Drawing from his work with MiaMily and Stilema Milano, Roselli notes differentiated strategies: for the Swiss brand with production in China and a focus on the U.S. market, the priority is “improving operational efficiency and closely monitoring competitors.” For Stilema Milano, a 100% Made in Italy company, the focus will be on “targeting European markets that continue to value craftsmanship and Italian design.” He concludes with hope: that Italy can unite around efficiency, innovation, and premium positioning to turn this instability into a growth driver.
Gianluca Zani: Different Impacts for Mass Market vs. Luxury
Gianluca Zani, Chief Commercial Officer at Kantar, brings a data-driven perspective from daily client interactions. He outlines a varied impact of the tariffs depending on the type of Made in Italy product. In fast-moving consumer goods, particularly food, concern is significant: “If these heavy tariffs are confirmed, we expect a sharp drop in demand and rising raw material costs,” Zani warns.
The outlook for luxury goods is different. For these, “the effect of tariffs seems less worrisome. Their target audience and the exclusivity of the products still provide a degree of protection from trade war dynamics.”
Still, Zani notes that the situation is causing companies to be more cautious. “Expansion and geographic growth plans may be put on hold, and production could slow to avoid oversupply.” Kantar is actively monitoring the situation and plans to conduct dedicated research to gather empirical evidence on how tariffs are affecting both consumers and businesses.
Romano Cappellari: Relocating Luxury Production to the U.S.? A Complex Decision
Romano Cappellari, Professor of Marketing and Retailing at the University of Padua and Director of the Retail Management major at Luiss Business School in Milan, addresses a difficult question raised by the new tariffs: whether it’s worth relocating luxury production to the U.S. to serve that market directly. In the current climate of regulatory uncertainty, Cappellari believes such large-scale investments are unwise. Even in a more stable scenario, relocating European luxury production faces two major challenges.
“First, we must consider how much value the Made in Italy or France label adds to the product in the eyes of American consumers,” he explains.
Second, he highlights the operational difficulties of starting production in a new environment—challenges noted in The Business of Fashion’s article “The Problem with Louis Vuitton’s Texas Factory,” which still considers the Texas plant a “young factory” requiring patience.
Alternatives, such as passing costs on to consumers or absorbing them by cutting margins, are also problematic. “None of these options are painless,” Cappellari concludes, warning of potential negative repercussions even for U.S.-based teams in distribution and communication.
Jacopo Laganga: A Strategy to Shake Markets and Pressure the Fed
Jacopo Laganga, Head of Digital Commerce at Pinko, sees the U.S. tariff strategy as an attempt to “create a market shock.” In a context of high interest rates and inflation, “there was a need to trigger a forced correction, generating a market reaction.”
A second objective, he says, would be “to send a strong signal to the Federal Reserve to push for lower interest rates.” However, this strategy is not proving particularly effective, leading to frequent adjustments.
From a practical standpoint, Laganga explains that for Pinko, “we are currently protected by the fact that tariffs on Made in China products only apply to orders over $800.” The removal of this threshold could result in some products being blocked. Another potential solution, he adds, could be “shipping products from Italy to the subsidiary at wholesale price,” calculating duties based on that value. Finally, Laganga notes that the U.S. hope of steering investment towards Treasury bonds has not materialized, which “will force the United States to seek a new commercial and financial agreement.”
Roberto Liscia: Digital Protectionism and Tariffs Threaten Made in Italy
Roberto Liscia, President of Netcomm, broadens the scope of the discussion. “Tariffs, combined with rising digital protectionism, pose serious risks for Italian Made in Italy companies, especially SMEs.” These measures not only hinder goods movement but also disrupt crucial data flows for modern supply chains.
“Without access to global information and technologies such as artificial intelligence, companies lose efficiency and competitiveness.” In this context, “it is crucial to establish shared global rules that ensure the free exchange of goods and data to safeguard innovation and market access.”
Simone Panfilo: Unpredictability is the Main Obstacle
Simone Panfilo, CEO of Qeeboo, focuses his analysis on what he sees as the most critical issue: “One of the most problematic aspects is the unpredictability of the moment. Uncertainty makes planning and having a clear outlook extremely difficult.”
This instability has been present for some time, he notes, and has worsened with recent decisions. “The fact that decisions can reverse overnight doesn’t help trade flows with the U.S.”
Although Qeeboo produces almost entirely in Italy, the situation remains complex. Panfilo points out that the U.S. design market is heavily dependent on Asian imports. “If European tariffs remain at 10% while Asian ones go much higher, then—paradoxically—the cost increase from European imports might be less severe for American consumers than for Asian products.”
Still, the greatest concern is the indirect fallout from tariffs. “The risk of recession, for example, now seems very real.” In summary, “there is widespread concern and deep unease caused by the uncertainty this situation is generating.”
Marco Bettiol: Navigating Uncharted Waters
Marco Bettiol, Associate Professor of Business Management at the University of Padua, describes the U.S. tariff strategy as “unprecedented in its intensity, scale, and calculation methods.”
Made worse by continuous policy shifts, Bettiol argues that “this is the worst-case scenario for economic players. We’re dealing with a process where not only the outcome but even the path forward is unknown.” The most logical reaction for businesses is to “wait and see.”
Analyzing the impact on Made in Italy, Bettiol identifies at least two categories. For the best-known sectors, “tariffs will be a stress test to gauge the symbolic capital tied to Italian-made products.” For the “medium-tech Made in Italy” segment, the challenge is “to highlight not just the manufacturing side but also the service component connected to these technologies.”
Uncertainty may stall investment, prompting companies to develop more value-added services. In the long term, Bettiol foresees a possible shift toward a service-oriented business model. “This would have the advantage of avoiding tariffs (unless they change), but it would require a completely different management approach and, above all, a financial transformation of the enterprise.”