August slows the pace. Not the numbers. Between half-year results, tariffs weighing on the trade balance, and fairs already warming up for September, Italian fashion keeps moving. Four facts, no sugar-coating.
Cucinelli speeds up: retail drives luxury
Brunello Cucinelli closes the first half of 2026 at €749.4 million: +9.5% at current exchange rates, +13.3% at constant rates. Net profit rises to €78.2 million (+2%), EBIT margin climbs to 17.1%. Full-year guidance is raised to 10-11%.
Retail leads the way, +19.3% at constant rates, with double-digit growth across every region — the Americas ahead at +20.6%. Wholesale holds steady at +2.7%. The message hasn't changed in years: those who sell real craftsmanship sell it direct.
Exports slow under the weight of tariffs
Confartigianato puts the numbers on the table: over the ten months of US tariffs, between August 2025 and May 2026, sectors with the highest concentration of micro and small businesses — fashion included — show an 8.3% decline.
Geography tells the same story differently: Lombardy -12.3%, Veneto -6.4%, Emilia-Romagna -3.1%. Only Tuscany grows, +7.8%. Those with a premium position and loyal customers absorb the shock better; those working on thin volumes feel every percentage point.
Lineapelle, Milan gets ready
From 15 to 17 September, Lineapelle returns to Fiera Milano Rho for its 108th edition. With almost two months still to go, confirmed exhibitors have already passed the thousand mark: tanneries, yarns, materials for footwear, leather goods and clothing.
It's the most reliable thermometer for Italy's leather supply chain: as more players show up, confidence grows in what gets built over the months ahead.
September in Milan: the womenswear fashion week calendar
CNMI has released the provisional calendar for Milan Fashion Week womenswear, from 22 to 28 September: 60 shows, 54 in person. Prada opens, Tuesday 22 in the early afternoon.
Among the debuts, Moschino's new creative directors and the brand Marques'Almeida, winner of the LVMH Prize. Nine days that, once again, put Milan at the centre of the international calendar.
In short
Cucinelli grows and raises its estimates. Exports suffer under tariffs, especially where businesses are small. Lineapelle gathers confidence early. And Milan gets ready for a packed September. Four different signals, one direction: quality is measured, not declared.