The Guest Blog

A fistful of euros

By Alessandra Flora

Alessandra FloraWhat is happening in Italy? We are selling our best family companies. It’s a very sad situation, getting more and more absurd.

What about the eminent tradition we have built we our own hands?

I could not believe the news: on 10 July the French giant LVMH (better known as Louis Vuitton Group) bought one our best enterprises, the Italian wool and cashmere brand Loro Piana, paying 2 billion euros.

But Loro Piana is not the one: for instance we sold Parmalat to Lactalis, Gucci, Bulgari and Pomellato to LVMH, Valentino to a migthy sheik. Even Rome’s football team has been sold to the Americans.

I have some questions for the Italian Government: what have the enterprises got to do to make the government care about them? The Government has no plan for this. When did we all get so fearful? I suppose that SME’s do not want to live that way.

It’s time to face the truth: we are losing not only our tradition and our name, but above all our dignity. Is this the end of our industry? We could change our nation, but we are still biting our tongue.

If you want to know how and why the Italian entrepreneurs of Prato, one of the main Italian textile districts gave in to the Chinese, please read Edoardo Nesi’s novel, “Storia della mia gente”. There you will find some answers.

Alessandra Flora is a journalist.

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