Italian luxury goods sales over the past two years declined by about one billion euros

economic decline knocked Italy's largest fashion houses such as Versace, Roberto Cavalli, Prada, Armani and Dolce & Gabbana. According to the research agency BNP Paribas, the Italian luxury goods sales over the past two years declined by about one billion euros from 16, 6 billion in 2010 to 15, $ 7 billion by the end of 2012. The largest company for the production of luxury goods LVMH (brands Louis Vuitton, Givenchy, Guerlain, Chaumet, Moët & Chandon, Hennessy, Bulgari and others) reported that sales in the domestic market declined by about 20%. Tod's reports about 16, 9 percent drop, and now the company plans to close 130 stores from 800 and turn their attention to other countries. The reasons for this situation somewhat. One of them is called a limit on cash transactions in excess of € 1,000, set by the Italian government in the fight against the crisis. Another reason for the weak- interest in brands, most of which were created in the 1980s and 1990s, on the part of young people. Italian brands are frantically looking for investors from abroad, but to reverse the situation is not yet possible. Other European brands such as Burberry and British Mulberry, too, are going through hard times. However, their situation is much more stable than that of the Italian companies.