Italian fashion is catching its breath. After a still-slumping 2025 (-2.6%), Fashion Economic Trends depict an industry that, while still under strain, is beginning to show real indications of recovery. After eight consecutive quarters of contraction, the main industries (textiles, clothes, leather, leather goods, and footwear) resumed growth in the third quarter of 2025. July saw a 1.4% year-over-year increase, which was bolstered by September's 5.7% growth. The slowdown recorded in October and November did not erase the overall improvement. The decline in the first eleven months of the year was -2.7%, reversing the trend from the first half of 2025. Provisional projections show that turnover in 2025 will be 93.3 billion euros, a 2.6% decrease from 2024. Forecasts for 2026 show a return to positive growth of roughly +1%, with a risk scenario that alternates between pessimistic assumptions and more sustained growth of up to +4%. Related industries (jewelry, costume jewelry, beauty, and eyeglasses) performed differently, with the third straight negative quarter, exacerbated by the weakening of jewelry and eyewear in overseas markets. Italian fashion exports experienced a 4.1% decline in the first ten months of 2025, with core sectors experiencing a 2.1% decline and affiliated sectors experiencing an 8.3% decline.