Italian fashion is going through a moment of great creative upheaval and economic challenges. The main event of Milan Fashion Week Fall 2026 was Maria Grazia Chiuri's debut at Fendi, with a co-ed show inspired by the concept "Less I, More Us". Giorgio Armani ended the week with the first collection designed by Silvana Armani, granddaughter of the founder who passed away last September. Demna presented his first official show for Gucci, while Dolce & Gabbana reverted to its Sicilian roots, featuring Madonna in the front row. On the economic front, the outlook is more dire: the sector's revenue plummeted to €92.9 billion in 2025, with another drop projected in 2026. Exports fell 4.9%, from €91 billion to €86.7 billion. Consumers are being more careful with their spending, particularly on clothing and footwear. Beauty, on the other hand, is faring better due to its relative accessibility and everyday routines. Made in Italy remains a cornerstone of the Italian cultural economy, but 2026 promises to be a year of difficult decisions.