After 40 years of embargo, from January, trade with Iran can be restored.
That’s why Italy decided to open and improve economic relations with Iran in terms of luxury goods and textiles.
The agreement has been signed by Sistema Moda Italia (SMI) and Teheran Garmet Union (TGU), the most important organization in the Iranian textile and apparel sector, that consists of more than 20 thousand firms.
The Memorandum of Understanding (MoU) (this is how the agreement is called), is part of the Italian Business Mission (Missione Imprenditoriale) in Iran, guided by the Prime Minister Matteo Renzi and wanted by the Italian Ministry of Economic Development and by the Ministry of Foreign Affairs and International Cooperation.
The main aim of the agreement between the two countries is to develop a mutual process of internationalization of the firms working in the fashion textile and apparel sector.
So, it is based on the common desire to increase import-export relations and improve the industrial cooperation in order to share the fashion textile know-how.
In addition, the signatories are determined to ease the bureaucratic burden that weights on Italian firms that want to open commercial relations with Teheran: they will directly obtain the licence from the TGU (the specific body created by the Iranian Government).
Claudio Marenzi (President of SMI) declared that “ Iran represents an important market and Italian firms will grasp the big opportunities it offers”.
In fact, as MFF Elia Saramin (general manager of ItalPersia trading) explains, the 17 February, Roberto Cavalli opened his first store in Teheran (and the embargo was still operating) and, at the end of April, Versace also will open his own.
Saramin also stated: “ Our group is still talking with other luxury Italian brands in order to create the first Iranian department store of Western luxury products and a virtual market place where to sell fashion, design and beauty.”
It is also said that Sephora (controlled by Lvmh group) will open 7 stores in Iran by the end of the year.