SOURCING PLAN OFFSHORE COUNTRY PROFILE II: ITALY

Italy is most notably known for its cuisine, fashion and its own unique culture

Textiles constitute as one of Italy’s largest industries

Milan, also known as the epicenter of Italy's thriving fashion industry, is home to a number of world-renowned fashion houses. The country is currently very stable, Italy is continuing to work hard on keeping its fashion industry both responsible and profitable for years to come

Social:

The official language of the country is Italian, which approximately 93 percent of the population speaks, and the literacy rate is an estimated 98%

Private schools, which are mainly run by religious bodies, are permitted and common throughout the country

The country’s constitution guarantees the freedom of art, science, and teaching for all

Culture:

Italian culture is deeply rooted in the arts, family, architecture, music and food Italy has given rise to a number of architectural styles, including classical Roman, Renaissance, Baroque and Neoclassical Italian luxury goods are renowned for the quality of the textiles and the elegance and refinement of their construction Family is one of the most important values when discussing Italian culture Family gatherings happen frequently, and are often centered around food and extended networks of families

Politics:

Executive power is exercised by the Council of Ministers, which are led by Italy’s Prime Minister

Italy has a certain experience in changes of government, having seen 68 different governments within the last 73 years Italy has been known to face political interference, corruption and many more political hardships

Economy:

The Italian economy has progressed from being one of the weakest economies in Europe to being one of the most powerful

According to the Human Development Index, the country enjoys a very high standard of living, and has the world's 8th highest quality of life

Major advanced capitalist mixed economy, ranking as the third-largest in the Eurozone and the eighth-largest in the world

The currency used is the euro, which is worth approximately �1.11 of the United States dollar

Founding and leading member of the European Union and a member of numerous international institutions, including the UN, NATO, the WTO, the G7, just to name a few

The country is a world leader in olive oil production and a major exporter of rice, tomatoes, and wine

Italy’s major export partners include Germany, France, the United States, United Kingdom and Spain

Geographic:

Italy is located within southern Europe on the Apennine Peninsula

Italy shares international borders with Austria, France, the Holy See (Vatican City), San Marino, Slovenia, and Switzerland

Four different seas surrounding the peninsula in the Mediterranean Sea from three sides: The Adriatic Sea in the east, the Ionian Sea in the south, and the Ligurian Sea and the Tyrrhenian Sea in the west

Slightly larger than the U.S. state of Arizona the climate is generally mild `, with cold winters in the north

Natural resources include: mercury, potash, marble, sulfur, natural gas and crude oil reserves, fish and coal

Logistics of Imports:

Ocean Freight because it less expensive, more-cost effective, and a desirable choice for textile and apparel importers

Since Italy is a peninsula and has four different seas around it, using Ocean Freight sourcing would work the best overall to ensure delivery within the entire country