Statement by Mario Pozza, President of the Treviso-Belluno Chamber of Commerce | Dolomites
“The Montebelluna Sportsystem District is now at a strategic crossroads: amid divergent geopolitical thrusts and global interdependencies, it is therefore called upon to rethink itself beyond manufacturing alone. With 579 companies and more than 7,800 employees, its “expanded” perimeter offers fertile spaces for contaminations with health, technology and sports experience. I am pleased that 2 out of 3 companies are within digital transformation and across multiple classes of technologies. The Chamber of Commerce , again this year, always listening to the needs of businesses, is supporting the dual digital and ecological transformation with a 1.3 million euro grant announcement. I believe that the transformation period is also the best period to create better products. In fact, the transformation process requires identifying strengths to generate new value at the edges of the supply chain, exploring digitization, innovation and the centrality of the individual. It is time to reopen a virtuous cycle of cross-fertilization, also looking to international successful models.
The collaboration whose results we are presenting today is a concrete expression of the value of the network, which unites institutions, the productive world and the financial system in a constructive dialogue. An opportunity to reorganize and “bring on board” qualified young collaborators and giving them space to propose because the younger generations are among the levers of change. Listening to the wishes of consumers, who are increasingly attentive to products that know how to put meaningful experiences before the product itself, is essential. Finally, exports must consider new markets by disengaging from the usual strategies and moving toward emerging markets. In October in Treviso we will have the Pymes forum with countries from Latin and Central America who will come to learn about our economic system and our companies.”
The Treviso and Belluno|Dolomiti Chamber of Commerce studies. In an international economic situation characterized by strong instability, the regional Fashion System, which includes footwear, also still shows a -1.8 percent year-on-year drop in production in the first quarter of 2025. The labor market holds up: the 2019-2024 balance is still positive (+176 employee units). Employment balance in Q1 2025 is also positive (+41 employee labor units). Permanent contracts continue to grow, given the need for companies to “bring on board” qualified personnel, given the complexity today of labor supply/demand matching processes. Substantially stable is the total number of enterprises in the District. As of Dec. 31, 2024, there were 579 business locations and 164 local units (branches). The entire Sportsystem moves 7,824 employees, nearly 17 percent of the total employment in the 16 municipalities of the District, for an estimated production value of 3.2 billion euros (2023 data). Among the trends and opportunities: exploring the expanded supply chain space beyond the perimeters, in a geographical and sectoral sense, of the District.Intesa Sanpaolo studies. Positive signs for the District’s exports, which recorded a 3.2 percent increase in the first quarter of 2025 compared to the corresponding period of 2024 (402 million euros is the value of exports in the first quarter of 2025. 1.6 billion is the export value in 2024). The main outlet markets include the United States, France, Germany and Spain while new destinations emerge (Northern Europe, Turkey, Czech Republic, Korea and Canada).
The outlook for the coming months will have to take into account what will be the evolution of U.S. trade policies: among the strategic choices of companies emerge the search for new customers and suppliers in new markets and the anticipation of sales and deliveries to the U.S.
Helping in the current context may be a capital structure that among District firms is gradually strengthening (in 2023, the ratio of equity to liabilities rose to 39.8 percent, from 32.3 percent in 2019). Crucial will be the investment in human capital and generational accompaniment.
Quality and positioning in the supply chain are increasingly strategic.
Businesses are increasingly focusing not only on diversifying their target markets, but also on recovering the efficiency of production processes and introducing and enhancing technology.
THE TREVISO-BELLUNO DOLOMITI CHAMBER OF COMMERCE REPORT. ECONOMIC DYNAMICS AND EVOLUTIONARY TRAJECTORIES (CURRENT AND POTENTIAL)
International scenarios continue to generate high uncertainty, also making it difficult for international observers to exercise growth estimates. Net, however, in the IMF’s April forecast, is the deceleration of world trade: which will fall from +3.8% in 2024 to +1.7% in 2025. As for GDP, globally it will grow by +2.8 percent in 2025, at half the rate in advanced economies, for “zero percent” in the euro area.
Even the Veneto region, according to Prometeia estimates, will have to make do with an estimated GDP growth of +0.8 percent, even though employment is holding up. Interesting is the gap between estimated growth in disposable income (+3.2% in current values) and estimated growth in household consumption expenditure (+0.9%). Amid uncertainty and fears of inflation backfiring, cautious behavior thus remains. Savings are preferred to consumption.
The expected dynamics of added value is also flat: in Veneto it is estimated to grow by +0.8%. But in industry this growth will be slightly stronger (+1.1%): a sign that in this sector a recovery of productivity is underway, not only in the last year (unlike in services).
Against this macroeconomic backdrop are the economic dynamics of regional manufacturing, as monitored by Unioncamere del Veneto’s survey of a large sample of nearly 2,200 firms with more than 10 employees, which also makes it possible to analyze sectoral trends (although it cannot go into district detail).
For the Fashion System, which also includes footwear, the various indicators monitored (production, turnover, domestic and foreign orders) continue to show an underlying weakness: after the post-Covid planning imbalances, still in the first quarter of 2025 production is down -1.8 percent year-on-year, which brings the degree of plant utilization to 66 percent. Only foreign orders show a cyclical rebound of +2.7 percent, an effect in part also of “demand advances” due to fear of Trump’s tariffs.
In spite of everything, the district labor market holds, although a distinction must be made between short-term and medium-term dynamics. For this indicator, thanks to the data provided by Veneto Lavoro, it is possible to monitor the district’s dynamics on time, both with reference to the territorial perimeter and Sportsytem activities.
True: in the last two years (2023 and 2024) hiring has slowed down, after the post-pandemic peak, and the employment balance has turned negative (-154 employee jobs just in the last year). But we can still talk about a positive balance of +176 employee jobs with reference to the five-year period 2019-2024. And permanent contracts continue to grow: given the need of companies to “bring on board” qualified personnel, even disconnected from economic dynamics, given the complexity today of labor supply/demand matching processes. Also positive is the employment balance in Q1 2025 (+41 employee units) when in the same quarter last year the balance was -13 employee units). Supporting this result are, above all, the district’s core activities: production of footwear and sporting goods.
Stable, basically, are the business demographics in the district. According to data from Chamber of Commerce archives, as of December 31, 2024, there were a total of 579 business establishments in the Sportsystem district: of which 229 are in core activities (footwear, sporting goods, leather goods) and 350 in related activities (textiles, clothing, design). To these are added 164 local units (branches).
The entire Sportsystem moves 7,824 employees, almost 17 percent of the total employment in the 16 municipalities of the district, for an estimated production value of 3.2 billion euros (the latter figure derived from the financial statements of the joint stock companies operating in the district supply chain, and related to 2023).
Compared to the previous year, the total number of companies remains essentially stable, with a slight decrease of -9 locations and -5 branches. In the last 5 years, however (between 2019 and 2024), Sportsystem has lost 74 locations (just offset by + 2 branches).
In the rest of manufacturing it is worth noting, in the same period, the opposing dynamics between declining locations and growing branches: movement under which there are phenomena of mergers and acquisitions, all of which need to be monitored, because they change the so-called links of proprietary control in companies in the area (and therefore of potential industrial partners of Sportsystem as well).
The tertiary sector is growing, especially business services: however, retail trade remains in difficulty, losing 180 business locations in five years (-339 in 10 years).
Suffering most of all from neighborhood trade.
The report then proposes, for maps, some considerations on what is (or can be) an expanded supply chain space, not limited to the historical core of the district (in a sectoral and geographical sense): to be animated with innovation processes by cross-fertilization. Tying more closely production of sports products, applied research and sports experience. Milan Cortina 2026 is already offering interesting insights in this regard, including with reference to the Paralympics, the theme “Sport, technology and disability.”
As technology remains a driving factor, also to explore these evolutionary trajectories, the report finally closes by reporting on another important survey, carried out starting in 2017 by the Study Center of Unioncamere del Veneto, in collaboration with Ca’ Foscari University Venice, on the degree of digitalization of manufacturing in Veneto.
By now 2 out of 3 companies are inside the digital transformation: a share that rises further according to company size and propensity to export. But another figure is also relevant: in 2017, made 100 the number of “digital agent” companies, a clear majority share (59%) was making investments focused on a single technology.
In 2024 – the period of the latest survey – the situation is almost reversed. Almost 52 percent of companies say they make investments on more than one class of technologies (at least 3), thus demonstrating that they make use of different “levers of change”: process, organizational, business model-related. Unfortunately, however, on a scale of investment complexity calculated by Ca’ Foscari researchers using multiple parameters (to make it simple: they combine diversity and specificity of technologies adopted), the Fashion System (let’s go back to this level of observation) still ranks among traditional manufacturing sectors. So, with a lot of room for improvement in terms of approaching the challenges of digital transformation. There are good signs in this regard. In the next three years, probing the investment intentions of companies in digital transformation, product virtualization systems (“digital twins” to support design) will increasingly take hold.
In addition, there will be a strong focus on enterprise data integration, on what Politecnico di Milano calls “Intelligent Business Process Automation”: to tie process optimization to adaptive and predictive decision-making logic, including with the help of machine learning systems, so as to incorporate uncertainty into business governance.
But “pathfinders” will not be enough: the whole supply chain will have to be able to stay interconnected to this continuous game of scenario simulations.
THE INTESA SANPAOLO STUDIES. MACROECONOMIC SCENARIO AND ECONOMIC-FINANCIAL ANALYSIS OF THE SPORTSYSTEM DISTRICT.
After almost two years of retreat, positive signs emerge in the first quarter of 2025 for the export of the Montebelluna Sports Footwear and Sportsystem district, which registers an increase of 3.2 percent(402 million euros is the value of exports in the first quarter of 2025; 1.6 billion is the value of exports in 2024). Among its constituent sectors, footwear (64 percent of the district’s total exports) grew by 1.8 percent, for sporting goods (23 percent of the total) the increase was 13 percent, while bicycles, parts and accessories (with a 13 percent share) basically maintained the previous year’s levels (-0.8 percent). In the footwear sector alone, the district also did better in comparison with the other Italian districts in the sector, which as a whole fell back by a trending 15.4 percent in the first quarter of 2025. Export values, however, have not yet recovered the levels of the first quarter of 2023, with a gap of about 15 percent, particularly footwear (-19.4 percent) and bicycles, parts and accessories (-12.8 percent); sporting goods, on the other hand, show an increase of 10.7 percent.
Among outlet markets, a decisive role should be given to the district’s traditional trade partners; above all the United States (+5.9 million in the first three months of the year compared to the first quarter of 2024), followed by France (+4.5 million), Germany (+2.6 million) and Spain (+1.9 million); new destinations also came to the fore, such as Northern European countries (Norway +1.3 million, Sweden +0.7 million), as well as Turkey and the Czech Republic (+1.3 million for both), Korea (+0.7 million) and Canada (+0.5 million).
The outlook for the coming months will have to take into account what will be the evolution of U.S. trade policies: in fact, the United States is a relevant market for companies in the district, which are adopting a mix of strategies to counter the effects of the introduction of duties. According to an internal Intesa Sanpaolo survey involving specialists supporting internationalization processes, among the strategic choices of firms are the search for new customers and suppliers in new markets and the anticipation of sales and deliveries to the US.
But it is above all the leverage of quality that can be a valuable tool for maintaining overseas market share, as it makes products less substitutable and more appreciated by a high-spending customer base. Companies are also focusing on reorganizing their production and distribution structure. Among the most promising markets, again from the survey’s findings, some Middle Eastern countries (such as the United Arab Emirates and Saudi Arabia) emerge because of the presence of high-spending consumers, India because of its growth prospects, North Africa, which is viewed positively not only for its growth prospects but also for its low competition, and Latin America. The Middle East and India are also mentioned as possible areas where to activate new foreign holdings, as well as, of course, the United States to counter the effect of tariffs. Among the services that could facilitate the development of internationalization, companies in the Northeast could benefit from support in the search for customers, intermediaries and partners, consulting and training, and financing for foreign development.
In the current context, a progressively strengthening capital structure can help (in 2023, the incidence of equity on liabilities rose to 39.8 percent, from 32.3 percent in 2019), as revealed by an analysis of the balance sheets of the district’s enterprises (121 balance sheets analyzed), although high heterogeneity of results remains. Crucial will be the investment in human capital and generational accompaniment: firms with at least one under 40 on the board (14 percent of the total sample) show greater growth in turnover between 2019 and 2023 than those with a board consisting entirely of over 65s (+20.4 percent vs. -0.8 percent); profitability is also higher (10.8 percent ebitda margin in 2023 vs. 7.9 percent of those with all over 65s).
Quality and positioning in the supply chain matter: according to the results of a survey of Intesa Sanpaolo’s corporate branches, turnover trends in 2025 will be positive for artisans focused on high-quality handmade products and for luxury groups. Businesses are increasingly focusing not only on diversifying their target markets, but also on recovering the efficiency of production processes and introducing and enhancing technology.
Statement by Pietro Pelù, Commercial Director Enterprise Veneto East and FVG of Intesa Sanpaolo’s Baca dei Territori
“The quality of production, the capacity for innovation and positioning in international markets are among the factors that make the Sportsystem district an excellence recognized and appreciated in the world.As a bank and institution serving the growth of territories, we offer support and concrete solutions to best meet the challenges of sustainable and digital transition and to accompany companies in technological, geographic and generational repositioning. Continuing on the path of integrating craftsmanship with innovation and incorporating in-company solutions for welfare, protection and professional growth, the Sportsystem can become an opportunity young graduates and an incentive to stay in the territory. In the Northeast, to date, we have involved more than 10,000 employees with our corporate welfare programs, which, thanks to new solutions, are also accessible to small and medium-sized companies.”
Statement by Gianni Frasson, President Sportsystem Foundation
“The data collected by our Economic Observatory show us that we are going through a long and difficult period. From Covid we inherited instability and distrust. But history teaches us that from every crisis a new era of development has emerged, bringing the world to a level of prosperity that we did not even dream of 20 years ago. So where can we start again? Roots and innovation are fundamental, but they can no longer suffice. I believe that today we need to rediscover and revive passion, join forces across the entire supply chain, strengthen the link between producer and user, intercept a romance between what we know how to do and what we want to share. We need to preserve and enhance that intangible heritage that makes us unique in the world, improving the attractiveness to young people and also the communication of “made in District.” We need to recreate that enthusiasm in looking for our products, that wonder effect that must lead every customer who enters a store to say, wow, that’s just what I was looking for.”
