Milan, April 3, 2025 – Matteo Marzotto, president of MinervaHub and a titan of Italy’s luxury fashion sector, has sounded the alarm over the impact of President Donald Trump’s newly imposed U.S. tariffs on European goods, warning that the duties could severely disrupt the supply chain for high-end accessories. In an interview with La Stampa published Thursday, Marzotto urged caution and negotiation, arguing that a measured response is critical to protect Italy’s €103 billion fashion industry, particularly its artisanal backbone that outfits global luxury brands.
A “Serious Problem” for Luxury Components
Trump’s tariff regime, effective April 2, slaps a 20% duty on EU imports—including a 25% levy on steel and aluminum—and introduces a “reciprocal” framework that could escalate rates further based on trade imbalances. For MinervaHub, a Milan-based industrial conglomerate Marzotto chairs, the stakes are high. The group, which integrates 25 specialized firms like Zeta Catene (chains for bags and shoes) and Galvanica Formelli (metal treatments), supplies precision components to giants such as Gucci, Dior, and Chanel. “It’s a serious problem,” Marzotto told La Stampa. “For the wealthy, the impact is minimal. But for component makers, it weighs heavily.”
Marzotto, whose family legacy spans textiles (the Marzotto Group) and couture (former chairman of Valentino), emphasized that these tariffs threaten the intricate ecosystem of Italy’s luxury supply chain. MinervaHub’s ecosystem, generating over €300 million annually, thrives on exporting high-quality finishes and materials—think brass chains, embroidered fabrics, and exotic leathers—to the U.S., a key market absorbing €18 billion of Italy’s fashion exports in 2024, per ISTAT data. A 20-34% tariff hike could raise costs, squeeze margins, or force brands to pass prices onto consumers, risking demand in a market already jittery from Trump’s trade wars.
A Call for Diplomacy Over Retaliation
As the EU prepares countermeasures—potentially €26 billion in duties on U.S. goods like bourbon and soybeans—Marzotto advocates restraint. “I’m for good sense and caution, even in our statements,” he said. “We shouldn’t get caught up in muscular knee-jerk reactions.” His stance contrasts with hawkish voices pushing for a hardline tit-for-tat, reflecting his belief that negotiation could mitigate the damage. “It’s necessary to negotiate,” he insisted, a nod to his decades navigating the global luxury trade, from relaunching Vionnet to steering Dondup’s denim empire.
Posts on X echo his concerns: “Marzotto’s right—tariffs will hammer Italy’s luxury artisans,” one user wrote, while another speculated, “Negotiation’s the only way to save our supply chain from Trump’s chaos.” With the EU’s trade commissioner, Maroš Šefčovič, set to confront U.S. officials today, Marzotto’s plea aligns with broader calls to de-escalate before retaliatory spirals cripple both sides.
A Fragile Ecosystem at Risk
MinervaHub, formed in 2022 from the merger of Ambria Holding and XPP Seven, embodies Marzotto’s vision of uniting Italy’s fragmented artisans into a powerhouse serving luxury’s elite. Its 1,000 employees craft everything from hand-embroidered fabrics (Jato 1991) to surface finishes (Koverlux), feeding a supply chain that powers €1 trillion in global luxury sales. Yet, U.S. tariffs could disrupt this finely tuned machine. “The componentistica—the little details—are what make our products exceptional,” Marzotto noted, warning that cost hikes could deter American buyers or force brands to seek cheaper alternatives elsewhere.
Italy’s fashion sector, employing 600,000 and contributing 5.3% to GDP, faces a double bind: Trump’s duties coincide with China’s threatened retaliation (15% on U.S. farm goods, rare earth curbs), potentially flooding Europe with redirected demand—or competition. Marzotto, who sold MinervaHub’s majority stake to San Quirico and Xenon in 2023 but remains its strategic head, sees negotiation as a lifeline to preserve Italy’s edge.
A Veteran’s Perspective
Marzotto’s no stranger to crises. He guided Valentino through the 2000s, invested in Vionnet during the 2008 financial crash, and has championed sustainability via MinervaHub’s YHub arm since 2024. Awarded Italy’s Order of Merit in 2023, his call for dialogue carries weight. “An impoverished Italy benefits no one,” he told The Spin-Off in 2020, a philosophy now tested as Trump’s tariffs loom over his latest venture.
As Brussels and Washington brace for a showdown, Marzotto’s warning underscores a stark reality: Italy’s luxury accessories—the chains, leathers, and finishes that define high fashion—hang in the balance. Negotiation, he argues, isn’t just strategy; it’s survival for a craft that’s long been Italy’s pride and profit.
