Globalization of business has seen countries importing and exporting goods and services. An import is any good or service brought from one country to another country with the intention of selling it. It is simply a good or service brought to another country for sale. On the other hand, exports of good and services consist of transactions in goods and services from a resident to a non resident country (Mohan, 2009). Fashion industry has not been left behind in the importation and exportation of their commodities. Italy, which is renowned, for its fashion prowess, boasts of designers such as Armani, Dolce and Gabbana, Versace, Valentino, Prada, and Roberto Cavalli among others (Cumming, 2004).
In this case, it is giving countries like the United States of America a run for its dollars in high fashion. Italy’s fashion industry is enormous and; therefore, it exports its products as well as imports a lot of exotic items especially from the Asian continent. The demand for its products by other countries around the globe is also high. Italy has, therefore, tapped into both ways hence reaping immense of profits. I, however, advocate for Italy buying domestically for retailing the item instead of importation.
We Will Write a Custom Case Study Specifically
For You For Only $13.90/page!
This carries with it a number of advantages. Buying domestic products, for instance, will help Italy’s economy flourish and at the same time keeps its citizens employed. Importation of products may offer high-profit margins but does not boost Italian economy significantly since the products come from foreign countries. In a nutshell, buying domestically nourishes Italy’s economy as well as keeps the Citizens working. In conclusion, buying Italian fashion products ensures that business survives; people have jobs, and the prosperity of the economy.
This owes to the fact that the people. Primarily lose jobs due to over reliance of products from other countries, therefore, siphoning money to foreign countries.