Milan Fashion Week is due to start today (February 22nd), with observers around the world looking on in a bid to identify the big trends and styles of the future.
Designer brand Gucci is due to show some of its luxury goods at a special display on the first day of the event, while the likes of Prada and Giorgio Armani will follow soon after, according to Reuters.
In total, some 72 catwalk shows are planned for the week, which tends to attract thousands of buyers, experts and members of the press.
The majority of the high-quality labels that are attending the event will be exhibiting their autumn/winter collections for 2012. It is said by the news source that this year's Milan Fashion Week could be particularly important for Italian designers.
That is because the National Chamber of Italian Fashion is forecasting a 5.2 per cent reduction in sales in the market in 2012, compared with a 5.5 per cent growth last year.
As a result, many of the brands will be chasing Asian investment in Milan in order to sustain themselves through a difficult period.
Milan Fashion Week starts hot on the heels of similar shows in London and New York, both of which have been held this month.
Commenting on the prospect of a decline in sales, Mario Boselli, fashion chamber president of Italy, said: "Our fear is to see again what happened between 2008 and 2009, when fashion sales dropped [by] 15 per cent. This time the crisis shouldn't be as bad, because brands have slimmed down their operations and expanded in emerging countries."
Exports to countries outside of the European Union are likely to hold the key to success in 2012 for Italian brands, as this market is expected to grow by two per cent, whereas the European sector is predicted to contract.