In the coming years, we don’t think new high-end leather goods manufacturers will emerge. The existing ones are working at a reduced pace. In addition, there is a flourishing second-hand market: that’s why we are innovating on automation, in material handling. We are thinking of automated processes and/or collaborative robots.

Does it mean luxury will not recover?


Not until consumption in China picks up again.


And is Omac competitive only in the high-end and luxury segments?

Those serving other price ranges buy Chinese machines. Only in Europe and a few high-level companies in India buy European machines, but customized ones. Each group has its own production method and different needs. Production has changed: lower volumes and more customization, which means that margins for companies like Omac are under pressure. Production rates are too low to support structures created for higher volumes.

What are the most dynamic geographies in high-end leather goods?


Portugal, France (which still has significant production) and North Africa. Then there are new destinations resulting from the shifts caused by US tariffs. Indians have built leather goods factories in the United Arab Emirates, for example. Meanwhile, all of Central America (Mexico) and South America have slowed down.

What strategies can be used to challenge the market?

The more time passes, the more I am convinced that M&A is the only possible choice, also because it allows us to create groups that are attractive to Chinese investors. And this would also be a favorable period for operations of this kind because companies’ latest financial statements are not brilliant. We need to join forces without looking too closely at too many details. By now, we have lost the battle with China, but there is always room to be leaders in our sectors. Alternatively, we must hope that the EU protects us in some way. But applying tariffs to Chinese production isn’t the solution, since we all need their technological components.

Synergies and M&A are always complicated in Italy…

True, but there are no alternatives: there is only slow agony. And if we in the sector are unable to aggregate, someone else could do it. Tanneries, for example, could become promoters of a vertical supply chain.

Returning to Omac, what do you expect for 2026?