News / From the associates

The research conducted by Kroll analyzed a representative sample of the top 50 companies by revenue in the four sectors that epitomize “Made in Italy”—Food, Apparel, Furniture, and Automation—which together generate approximately 10% of Italy’s GDP. Using the market multiples method and financial statement data from the past ten years, the hypothetical enterprise value of the companies was estimated—that is, their value if they were put up for sale today. The analysis considered factors such as size, growth, and margins, assigning a score from 3 to 9 points to each company and selecting the corresponding EV/EBITDA multiple. The comparison was based on over 100 comparable companies in mature economies (the U.S., Canada, the U.K., and the EU), taking into account dynamics such as acquisitions, IPOs, and delistings, the emergence of new brands, and the introduction of the framework law protecting “Made in Italy.”

The results confirm a clear appreciation of “Made in Italy” globally: the aggregate enterprise value of the 200 companies rose from €224 billion to €398 billion (+77%) between 2014 and 2024, with an average annual growth rate of 6% and revenues up 62%. The sectors with the best performance are Furniture (+133%) and Apparel (+98%), followed by Automation (+79%) and Food (+25%).

In particular, the furniture sector benefited from growing international demand, with revenues rising from 7.7 to 13.1 billion and a CAGR of 8.8%. Apparel also showed strong growth, though it slowed in the second five-year period (CAGR from 15.3% to 0.6%). In automation, the value rose from 89.7 to 160.9 billion, also supported by a boom in military orders. The food sector showed more moderate but steady growth, rising from 47.2 to 58.9 billion, with solid margins and revenues up 75%. The entire decade, marked by global crises, fluctuating interest rates, and geopolitical challenges, nevertheless saw a structural strengthening of Italian excellence in key sectors of the national economy.