Fashion, made in Italy: good results in 2019, drop expected in the first half of 2020.  According to the National Chamber of Italian Fashion, the first half of the year recorded a moderate growth and a slowdown in the second part, due to Italian macroeconomic situation and international changes. In December, the perception of the economic outlook had improved. The world economy was progressing along a path of moderate development thanks to the clearing up of tariff conflicts between the US and China and Brexit path. In a few weeks everything has radically changed because of geopolitical factors: in the Middle East with the tightening of Iran-US relations, the Trump plan for Palestine and the Libyan crisis, in Europe for the final stage of the Brexit agreement negotiations and, above all, the alarm for the Coronavirus epidemic in China. The economic impact of the epidemic is currently not calculable and the measures of the Chinese government are unprecedented. A comparison with the Sars epidemic of 2003-2004 can provide a minimal impact scenario. The ‘optimistic’ simulation with the Sars parameters indicates a reduction in Italian fashion exports to China of 100 million euros at least in the first quarter of 2020 and 230 million euros throughout the first half of the year. An ‘intermediate’ scenario would determine a contraction in the turnover of the fashion industry between -1.5% and -2.5% compared to the first half of 2019, caused by a contraction in exports between -0.5% and -1 percent.