2026 Milan-Cortina Olympics: luxury as a lever for Italian soft power

The 2026 Milan-Cortina Winter Olympics made sporting history with great fanfare, notably thanks to an opening ceremony that showcased Italy's prestigious heritage in the arts, history, and luxury. While sport remains at the heart of the event, the Games are also a powerful catalyst for visibility and economic benefits, particularly for the Italian and international luxury sector. With more than 850,000 tickets sold out of the 1.4 million available even before the start of the Games, the event is attracting an audience with high purchasing power until February 22, 2026.

According to estimates by the Venetian banking institute Banca Ifis, the organization is generating up to €5.3 billion in economic benefits for Italy, divided between immediate spending by visitors on site (€1.1 billion), tourist stays (€1.2 billion), and a broader impact linked to hotels, restaurants, and local commerce. For Milan, one of the world's fashion capitals, and Cortina d'Ampezzo, a symbol of Alpine chic, these figures represent an unprecedented windfall.

Fashion took center stage right from the opening ceremony. A tribute to Giorgio Armani was incorporated into the opening show, with rows of models embodying the colors of Italy, while supermodel Vittoria Ceretti carried the national flag in a white Armani Privé dress. The group did not limit its presence to this symbolic moment: Emporio Armani is dressing the entire Italian team and delegation members. Other international brands have also been called upon to provide uniforms for athletes. Ralph Lauren is outfitting the US delegation, while Moncler is making its return to the Olympic stage with outfits designed for Brazilian athletes.

Beyond the official outfits, the impact of the Games on the luxury trade is very real. Several leading brands have invested in or renovated their retail spaces in Cortina and Milan. Houses such as Prada, Loro Piana, Louis Vuitton, and Dior are strengthening their presence in the areas most frequented by Olympic visitors, anticipating a significant increase in demand and a growing international clientele.

These investments are not merely symbolic. Milan, already a global luxury hub, is boosting its appeal thanks to the estimated three billion viewers worldwide who will be following the competitions on television or social media.

The commercial impact of luxury goods generated by the Olympic Games in Italy is also part of a broader political and cultural vision. According to the rhetoric of the current Italian government, these Games are an exceptional platform for promoting “Made in Italy” as a symbol of global excellence. The opening ceremony sequences, combining Italian fashion, art, and heritage, helped to convey this message internationally, amplifying the soft power associated with these sectors. In line with this, several events at the crossroads of luxury, culture, and sport are being organized during the Games, such as The Luxury Icons project, presented via Montenapoleone in Milan until February 22.