There is a bunch of articles in "reputable places" going back years that assert that the "Made in Italy" label can be slightly misleading due to a lot of the work being subcontracted/outsourced to the Chinese factories. Which is the standard operational procedure in many industries, including the photo-video, as evidenced by the various Covifd-19 related plant shutdowns.It is pure conjecture though...
Side note - "Made in the USA" comes under the same criteria. An "American" car can have components made across the globe, from the German transmission (ZF or MAGNA/Getrag) to the Chinese steel to any of a dozen countries with a tire plant (Michelin has plants - copying of Google - in France, Germany, Serbia, Poland, the US, the UK, Canada, Brazil, Thailand, Japan, India, Italy and - most importantly! - many others.
Here's an article on the globalization of the tire industry.
https://www.consumerreports.org/cro/tires/where-are-tires-made
As to why Chinese are present in the fashion capital of the world - a lot of the top tier products are hand-made and China has provided a great bang for the buck in terms of price/quality for a long time.