The article contributes to knowledge about the evolution of industrial districts specialised in traditional manufacturing industries as a result of internationalization processes. On the basis of a longitudinal field study, the article describes the change in firms’ delocalization that occurred in one of the main fashion-led Italian footwear districts during the period 2001-2009. After the well-known preferential destination towards Central and Eastern Europe, a second, more recent wave of delocalization over long distances is reported. Despite intensified delocalization, subcontracting relationships remain deeply embedded, and the updated evidence indicates a possible homecoming to the original area.