Over the years, there have been some "stories" about things Italian. As an effort to provide some contrast, I would like to offer the following:
Although I cannot think right now of any cameras of prominence from Italy (others may be able to help here), I can say that my Durst 606, M600, M601, and M607 film enlargers are still serving me quite well. In the automotive arena, we have Ferrari, Lamborghini, Maseratti (and, yes, we also had the Fiat 600D). In motorcycles and motor scooters, we have not only Lambretta and Vespa, but also Ducati, M. V. Agusta (Giacomo Agostini found the MV Agusta to be quite adequate for winning FIM Grand Prix World Championships, and the company also makes a very nice helicopter), and who can forget the Rumi race bike and their bicycle like front fork assembly (that went through the fuel tank) with a two cylinder two stroke engine that dumped into two short exhaust megaphones (it still holds the title for the world's loudest motorcycle, although the English Greeves did make a serious challenge).
In spite of the stories over the years, I have noticed that there have been some very nice things that come from Italy.