Its a HARD business. Its an over populated business. Its often an over thought business, which leads to higher costs / lower profits.
Plus, to me, Italian Food is just about the dumbest thing to spend money on - its so easy to make pretty good italian food (pasta, can of diced tomatoes, can of pureed tomatoes, throw in the meats, cook it all together, put it over pasta, sprinkle cheese, BOOM, italian). The only cuisine I'll ever gladly pay for is asian ones, like Thai, Vietnamese, sushi or traditional chinese. I can't really make them.
Also, Jaime Oliver, doesn't really scream ITALIAN to me. Farm to table organic fine casual-fine dining is where I'd put him.