Ferragamo points to revenue growth in 2016 at least twice the performance of the world economy through a new geographic expansion and a sharp acceleration in the online industry.
“For the luxury sector markets began the year turbulently as they had done last year. But beyond the trend of equity markets for the industry we can expect a better 2016 than 2015,” Ferragamo CEO Michele Norsa said in Milan.
“I usually give myself the goal of growing at least twice the rate of the world economy. In recent years we have been able to grow a bit ‘of the global economy and better times of our industry.” The latest estimates from the World Bank of a global economic growth of 2.9%.
As for exposure in China, the CEO said that despite strong swings “the title is still up 7% in 2015: there is a correlation with the Chinese market, but sometimes it’s more emotional than real. There is a real dependence on China, where there is still a middle class of 120 million people that is growing, there are important new cities, new airports. “
“Certainly it will have more growth from emerging market.” Concluded by expressing more confidence in the prospects of Mainland China to the situation “more complex” of Hong Kong. Ferragamo looks still other countries to support growth. The manager mentioned in particular Australia and Mexico, Bolivia and Paraguay, Korea and Cambodia. Iran is another target where I have just been lifted international sanctions following the agreement on nuclear power.
“Currently we do not have our own shop in the country, but it is already significant in terms wholesale. I believe that Iran will have an acceleration, even in the short term.” In general, the program of new openings for the current year is 18/20 new stores, like last year. There are no closures, even in China, where the last quarter are indeed opened three stores, “in case some replacement.”
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