Salvatore Ferragamo CEO Michele Norsa recently said the group had closed 2013 in line with its expectations, but that it was important to wait until the end of the Chinese New Year in January to make forecasts for the year. “Travelling keeps being a strong driver of growth,” Norsa told reporters before the show at Milan men’s fashion week, singling out Chinese tourists to Europe and the United States.
Chinese luxury consumers, who make up for almost one third of the market, are increasingly shopping abroad, partly thanks to simpler visa procedures in the United States and some European countries. The official ban on gifting of luxury goods in China has not affected Ferragamo’s core business, Norsa said.
Salvatore Ferragamo new store Shenzen, China
More from NEWS
Alexander McQueen is cutting 20% of its staff
Alexander McQueen is cutting 55 jobs at its London headquarters, representing 20% of its staff, as it struggles with falling sales, …
GUCCI owner Kering continues downfall but there are hopes for recovery
Sales at Gucci fell by 14% in the third quarter with overall group sales down 5% on a like-for-like basis according to …
Hermes third quarter sales rose by five percent to 3.9 billion euros
HERMES said sales growth in the United States accelerated slightly in the third quarter by 7.2 percent to 714 million …
