Florence-based luxury retailer Salvatore Ferragamo’s global sales got a boost from China in 2013. China sales grew by 20 percent.
China remains a major contributor despite “higher rentals” and fewer store openings there compared with two or three years ago, said Ferragamo’s CEO Michele Norsa.
Ferragamo has more than 75 points of sale in China and the company believes the “coverage of territory there is quite well distributed.” There are no plans for major expansion; instead, the company will open three or four stores a year, with “opportunities in airports” given some new terminal openings.
Norsa sees China progressing at “two speeds,” as Beijing and Shanghai are “impacted more by problems of pollution and traffic, even more than by anti-corruption regulations, while second- and third-tier cities are still healthy and with potential to increase,” reports WWD.
In 2013, Asia-Pacific sales grew by 11 percent to 466.5 million euros, or $615.7 million and accounted for 37.1 percent of Ferragamo’s total sales.
image credit: ferragamo