Crisis takes its toll on luxury fashion stores in Florence (Italy)

VIA TORNABUONI in Florence is not just the city’s fashion highstreet, it is practically a landmark for luxury retail in Italy. At an international level Tornabuoni can be compared to Faubourg St Honore in Paris or Madison Avenue in New York. Unfortunately, the current international crisis has growing negative effects on cities such as Florence which depend on wealthy international travellers. On August 31st VERSACE closed its store on Via Tornabuoni, while recently Trussardi and Brooks Brothers closed too. However, there are few brands such as GUCCI and PRADA, which have managed to maintain their sales levels at their stores in Florence. Many of the remaining luxury fashion brands hope for a fast recovery and look at the newly opened FOUR SEASONS which can bring a new sophisticated and weathy client base.