Ferragamo accelerate expansion with directly operated stores
In an interview to Italian daily Corriere della Sera, Ferruccio Ferragamo, President of Salvatore Ferragamo confirmed his company’s expansion strategy through directly operated stores. Last week, Ferragamo inaugurated its 58th mono-brand store in China at the Shangri-La Hotel in Huhehaote.
With the occasion of celebrating its first decade in Russia, Ferragamo will organize on October 20th its first fashion show in Russia. The event will be hosted by Giovanna Gentile Ferragamo and will take place in Moscow at the lavish venue of Pashkov House, designed by architect Bazhenov. Ferragamo operates seven mono-brand stores in Russia.
Speaking about Japan, Ferruccio Ferragamo stressed that it is an important market with great potential which should not be under-evaluated, especially given its strong affinity for Italian made luxury brands. In Japan, Ferragamo has been operating under a majority owned (60%) joint venture with Mitsubishi and Aoi Group.
To explain Ferragamo’s choice of listing on Milan Stock Exchange versus the Hong Kong Stock Exchange, Ferruccio Ferragamo illustrated with the example of Prada’s recent sudden price drop due to reports on a slow down in consumption in China. Prada made its IPO on the Hong Hong Stock Exchange this summer.
By the end of June this year, Ferragamo’s retail network counted 586 mono-brand stores worldwide and the company’s strategy is to expand mainly through directly operated stores.