FERRAGAMO CEO confirms gradual recovery

Michele Norsa, the designated administrator of Italian group SALVATORE FERRAGAMO anticipates sales to recover by the end of 2009, yet the recovery will be a slow one and will not return to previous levels. He also highlights the fact that the luxury consumer buying habits have changed, being much more cautious and paying less attention to trend, but rather value. Also, evening events and social events have diminished, therefore, there will be less demand for evening apparel. The best performing markets for Ferragamo in 2009 have been Brasil, China, Mexico and Korea.