Ferragamo CEO: Italy loses out to other European countries on incoming weathy Chinese travellers
In a recent interview to MF, Michele Norsa, CEO of Italian luxury company Salvatore Ferragamo indicated that Italy has been losing on attracting wealthy Chinese shoppers who first arrive in Europe, in Paris or Frankfurt to then fly to Italy. By the time they arrive in Italy, Chinese will have already made their shopping of luxury goods. One of the urgent measures that should be taken is to introduce more direct flights from Milan and Rome to major cities in China.
According to Norsa, there are 70 million wealthy Chinese who are travelling extensively and over 400 million Chinese consumers who are potentially online consumers. Ferragamo, which is the European luxury brand with the widest presence in China (over 34 cities and 60 stores) will continue to expand in China. Michele Norsa also added that Chinese wealthy consumers are becoming more demanding – their focus on craftmanship and Made in Italy becoming more sophisticated.