Ferragamo to offset slow down in luxury goods sales in China by launching e-commerce
The latest luxury house to vamp up their e-commerce is Salvatore Ferragamo who has paired with luxury e-tailer Xiu.com, according to the Jing Daily. The new partnership will start on October 11 and has been described as a ‘major coup’ for the luxury e-commerce hopeful. Xiu’s partnership with Salvatore Ferragamo will give it the much-needed credibility boost at a critical time, particularly against domestic rivals like Shangpin and Omei. Omei recently announced a partnership with U.S. department store Macy’s.
The licensing arrangement signed between the companies will include Ferragamo’s newest collection of footwear, bags, accessories, scarves and ties, with the full collections being gradually phased in after the October 11 launch. At this stage, details are still a ‘work in progress’, but the timing of this launch could be somewhat of a coincidence.
Salvatore Ferragamo CEO Michele Norsa told Reuters recently that he expected sales in some areas of China to slow down until November as consumers continued to spend overseas to avoid China’s stiff luxury taxes and to take advantage of the high exchange rates.Ferragamo will be looking to cash in twice on Chinese luxury demand, both online and people shopping in their boutiques globally