Ferragamo’s 2014 growth to be driven by Chinese travelers abroad
Salvatore Ferragamo CEO Michele Norsa recently said the group had closed 2013 in line with its expectations, but that it was important to wait until the end of the Chinese New Year in January to make forecasts for the year. “Travelling keeps being a strong driver of growth,” Norsa told reporters before the show at Milan men’s fashion week, singling out Chinese tourists to Europe and the United States.
Chinese luxury consumers, who make up for almost one third of the market, are increasingly shopping abroad, partly thanks to simpler visa procedures in the United States and some European countries. The official ban on gifting of luxury goods in China has not affected Ferragamo’s core business, Norsa said.