Global luxury sales arent deteriorating anymore at all, says Francois Pinault owner of GUCCI GROUP
PPR, parent company of GUCCI GROUP, the third largest luxury group in the world reported positive results on Friday for the first half of 2009. Sales in China and Hong Kong advanced by 11%, while sales in emerging markets advanced by 15%, offsetting declines in Europe, U.S.A. and Japan. Francois Henri Pinault, CEO and owner of PPR stated in a recent interview, following the annoucements of results, that September will be the key month to evaluate the beginning of recovery. He also ruled out any aquisitions for the next 18 months, stressing his focus will be to cut costs to maintain profitability and reduce debt. Total sales for the PPR Group fell by 3,6% to EUR 9,2 bn and the operating profit fell by 5%. Also this week, Leading Italian jewelry and accessories maker BVLGARI reported narrower losses for the first half of 2009.