Roberto Cavalli and Ermanno Scervino, cautious financial expectations
If the luxury industry is growing less this year after enjoying nearly three years of bonanza, this not a drama, the head of Italian fashion house Ermanno Scervino said on Thursday. Analysts expect the global luxury industry to grow between 7 percent and 9 percent in 2012, below the double-digit growth levels seen after the 2009 financial meltdown.
Scervino is targeting 3 percent revenue growth this year, in line with its past years but far from global trends in 2011. “There is nothing problematic with a 3 percent growth. Our focus is to improve production and grow in the long term,” Chief Executive Toni Scervino told the Reuters Consumer and Retail Summit in Milan.
His remarks echoed those of the chief executive of fashion house Roberto Cavalli, Gianluca Bronzetti who told the Reuters summit he expected group revenue to grow between 5 and 6 percent this year. Brozzetti said luxury groups should not set too ambitious targets for this year’s financial results, given the macroeconomic scenario. Both Scervino and Brozzetti expressed confidence that the luxury sector is better positioned than other industries to sail through the global turmoil, as demand for high-end products from emerging markets is expected to remain strong.