Salvatore Ferragamo expands in South America
At a Latam Conference taking place in Miami, Diego Stecchi, Managing Director for Latin America at Italian luxury house of Salvatore Ferragamo, confirmed his company’s plan to further expand in South America. Salvatore Ferragamo is set to open 10 mono-brand stores and 12 shop in shop (corners) by 2015, targetting Colombia, Chile, Peru. Ferragamo opened its first mono-brand franchise earlier this year in Peru, in the capital city of Lima. The expansion will bring Ferragamo’s presence from 84 doors (at present) to 106 doors.
Currently, Ferragamo operates 19 mono-brand stores in South America, 7 in Mexico, 4 in Brazil and the rest in Chile, Colombia and Argentina. Stecchi also added that 60% of the new doors of Ferragamo in South America will be 60% directly owned by Ferragamo and the rest will be operated in franchising.
As an interesting characteristic of the Latin American luxury consumer, Stecchi added that Latin Americans are more formal (compared to US Americans and Asians) and they prefer warmer, cozier shopping environments, hence the smaller sized stores.
adapted from WWD