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Ferragamo plans more Indian stores

13/10/2011
Italian luxury leathergoods brand Salvatore Ferragamo has told media that it plans to add stores to its retail network in India to help it meet demand.

Speaking in New Delhi, the company’s chief executive, Michele Norsa, told Bloomberg that there was “almost no limit” to the number of customers Salvatore Ferragamo can attract in India owing to the size of the population, the age of the population, and the number of high net-worth individuals there.

Ferragamo Retail India, a joint venture with local operator DLF, started up in 2008 and currently operates four stores in India. Mr Norsa said the company would add six more retail outlets over the next five years.

Bloomberg quoted an AT Kearney and Confederation of Indian Industry report, which put the 2010 value of the Indian luxury goods market at just over $2 billion, up 29% from the year before.

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