Ferragamo proves 'very resilient' with profits up 22%
03/09/2012
The Italian company made $70 million in profit during the five months, and expects “significant” global sales growth as the year continues.
“We have been under influence of European debt situation and the euro evolution, which keeps generating certain difficulties and changed consumer behaviour," said its chief executive, Michele Norsa, during a conference call after the results. "In this environment the luxury industry is proving to be very resilient."
The up-market Italian brand last month opened a revamped and 60% enlarged flagship store on London’s Old Bond Street. Norsa said the location was key for attracting customers from around the world. It made headlines earlier in the year when the store was declared Britain’s most expensive retail property, costing £1,000 per square foot per year in one part of the shop.
The Florence-based family firm expects earnings to rise in the second half and is opening three new stores in China this year to add to its 320-plus outlets.
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