Ferragamo boss defies gloom: 2012 our best year - footwearbiz: Leading

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Ferragamo boss defies gloom: 2012 our best year

07/12/2012
The second half of 2013 should see a recovery in the growth of the global luxury industry, according to the chief executive of footwear company Salvatore Ferragamo, adding that 2012 has been the best in the company’s history.

Speaking at a fashion summit in Milan, Michele Norsa admitted that the markets are volatile, however. "The first part of 2013 will be slower. In the second part there will probably be a recovery. These are the signs we are receiving from all our markets." He added the key to surviving the volatility is to "keep your nerve".

Global sales of luxury goods are expected to grow 5% to $277 billion in 2012, according to a report by consultancy Bain and Italy's luxury goods trade body Altagamma. They grew 8% in 2011 and 13% in 2010.

Saks CEO Stephen Sadove and Barneys New York CEO Mark Lee were also among speakers at the summit, called USA Momentum, the Return of Japan and the Promise of Brazil.

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