Salvatore Ferragamo eyes further expansion in China
Italian high-end retailer Salvatore Ferragamo has hit pay dirt in Asia: The region is responsible for 51 percent of the firm’s sales during 2010, reported Red Luxury.
As Ferragamo continues its international expansion, China has played a key role in driving sales. The retailer currently boasts 50 stores across 32 Chinese cities, with another seven to nine stores on their way.
The most recent store additions include one in Kunming, a thriving luxury market located in southwest China, and another in Guiyang, a tier-3 city that is the capital of Guizhou Province.
The store in Kunming, occupying 256 square meters, is located in the booming iconic Ginko Department Store Shinguang Shop and vends several Ferragamo product lines. The 151 square meter Guiyang store is situated in the city’s sole shopping mall.
Ferragamo broke ground in China in 1994, when it opened its first store in Shanghai. Since then, the firm’s presence has grown so rapidly that China may become its number one market, possibly by the end of the year, reported Paul Cadman, Ferragamo’s regional chief executive for Asia-Pacific, to Red Luxury.
“China has become even wider in terms of potential than the United States, in terms of coverage, in terms of cities,” Michele Norsa, CEO of Ferragamo, told Red Luxury. “It’s the only market where you have a level of growth of infrastructure, real-estate investment, shopping malls, hotels that is fundamental to the development of luxury markets.”
In other China-related retail news:
Italian Fendi to open more stores in China by end of 2012
Kuo family plans to bring Robb & Stucky to China
Tagged in: china, salvatore ferragamo, chinese, expansion, market, expand, asia, ferragamo,
Purple Neon/LadyLUX via Salvatore Ferragamo
