Salvatore Ferragamo on new store spree
Italian luxury group Salvatore Ferragamo is looking to intensify its expansion plans, focusing on emerging markets. In recent months the company has opened three stores in China (in Shenyang, Nanjing and Wuhan), all of which are located in some of the country's most prestigious shopping centres.
Salvatore Ferragamo’s retail presence has been coupled with a “travel retail” plan which includes four points of sale in the country’s Chengdu, Xian, Guangzhou and Haiko airports. Since landing in China in 1994, the Florence-born brand has opened 63 stores in 35 cities and 16 points of sale in various Chinese airports.
In the space of just a few years, the Asia-Pacific region has become the group’s primary market. On the 30 September 2013, the company reported third-quarter sales of 297 million euros for the region, equating to a 19.5% increase on the same period the previous year. Asia-Pacific sales represented 35.6% of the company’s global revenue.
Such success in Asia has fortunately not translated to a decrease in European activity for luxury label. This week the brand is celebrating the re-opening of its two London stores which have been renovated to reflect the new Salavtore Ferragamo concept store design. To mark 75 years since the company opened its first London store on Old Bond Street, the label organized a gala dinner in the famous Burlington Arcade.
The new Salvatore Farragamo store on Old Bond Street has been expanded by nearly a quarter to measure nearly 9,000 feet squared, with the first floor being entirely dedicated to the men’s collection. The Sloane Street store has doubled in size, now measuring over 6,100 square feet.
At the end of November, the brand launched an online-store dedicated to the sale of Ferragamo Timepieces, created in partnership with the Timex Group Luxury Watches. The site is accessible in Europe, the United States and in Hong Kong.
With over 3300 employees and a network of 603 points of sale in the world, the Italian fashion house reported revenue of 832.6 million euros for the first nine months of the year, representing an increase of 18.7% against the 701.3 million reported on 30 September 2011. At a recent conference, Managing Director Michele Norsa said that we could expect even bigger projects for the coming year.
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