The Arab emirate, home to the 2020 World Expo which opened in October, is an increasingly sought-after destination for the fashion and luxury world, as shown by the Armani and Chanel shows, and more besides.
The co-founder of the Experienced Capital fund and ex-SMCP director has joined the board of the Florentine label, currently in the midst of a transition phase. Future CEO Marco Gobbetti will start in January 2022.
Italy's Salvatore Ferragamo said on Tuesday its retail sales in July and August were close to pre-coronavirus levels, after returning to operating profit in the first half of 2021 from a pandemic-driven loss last year.
The stock market is bullish, the economy is recovering, consumer confidence is growing: all indicators are positive, fuelling luxury purchases on a North American market that is highly dynamic and promising for labels.
Covid-19 has boosted e-tail, especially for multibrand sites and leading luxury labels, according to a study by Bernstein for Altagamma. An evolution that means other labels need to rethink their commercial strategy.
The label has confirmed Micaela Le Divelec Lemmi and Michele Norsa in their roles as CEO and executive vice-president, while Ferruccio Ferragamo has relinquished the non-executive president role to his brother Leonardo.
Italian luxury goods group Salvatore Ferragamo said on Tuesday that China and e-commerce had lifted 2021 sales so far, after posting its first full-year operating loss since listing 10 years ago because of the pandemic.
With the coronavirus having sent most of the world's luxury spending into a tailspin and China the only major economy expected to show growth this year, brands now depend more than ever on Chinese consumers for sales.