Just as the M&A scene heats up, this is how Michele Norsa, executive deputy chairman of Salvatore Ferragamo, responded to a question during a conference call with analysts on Tuesday, commenting on the company’s increase in profitability and revenues in the first quarter of the year.
View Gallery Related Gallery They Are Wearing: Springtime Fashion in and New York, Los Angeles, and Austin In the quarter, retail sales were up 17.2 percent to 166.7 million euros, representing 68.2 percent of the total. Like-for-like sales grew 14.7 percent. Apparel fell 3.9 percent to 12.4 million euros, and fragrances grew 5.3 percent to 10.4 million euros.
The Far East has the potential to offer more growth, and he expects Japan to improve after the lockdown and with the Olympics, as he is confident traveling will pick up in Asia, the U.S. and the Caribbean. “Travel remains a most important factor for luxury,” he noted. Norsa highlighted the improvement of the U.S. market, which is benefiting from “large liquidity, government [stimulus] and savings,” seeing “signs of revenge shopping” in tourist destinations from Miami and Las Vegas to Los Angeles.