For the first time, Mexico has hit the MO Down’s radar with reports that Michele Norsa, Salvatore Ferragamo SpA’s Chief Executive Officer, revealed it is a new growth hot spot.
Norsa revealed the Italian fashion brand’s strongest sales growth this year was in Mexico, where the wealthy spent more at home as the peso fell.
“Sales are up 30 percent” in Mexico, “where Ferragamo sells from about 15 outlets,” Norsa said.
Norsa also stated, the U.S. market is also “not as bad as it was before,” while Chinese demand “is much more consistent and the number of new projects is uncomparable” to other nations. Around eight new Chinese stores are planned for next year.
For more of this interview with Norsa, click here to go to Bloomberg.