Cavalli sees bags of potential in Asia
By Marie-Louise Gumuchian |
January 19, 2010, Tuesday
|
Print Edition
Print Edition
FASHION house Roberto Cavalli is looking to boost its accessories and expand in South America and the Asia-Pacific this year, its chief executive said, adding there were signs of improvement in the luxury market.
Gianluca Brozzetti said that the fall in consumption in Europe and the United States had stopped and there was "some sign of things getting better." There is growth in Asia.
"We are seeing positive signals. The (sales) hemorrhage seen at the end of 2008 and in the first half of 2009 has stopped," Brozzetti told Reuters. "In certain geographical areas, there is a recovery but we are cautious looking ahead. (Compared to the first half of 2009), I confirm there is some improvement. We hope it stays in 2010."
Luxury groups are looking to win back shoppers as they emerge from the worst economic crisis in decades which has sapped demand for designer goods. A tepid recovery is seen in luxury sales this year, experts said.
"We will pay particular attention to accessories, which is an area for ample growth for us. We will also look at new geographical areas in America, South America and in the Asia-Pacific area," Brozzetti said.
Designers have become aware that bags, jewelry, hats and shoes give shoppers without the cash for a red-carpet frock a way of buying their favorite brand.
Leading Milan fashion brand Cavalli, which showed off its autumn/winter menswear collection on Sunday as part of Milan fashion week, said in September that first-half sales fell 19 percent to 88 million euros (US$127 million), with half the fall due to problems at IT Holding fashion production unit Ittierre. IT Holding is in special administration.
Brozzetti was named CEO in September when the founding designer hired two top luxury and fashion sector managers to run the group, dropping a plan for a private equity partner to support its growth plan.
"We are working with the management teams towards the future of the company, rationalizing, organizing operations," Brozzetti said, when asked about plans for 2010.
Gianluca Brozzetti said that the fall in consumption in Europe and the United States had stopped and there was "some sign of things getting better." There is growth in Asia.
"We are seeing positive signals. The (sales) hemorrhage seen at the end of 2008 and in the first half of 2009 has stopped," Brozzetti told Reuters. "In certain geographical areas, there is a recovery but we are cautious looking ahead. (Compared to the first half of 2009), I confirm there is some improvement. We hope it stays in 2010."
Luxury groups are looking to win back shoppers as they emerge from the worst economic crisis in decades which has sapped demand for designer goods. A tepid recovery is seen in luxury sales this year, experts said.
"We will pay particular attention to accessories, which is an area for ample growth for us. We will also look at new geographical areas in America, South America and in the Asia-Pacific area," Brozzetti said.
Designers have become aware that bags, jewelry, hats and shoes give shoppers without the cash for a red-carpet frock a way of buying their favorite brand.
Leading Milan fashion brand Cavalli, which showed off its autumn/winter menswear collection on Sunday as part of Milan fashion week, said in September that first-half sales fell 19 percent to 88 million euros (US$127 million), with half the fall due to problems at IT Holding fashion production unit Ittierre. IT Holding is in special administration.
Brozzetti was named CEO in September when the founding designer hired two top luxury and fashion sector managers to run the group, dropping a plan for a private equity partner to support its growth plan.
"We are working with the management teams towards the future of the company, rationalizing, organizing operations," Brozzetti said, when asked about plans for 2010.
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