Jan. 16 (Bloomberg) -- Salvatore Ferragamo SpA, the Italian shoemaker, increased sales by “more than 25 percent” in 2010, on demand in Asia and a rebound in Europe and the U.S., Chief Executive Officer Michele Norsa said.
Provisional results for last year indicate that revenue at the closely held company climbed by at least 10 percent in all countries outside Japan, where growth was more muted, Norsa said in an interview today. All product categories were “positive,” he said, declining to provide figures.
“It’s a year that has given a very strong signal” of the luxury market’s recovery and the appeal of Ferragamo’s brand, the CEO said before the Florence, Italy-based company’s fall-winter men’s fashion show in Milan. “The first few weeks of 2011 confirm this trend” though revenue growth won’t match last year’s levels, Norsa said.
Sales of luxury goods rose 13 percent in 2010 as shoppers spent more and distributors restocked inventories after the sector’s worst year on record, according to HSBC Holdings Plc. Luxury demand may increase 11 percent this year, Antoine Belge, an analyst at HSCB in Paris, estimated in a Jan. 6 report.
Norsa said he had nothing to add to the company’s plans for a possible initial public offering. The founding family may sell shares to the public in 2011, Chairman Ferruccio Ferragamo said in February last year. JPMorgan Chase & Co., Mediobanca SpA and UBS AG are advising on the IPO.
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