The six-year-old fragrance division of the Salvatore Ferragamo fashion house recorded total wholesale sales of 67 million euros, or $91.8 million at average exchange, in 2007 — a 24 percent jump from 2006.
"It's starting to get very interesting," noted Luciano Bertinelli, managing director of Ferragamo Parfums. He said the fragrance arm accounted for about 7 percent of Salvatore Ferragamo SpA's total sales, but he's aiming to lift that share to 10 percent in the next three years.
The firm plans to unveil a fragrance during the fashion house's 80th-anniversary celebrations in Shanghai later this month. The fragrance, which Bertinelli declined to name, is slated to be launched in September.
For Ferragamo Parfums, the Shanghai fragrance launch event, which is scheduled to take place March 29, reflects strategic growth plans in China for the brand in 2008, said Bertinelli. He added the Chinese market was at the forefront of the firm's key investment capital for 2008.
"We have an aggressive plan to triple our sales there over the next three years," said Bertinelli, adding points of sale in China would increase to 550 doors from 206 doors by 2011.
Additionally, eight Salvatore Ferragamo boutiques are expected to be opened in 2008 — bringing the number of freestanding Ferragamo boutiques in China to 38.
"On China-based counters, the Ferragamo fragrance brand has a strong following from women aged 16 to 60," said Bertinelli.
To further establish its U.S. presence, the firm has opened a subsidiary called Ferragamo Parfum USA Inc. Starting in early May, U.S. distribution for Ferragamo Parfums will be handled by Selective Beauty.
Meanwhile, Salvatore Ferragamo SpA is muscling up for its planned listing on the Italian stock exchange later this year.
"It won't change much from our perspective, but it will give us heightened visibility, more liquidity and more money to invest in projects," said Bertinelli.
A slew of flanker fragrance launches are scheduled for Ferragamo this year and they are expected to generate further sales. F for Fascinating — a softer take on the original F by Ferragamo women's scent, reached shelves in January. Bertinelli acknowledged F by Ferragamo had not reached the firm's sales objectives, because "it was too strong," he said, referring to the olfactory blend.Ferragamo's Incanto fragrance brand continues to gain pace with flankers Incanto Shine and Incanto Charms. Ferragamo Parfums will complete the Incanto story with a final launch, Incanto Heaven, which is due on shelves in April.
Ferragamo Parfums also plans to diversify its fragrance lineup with a lifestyle-positioned line under the moniker Tuscan Soul, a fragrance it developed for first-class passengers on Singapore Airlines.
Featuring four items — including bath salts, deodorant and body moisturizer — the Tuscan Soul line will be on shelves starting in September.
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