HEADS OR TAILS: Leveraging “growth in all markets in December,” and a “very satisfactory Pitti Uomo season,” Salvatore Ferragamo chief executive officer Michele Norsa struck an upbeat note before the brand’s show on Sunday, expressing confidence in 2015 and citing “positive trends.”
He noted “currency exchange tailwinds will help us to fly faster in 2015 after three years of headwinds.” The lower price of oil and a stronger dollar create a “strong opportunity for Europe,” he added.
Asked about the Swiss National Bank’s decision to de-peg the Swiss franc from the euro, Norsa said, “These are episodes that we have already seen. We need to see if it will stabilize. In any case, we have a 12-month hedging [that cushions] the impact.” As for Russian luxury clients, he said, they “are choosing different destinations, Turkey more than Europe, for example.…We must understand where they are going and catch the opportunities.”