Fendi CEO says Chinese market is ‘on fire’
01/03/2010
The chief executive of luxury leathergoods brand Fendi, Michael Burke, has said that the company’s sales in the month of February, “for the first time in a long time”, grew in all regions.
During the 2010 Milan Fashion Week (February 24–March 3), Mr Burke said the fastest growing markets for Fendi were Asia and the Middle East, but he also said that more mature luxury goods markets, such as Japan and the US, had stopped declining. He singled out China. He told Bloomberg that sales at a new Fendi store in Shanghai were phenomanl. He said: “China is on fire.”
But he said that an even newer boutique in Las Vegas had experienced strong sales in its first two weeks, with its performance matching that of the Fendi store on Fifth Avenue in New York. According to Mr Burke, this is a sign that high-end consumers in the US will still spend money “if you provide them with the right price and right environment”.
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