Reduced US spending no reason to revise financial forecast – Gucci chairman
The Italian fashion house Gucci said last week that it does not believe the slowdown in the U.S. economy or continuing stagnation in Japan will force it to downgrade its financial forecasts for 2001.
In an address to investors at a Bank of America consumer goods conference in New York, chief executive officer Domenico de Sole said he had yet to see any serious decline in spending on Gucci's shoes, fashion, jewellery or perfume lines.
"Business for us continues to be strong, and we're convinced it will remain strong for the rest of the year. We believe that we will continue to see 10% growth for fiscal 2001," he said.
At the same conference, De Sole said Europe’s current problems with Foot and Mouth disease would not significantly affect the company, as it sources virtually all its hides and skins from South America.
