Retail in Asia

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Ferragamo expects “double-digit” China sales growth

Salvatore Ferragamo Italia SpA, whose shoes are worn by celebrities including Zhang Ziyi and Jennifer Lopez, expects sales in China to expand as it opens more stores, CEO Michele Norsa said on Saturday.

"We still can expect a double-digit growth in the next years," Norsa told reporters in Shanghai. Still, "it would be relatively unwise to think it will keep growing 30 percent as it has been growing."

The company will open as many as 10 stores in China this year, including its biggest outlet in Asia outside Japan on 27 April in Shanghai, and shops in Suzhou, Hangzhou and Guangzhou, Norsa said. It opened 8 stores in China last year, he said, declining to give sales or profit figures for 2009.