Retail in Asia

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Ferragamo says new stores in China could be smaller

Italian luxury group Salvatore Ferragamo may opt for smaller new stores in China as local consumers shop more online and abroad, its chief executive said on Thursday.

Asia-Pacific is the biggest market for the Florentine shoemaker and sales there declined 4 percent at constant exchange rates in the first half of 2015, even though the brand’s own shops in China performed well.

With Chinese consumers spending more in places like Europe and Japan, Ferragamo said trends in Hong Kong and Macao, traditional hubs for Chinese shoppers, continued to deteriorate in the second quarter.

(Source: CNBC)