Chinese shoppers abroad to boost Ferragamo’s 2014 sales

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A shopper carries her purchases from the Salvatore Ferragamo boutique on Rodeo Drive in Beverly HillsTravelling Chinese shoppers snapping up leather goods will drive sales growth in 2014 at luxury group Salvatore Ferragamo, its chief executive said on Sunday, before it showed a menswear collection aimed at promoting its Italian heritage. Michele Norsa said the group had closed 2013 in line with its expectations, but that it was important to wait until Chinese New Year in January to make forecasts for the year. "Travelling keeps being a strong driver of growth," Norsa told reporters before the show at Milan men's fashion week, singling out Chinese tourists to Europe and the United States. Chinese luxury consumers, who make up for almost one third of the market, are increasingly shopping abroad, partly thanks to simpler visa procedures in the United States and some European countries, according to consultancy Bain & Co. A crackdown on giving luxury goods as gifts to win the favor of public officials in China has not affected Ferragamo's core business, Norsa said.

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