Ferragamo sees recovery signs, crisis ongoing

Financial Crisis Posted on

Italian luxury goods group Salvatore Ferragamo saw signs of recovery in the last few months, but it is still difficult to say the global crisis is over, CEO Michele Norsa said in an interview on Tuesday.

The Florence-based company, known for its shoes, bags and scarves, meanwhile is looking to emerging markets like China and Latin America for expansion, and Norsa said China could soon become its second biggest market after the United States.

"Probably after (the anniversary of the collapse of Lehman) there will start to be better comparables but you cannot say the crisis is over for mature markets. You can start to see an exit phase, but it's difficult," he told Reuters.

Norsa was referring to the September 15 first anniversary of the collapse of Lehman Brothers, which pushed the global financial crisis into overdrive.

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