Oct 21, 2008
Ferragamo says uncertain on Q4, no IPO hurry
Oct 21, 2008
MILAN, Oct 21 (Reuters) - Luxury goods maker Salvatore Ferragamo is uncertain about its performance in the fourth quarter, its chief executive said on Tuesday, October 21st after a mainly positive first nine months of the year.
"The first nine months were substantially positive," Michele Norsa told reporters on the sidelines of a luxury goods sector business event. "There is a question mark for the last quarter."
Analysts are expecting cracks to appear in the resilience of the global luxury market due to weaker consumer confidence and the global financial crisis.
Italian jeweller Bulgari was last month one of the first luxury groups in Europe to warn the Christmas season would see poorer sales this year than last.
Ferragamo, known for its silks ties, handbags, scarves and shoes, has been monitoring market conditions for a planned market listing. Analysts and bank sources have said Ferragamo and fellow fashion brand Prada will delay flotation plans until next due to the poor state of equity markets.
"We are ready, the markets aren't," Leonardo Ferragamo, a board member of the Florence-based fashion house, said. "Luckily, we are in no hurry." (Reporting by Cristina Carlevaro and Marie-Louise Gumuchian; Editing by David Holmes)
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