ROME: Italy’s luxury brands defied the country’s economic downturn to record impressive growth in 2014, according to the latest research by a Milan consultancy firm.
Studio Pambianco said some of the biggest names in Italian fashion, including Salvatore Ferragamo, Tod’s leather goods, cashmere king Brunello Cucinelli and eyewear giant Luxottica, posted positive revenue growth – ranging from slight to substantial – from worldwide sales in the first nine months of 2014.
The Milan-based studio, which specializes in market research and consultancy to fashion and luxury brands, said 11 leading Italian companies had posted total turnover of €12.4 billion in the first nine months of 2014, 1.5% higher than for the same period in 2013.
Profits before tax for these companies totalled €2.6 billion for the first nine months, up 21.4% in 2013.Research showed that Luxottica, the world leader in eyewear production and distribution, posted revenues of nearly €5.8 billion ( + 2.1%) and Salvatore Ferragamo had recorded €957 million (+4.6%) in the same period.
Prada’s turnover for the first three quarters of 2014 was slightly down (0.9%) but the global fashion giant still posted revenues totalling €2.5 billion.
The research showed the fashion company’s profits remained strong despite protests in Hong Kong, while Brunello Cucinelli’s revenues were up 10.2% to €277 million.
