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Salvatore Ferragamo to raise European prices

Italian luxury brand Salvatore Ferragamo is to increase its prices in Europe to capitalise on demand from Chinese tourists.

According to Vogue.com, Michele Norsa, the brand’s chief executive, said the rises would be in the “low single-digits”.

Chinese visitors to Europe now make up as much as 70% of European luxury goods sales as products are around a third cheaper than in China.

Ferragamo’s move comes after it was reported that luxury fashion group LVMH was also planning to raise prices on items most likely to be bought by travellers, including handbags and shoes.

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