Italian luxury brand Salvatore Ferragamo is to expand its presence in Latin America as it looks to tap into the growing luxury market there.
According to reports, the brand has said that it intends to install a further 10 standalone stores and 12 concessions by 2015, adding to the 28 standalone stores and 56 franchised stores it already has in the region.
The new doors will boost the brand’s point of sale in the region from 84 to 106 and will be opened throughout South America and Mexico.
“We have a very aggressive expansion plan in the region, where fashion and luxury markets are growing at very impressive rates,” said Ferragamo’s Latin America managing director Diego Stecchi.
Stecchi said 60% of the new doors will be owned by Ferragamo and 40% will be franchised, demonstrating the brand’s desire to own more of its floor space.
Meanwhile, Wanda Ferragamo, honorary chairman of the brand has been awarded The Fashion Group International’s legend award at the annual Night of Stars event in New York last week.
Ferragamo has been at the helm of the brand since the death of her husband, Salvatore, in 1960. She said: “I’d like to extend my sincere gratitude and appreciation to The Fashion Group International for recognizing the people in the industry who have dedicated their lives to improving and developing their work.”
In August Salvatore Ferragamo posted a 32.4% rise in net profits for the first half of the year, ended June 30.
The brand said growth in all geographic markets helped it to achieve net profits of €45.7m (£40.4m), up from €34.5m (£30.5m) in the same period last year.