Salvatore Ferragamo expects to raise retail prices in Europe in the “low single-digits” over the next few months as the Italian luxury goods brand joins rivals in responding to the impact of the surge of Chinese consumer tourists into the region.
Raising prices for luxury goods sold in Europe has become a key issue for industry executives as tourists, the majority of them Chinese, make up as much as 70 per cent of sales of high-end wares in European cities.
Those travellers have put pressure on the forecast margins of luxury goods companies by choosing to shop in Europe. Typically, luxury goods are a third cheaper in the region than in China, where local taxes help to inflate prices.
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