Category Archives: Italy

Chinese shoppers abroad to boost Ferragamos 2014 sales

Chinese shoppers abroad to boost Ferragamos 2014 sales

MILAN — Travelling Chinese shoppers snapping up leather goods will drive sales growth in 2014 at luxury group Salvatore Ferragamo, its chief executive said on Sunday, before it showed a menswear collection aimed at promoting its Italian heritage.

Michele Norsa said the group had closed 2013 in line with its expectations, but that it was important to wait until Chinese New Year in January to make forecasts for the year.

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Prada 2013 sales growth of 9 percent lags estimates

Prada 2013 sales growth of 9 percent lags estimates

HONG KONG — Italian fashion house Prada SpA (1913.HK) said on Wednesday that sales grew just 9 percent in the year ended January 31, hurt by economic weakness in Europe and a stronger euro.

Prada, which makes luxury handbags, shoes, eye glasses and Miu Miu-branded dresses, published a preliminary sales figure of 3.59 billion euros ($4.9 billion) for 2013. Read more »

Monte Paschi share sale crucial for Italy banking system-chairman

Monte Paschi share sale crucial for Italy banking system-chairman

MILAN — A failure by Italy’s third-largest lender Monte dei Paschi di Siena (BMPS.MI) to carry out a vital $4 billion share sale later this year would threaten the country’s entire bank sector, Chairman Alessandro Profumo was quoted saying.

Profumo’s comments in an interview with daily La Repubblica

underscore the potential significance of the share issue and pile pressure on the bank’s main shareholder, a cash strapped charitable foundation, to find a solution to the problems which prompted it to force a delay to the capital-raising plan.

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Dollar hits six-week lows, euro zone periphery in vogue

LONDON — The dollar hit 6-week lows on Monday as recent weak U.S. data cast doubt on the pace of monetary tightening, while prospects for a new reforming government in Italy and better euro zone growth boosted the bloc’s periphery.

World stocks .MIWD00000PUS rose to 3-1/2 week highs, helped by encouraging news on Chinese lending, but volumes were thin due to a U.S. Read more »