MILAN, Mar. 18 (Class Editori) - “The signals coming from Asia are suggesting that the recovery in China will be faster than what expected”. This has been explained to MFF by Michele Norsa, a manager with a long experience who, during the years, has promoted the listing of Valentino and Salvatore Ferragamo on the stock exchange “During the last weeks, the Chinese situation has shown important recovery signals in the retail sector. On average, 90% of the fashion and luxury stores have reopened”, he has declared. “If we take into account how much the listing of Shanghai and the Dow Jones recovered in 2003, I believe we can draw conclusions which can make us hope during this difficult period”, he has added.
Great expert of global markets, in particular of the luxury sector, Norsa has been leading since summer 2018 the relaunch of Missoni, aiming at a listing at Piazza Affari. The fashion house is owned by Missoni family (58.8%) and FSI Fund (42.1%), which acquired a shareholding about two years ago with the aim of relaunching the historical brand; it currently records a turnover of about 150 million euros and it exports 75% of its production.
“In this moment, when the emergency in China seems to be under control, it is already possible to notice a significant change on the market. The reorganization of the Hong Kong stock exchange compared to past decades is related to the need of making the retail rental payments affordable again”, the manager has added. Moreover, which are the markets proving to be more resistant? “So far, Russian have been the most resilient consumers, followed by Arabs. Both concerning the number of travellers and purchases. Americans had already sacrificed their travels before Trump would stop flights” as Norsa has stated.
Back to Chinese consumers, “the domestic consumption recovery supported by governmental incentives will be quick, but unfortunately the travellers’ return from the People’s Republic of China will be slower and consequently even their purchases during travels”, as the manager has explained. “The current related studies are showing that airlines are expecting a normalisation process only during the fourth quarter of 2020” as the manager has added by underlining how the airline industry is the most affected together with the hospitality field. Today in China, after two months of restrictive measures, infections have decreased to a few units and they can show concrete signs of life and economy recovery; therefore, we are wishing the same to happen also in Italy and Europe.
However, which will be the customers’ behaviour after this epidemic? “Worldwide there will be a reduction in personal incomes at every level also for higher brackets. In addition, the purchase option addressed to unnecessary categories will be probably postponed. Chinese consumers might still be among the most devoted to luxury and therefore drive the sector”, as Norsa has concluded.
(Source:Class Editori)
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