Xi Jinping’s crackdown on waste and corruption is said to have led to a slowdown in luxury goods sales, a move that saw Gucci even halt its store expansion programme in China recently (see WiC183). But it would seem that Furla’s boss is less concerned by the clampdown. This week Giovanna Furlanetto told the Financial Times that she is planning to open 100 boutiques across Greater China in the next five years. The luxury goods firm told the newspaper that most of the shops will be in China’s first and second tier cities, and would be establised as part of a joint venture with Hong Kong tycoons Victor and William Fung. Furlanetto – daughter of the handbag maker’s founder Aldo Furlanetto – expects China to be Furla’s biggest market within “four to five years”. She added that Furla’s sales in Italy rose 8% last year, thanks largely to purchases made by visitors from Asia.
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