Tuesday 1 November 2011

Italian Glitz Belies Economic Despair

BBC: There are no price tags on the clothes in Brunello Cucinelli's showroom in Milan.

The people who shop in the designer's store do not need to worry about how much they are spending.

And Mr Cucinelli doesn't feel he needs to worry about talk of a double-dip recession in Europe.

"This is the century of China," he says.

"This will mean billions of human beings coming towards us and asking to live in a different way. These people are fascinated by our quality, by our culture, by our craftsmanship."

Too true, says Italy's luxury goods trade group Altagamma.

It sees sales in European markets growing by 3.75% next year.

It is in Asia, though, where the real growth will come, with 16.5% growth, the company forecasts.

"I don't think a Chinese man does not want to drink French champagne or wear a Swiss watch," says Mr Cucinelli.

Europe has its "own identity and we are moving towards a splendid century". » | Matthew Price, Europe correspondent | Tuesday, November 01, 2011