Ferragamo Undeterred by US Import Tax Proposal

Feb 10, 2017 582

The new CEO of the Salvatore Ferragamo luxury leather goods and fashion house said Friday that the prospect of a possible new tax on imports into the United States won't deter his growth strategy in the brand's single most important market. Eraldo Poletto told The Associated Press that any tax on imports, as floated by President Donald Trump's administration, could be balanced by other factors, including currency fluctuations.

One thing Ferragamo won't do is consider moving production to the United States, which represents about one-quarter of its revenues. Poletto said Ferragamo's "Made in Italy" craftsmanship credential is integral to the brand. He said Ferragamo would adjust to any new regime without shifting manufacturing, as other fashion companies, including the LVMH conglomerate, have indicated they would do.

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SOURCE: https://www.nytimes.com

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