ANSA News Agency recently reported that the global financial crisis has forced most luxury brands to reconsider their expansion plans, but Italian menswear brand Ermenegildo Zegna is positive and optimistic about the future. Company CEO Ermenegildo Zegna said at the opening of Ermenegildo Zegna’s new store in Tokyo on Wednesday that the situation is indeed grim, but I think the outlook is optimistic. Zegna admitted that opening new stores at a time when Japanese retail sales are falling is risky, but it reflects Italians’ understanding of the export market. Zegna said: “Everything has risks, and we can always be one step ahead of others. Just like in China, we believe in China’s potential, so we grew by 35% in 2008, and I think we will still have 2 digits in 2009 Growth.” Zegna said that the company can survive the financial crisis safely and is convinced that after the crisis, the company will have a more important market share than its competitors.
Zegna’s decision to expand in Japan is completely opposite to other fashion groups. In December 2008, Louis Vuitton gave up its plan to open a store in Ginza, Tokyo.
Zegna was founded in 1910 and is famous for its production of high-quality men’s clothing. In addition to its own brands, it also processes products for Gucci, Eve Saint Laurent, and Tom Ford.
