'We need to give novelty that is also practical'

Q&A/ Fulvia Visconti Ferragamo

Fulvia Visconti Ferragamo is Salvatore Ferragamo's third daughter. Salvatore Ferragamo is, of course, the man who created the luxury brand Salvatore Ferragamo in 1927. This luxury brand was born when young Salvatore started a shoe store in the US and soon glamourous Hollywood actresses became his clients. He is also credited with inventing the wedge heel, currently a huge rage in the fashion world. From there the brand grew to be about more than just shoes and today is considered one of the bigger luxury brands in the world and is indelibly associated with Hollywood and the high octane glamour of its leading stars. After Salvatore's death, the firm is being managed by his wife Wanda and his children, including Fulvia, though the new CEO of the company is not a family member. Visconti is the vice-president of Salvatore Ferragamo Italia S.p.A. She talks to Archana Jahagirdar about the brand's India plans. Excerpts:

Why has it taken Salvatore Ferragamo so long to enter India?

We have been very busy with China. We entered China in the early 1990s and we have been preoccupied with that country. From there we decided to broaden our focus to include the rest of Asia. We have been in Mumbai for about two years now.

How big is Asia for Ferragamo?

Our turnover is 700 million Euros and we are growing every year. The luxury market is growing a lot each year. A third of our revenue comes from Asia, Europe and Americas. Within Asia, Japan alone contributes about 9 per cent of the total revenue. Japan was the first country in Asia to discover European luxury brands and style. As far as India is concerned, we love and believe in the Indian market. We have very affectionate Indian clients who have been faithful to our brand. Within Asia, we are present, apart from India, Japan and China, in Vietnam and Korea as well.

How would you compare India and China with respect to luxury products?

These two markets are difficult to compare as we have only just entered India. In China, we see a greater demand for men's shoes and clothes. In India, we see a more robust demand in the women's segment. Chinese men are more fashionable.

How would you explain Japan's early acceptance of luxury in comparison with India and China?

Maybe it is taking longer in China and India as there are relatively few big stores in either country. The right retail environment makes all the difference.

Ferragamo seems to be looking towards Bollywood as part of its brand strategy.

Historically, Ferragamo has been linked to Hollywood. My father had a store in Santa Barbara in the US and he started doing shoes for Hollywood films. All the actresses loved the shoes he would make. He was also known for the beautiful colours that he used.

We also know that many beautiful films are being made here in India. I saw The Namesake and it was lovely. I have also watched Lagaan which was a good film. I particularly liked the music of Lagaan. It's beautiful.

How will this relationship with Bollywood work?

If the film is right, we would do the shoes for it. Our firm is very coherent in its personality. Even in Hollywood, we continue to do films. We did Madonna for Evita and the fact is that the real Eva Peron also bought shoes from us. For Bollywood, we have a communication office and that office will liaise with producers or vice versa. But we do not intend, as of this moment, to sign on a Bollywood star as our brand ambassador.

You are involved with the silk accessories division at the brand, and you have worked with Chinese and Indian silks. How do the two compare?

Both have different characteristics. I like Indian craftmanship "" the weaving, the embroidery; this beauty you cannot find anywhere else. The sense of colour is also very strong here. There is something magical in the colours of this country.

Non-luxury brands, for instance McDonald's, have Indianised their products to gain greater currency. Would Ferragamo try to use Indian attire like the sari as part of what they offer to reach a wider clientele?

India already has so many beautiful saris that we don't want to do that. Ferragamo will do in India what it is known for everywhere else in the world.

Could you outline your retail strategy in India?

We will only have stand-alone stores and we will study the situation in each city where we have a presence and, depending on what we discover, we will decide on what will be stocked in the stores. But overall, what will be stocked will be the same as anywhere else in the world. Our publicity also will be uniform all over the world. The market expects this uniformity. If at all there are variations, they will be minor ones.

The entire luxury segment has undergone a dramatic change, even in Europe. How is Ferragamo responding to that?

It is very important for luxury brands to see globalisation and understand the new clients. Since life has also become hectic, our products have to respond to that. People want surprises and novelty. Everyone who is buying in the luxury market has too much already and yet they want novelty which has to be practical at the same time.

Are the new luxury clients price- sensitive?

One should say yes, but in the real luxury segment, they just don't care about prices.

Are all Ferragamo products made in Italy?

So far everything is made in Italy and this is a characteristic of our brand. This is central to our brand's identity. In Italy, we have a long tradition of leather and we are sticking to it.

Accessories have been one way by which many luxury brands have shored up their bottomlines. Would you say this easy availability of luxury brands via their accessories line debases the concept of luxury?

There are entry price points even in luxury. There are some items, like certain accessories, that are for everyone and that is a way of introducing the brand to people. I call this affordable luxury. This helps break the ice with certain customers.

Would you comment on Ferragamo's connection with Indian royalty?

In 1938, my father made several shoes for the Maharani of Cooch Behar and then when Maharani Gayatri Devi was getting married, she came to us and got her shoes made. We are very proud of our association with Indian royalty and we do keep some correspondence going.