Salvatore Ferragamo CEO Says Mexico Is Its Strongest Luxury Market:

“Salvatore Ferragamo Chief Executive Officer Michele Norsa said the Italian fashion brand’s strongest sales growth among major economies this year has been in Mexico, where the wealthy spent more at home as the peso fell . . . Mexico is ‘probably the strongest market of the big countries in the world,’ Norsa said, and growth there was ‘quite surprising. Mexicans are traveling less to the U.S., so they bought locally.’ He said Ferragamo’s control of its retailing space in Mexican department-store chains like Grupo Palacio de Hierro SA meant the outlets stayed well-stocked.”

So instead of traveling abroad and buying from Ferragamo boutiques in New York where the peso is doing even worse than the U.S. dollar, the wealthy consumers of Mexico are spending their cash at home, which I suppose is good news for Ferragamo, but only in a “We just robbed (New York) Peter to pay (Mexico) Paul” kind of way.

Vido clip below of Ferragamo’s Spring/Summer 2010 collection for men that was shown in Milan this past June. But will it be big in Mexico City?