According to CPP Luxury, Italian house of Bottega Veneta (owned by Kering – former PPR) is expected to overtake the eight per cent growth forecast for the global luxury goods market this year. The brand saw profits boost of 46.7 per cent in 2012, as reported in February. “Bottega should grow faster than average considering the trend of the segment that we are in, which is absolute luxury,” said the label’s chairman and chief executive, Marco Bizzarri. “This customer is less hit by the [economic] crisis.” Bizzarri credits the exclusivity and craftsmanship of the brand’s products (some of which take up to 15 years to create), for its success.
“For us Made In Italy is so important, the quality of the artisans and the material is so important, that if we feel any kind of pressure on our profitability we will put prices up,” he told The Financial Times. “We’ve found that as long as our quality is maintained that the customers are willing to pay a premium.”