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PPR, the owner of the Gucci Group, will focus on its growth on the Asia market amid the global downturn, according to its CEO.Francois Henri-Pinault said he expected 2009 to be a tough year for the group, which owns luxury brands including YSL, Balenciaga and Alexander McQueen.
“We will have a tough year in ’09. Women will buy less and they’ll concentrate their buying on the brands they trust the most,” Henri-Pinault said.
Henri-Pinault added that the slowdown would not be the same all over the world. “We have a very important slowdown nut not in the same way all over the world. It’s tough in Europe and America but Asia is still growing,” Henri-Pinault added.
“We will be very selective in investment next year but always moving upwards, upwards towards luxury. The danger would be to go down and that would be the wrong strategy for us. It’s about dreams and there is no crisis for dreams,” Henri-Pinault said.
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