The CEO of Versace’s parent company is optimistic about his brands, but is looking past 2023 and to 2024 for real consumer strength.
“We definitely are concerned about next year,” the CEO said. “And we don’t think we’re going to see it probably in this quarter or maybe a little bit into next quarter. But we think kind of the back half of next year, we’ve got to be cautious about what happens to the North American consumer, which has been very resilient.”
“We just have this anticipation that that consumer is going to be even more impacted than the North American consumer, in particular, because energy prices are much higher in Europe,” he said. “And they didn’t have the stimulus that came into the economy.” “While we do see certain measures being pulled back on the COVID-19-zero policy, we think that’s going to take a lot of time,” he said. “We’ve been one of the companies all along saying it’s going to take longer and we don’t think there will be a recovery in China until 2024. At this point, we’re still anticipating negative impact throughout next year.
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