Friday, June 22, 2007

It's Ferragamo Time

Salvatore Ferragamo has inked a 13-year licensing agreement with Timex to create and launch a luxury timepiece collection. The line will officially launch in April at Baselworld, but 2-3 models will be available this November at approximately 80 stores worldwide. The price points will range from $1,300 - 6,500 with a few limited edition diamond encrusted pieces selling for close to $39,000. This move is seen as an important step in moving the company closer to an expected IPO, likely next year. "There is no rush, we want to reinforce the company and give freedom to the 60 family members to stay or leave," said the company's chairman Ferruccio Ferragamo.