  |
|
Eyeing top spot:
Zegna's Capital Tower store which opened
last night and (next) some of its limited-edition accessories. Zegna
says it is looking at a new flagship store in the Orchard Road area
and wants more in terms of visibility and size to play its role as a
leader in the market |
'
We are living in an exciting time in Singapore, and it doesn't apply
just to us. With all the magnificent programmes you have, whether it's the
casinos, Formula One or Orchard Turn, Singapore has really woken up all of a
sudden,' Mr Zegna, who is in Singapore to open the company's Capital Tower
store, says.
But it's not pure optimism since Singapore's growth isn't actually a
bonus, but has actually been lacking in recent years, Mr Zegna says. 'Even
though we were happy with the positioning we thought we had achieved by
Zegna in Singapore, Singapore has lost ground versus Hong Kong,' he
explains.
'In the past they were quite equal, but the past few years have seen
tremendous development in Hong Kong. This is one of the reasons we are so
positive and happy about what we see happening in Singapore. This is also
making us work very hard for Zegna's answer to these latest developments
here.'
And that answer will likely include even more stores, right on the heels
of Zegna's accessories store in Takashimaya which opened earlier this year
and the Capital Tower branch officially opening last night. 'The present
distribution, even considering the new shops, including Capital Tower, will
need to be revolutionised in order to keep in line with what is happening in
Singapore.
'We are, in fact, looking at a new flagship store in the Orchard Road
area. We want more in terms of visibility and size to play our role as a
leader in the market, so we are now comparing what the various landlords can
offer us. Plus certainly there will be a point of sale in the new casino, so
it's nicely boiling up, which makes the whole team very excited.'
But although expanding into ladies' wear remains a commercial
possibility, Mr Zegna explains that it's not right for the brand at the
moment. 'Zegna being focused on men is a plus, and not just for Singapore,'
he says. 'Sometimes people ask why we don't do ladies' wear. If we do that,
we wouldn't be able to offer the same level of service in this age where
people are so demanding in that area.'
Service is a strength that has helped Zegna succeed in Singapore in
particular, and is therefore not something it wants to risk compromising on,
Mr Zegna elaborates.
Pulling back to Asia at large, Mr Zegna says that he's satisfied with how
Zegna's Asian penetration has proceeded. 'I'm very proud of what we have
done in Asia these past few years. A few years ago, Asia meant mainly Japan
and little else. Most of the other countries were in the hands of
distributors, and what has been done since the late 1990s till now has been
very strong penetration, taking over from distributors and choosing better
locations.
'And today, Asia accounting for almost 30 per cent - including Japan - of
sales makes us feel great because it's in line with our plan for a third of
our business to be Europe, another third to be the Americas and a third to
be Asia. We expect Asia to be the market of the future, and what we're doing
in both developing and developed countries makes us feel very good about the
next year.'
Mr Zegna's sanguine outlook and commitment to aggressive moves in
Singapore and the region herald interesting news from the company in the
months and years ahead. Stay tuned.
- 2007 September 8 SINGAPORE
BUSINESS TIMES
