APCOM

If you want to know something about luxury, Burt Tansky is the best person to ask. The President and Chief Executive Officer of The Neiman Marcus Group, leader in Specialty Retail Stores in the United States, took part in Milano today at the Italian association Altagamma conference on development of luxury market in 2008. "Outstanding quality defines real luxury. The essence of luxury lies in its pursuit of excellence", Tansky said. "Clearly, it's clear that luxury is an important and newsworthy business and while the demand for luxury may diminish with some consumers, I do believe that there will always be those for whom only the best will do".

Mr. Tansky was invited by Chairman of Altagamma, (the Association of Italian Companies operating in the high-end of the market) Leonardo Ferragamo, to talk about the future of luxury and the crisis of the economic market. He is certainly an optimistic: "Even negative changes to the economy will not drive our consumers to less prestigious stores, hotels, restaurants, resorts or products! A volatile stock market, coupled with an economic slowdown, can, has and will affect sales, but it will not create a mass movement to lower prices, lesser quality, or lesser service. These consumers will buy less but they will clearly stay with the products and service they have always used". Which is the best way, for fashion and luxury emprises, to face the crisis? Tansky has his own recipe: "Do not lessen your products or the service you offer. Changes in the quality of the merchandise you sell will result in long-term problems, and a real possibility that you will lose customers!".