Fourteen months ago, as Hong Kong's economy was emerging from the shadow of Sars, Swiss-based fashion firm Bally pumped $5 million into a new flagship store in Central.
At the time, Bally chief executive Marco Franchini said it was evidence of the company's faith in the future of Hong Kong.
That belief was been rewarded by strong sales, according to the executive, who was back in Hong Kong last week to open another store - in Pacific Place. Previously a retail manager at Gucci, Mr Franchini was part of a management team credited with turning a near bankrupt firm into the world's most profitable fashion house. He joined Bally as chairman and chief executive in 2002, appointed by the Texas Pacific Group, which acquired the company in 1999.
After that, the conservative company was given a complete change-around and a new design team. 'When I took over, the timing could not have been worse,' he said in a previous interview. 'The first 20 months were really tough. The war in Iraq had just broken out and the Sars epidemic had hit Asia.'
But now he sees a much brighter prospect and has predicted the company will break even this year.
Asked how the turn-around had been achieved he said: 'It has meant a lot of hard work by the whole team. We have brought in new designers for the ready-to-wear, the shoes and accessories, but the emphasis in our marketing policy has not been on the personality of the designers but on the improvement in the product.
'In terms of the product I think we are seeing better design and better quality. Our prices are very competitive, we appeal to the middle range of consumer. While some of our products have high-end prices, there are always others available at entry level. But all represent value for money.'