China’s coronavirus response ‘demonstrated its evolution into a world superpower’, says Stefano Ricci CEO
The son of brand founder Niccolò Ricci praises Xi Jinping’s robust response to the crisis, shutting down the city of Wuhan and quarantining millions across Hubei, as he sits down with STYLE to talk luxury consumer trends
In the latest instalment in our On Work / On Play series with luxury CEOs, we sat down with Niccolò Ricci, CEO of Stefano Ricci, the ultra-luxury Italian label founded by his father in 1972. He tells STYLE how to cater to the world’s super-rich and deal with the coronavirus crisis in China.
Work experience
2007-present: Chief executive officer at Stefano Ricci
2003-2007: Head of corporate planning at Stefano Ricci
On work
Are you concerned about the damage from the coronavirus outbreak in China?
We are following the evolution of this crisis with great attention as it is of global concern. We appreciate the measures put into place by the Chinese government; in fact, its response has demonstrated its evolution into a world superpower in terms of outbreak prevention and treatment. Certainly, keeping our boutiques closed for weeks has created difficulties for our business, but we are committed first towards the health and safety of our employees. We don’t know when this situation will end, but we are confident that a solution will be found soon.
The brand is hugely successful in China. Are you adopting different strategies for China and other markets around the world?
We have long-standing and profound ties with China. In fact, when my father decided to open his first-ever boutique, his choice of location was Shanghai, as early as in 1993. And in more recent years, I have had the opportunity to verify, in my role as CEO, how vital this market is, and how much it has developed and consolidated towards the choice of quality products.
Chinese communities are present throughout the world, not just in China. We do not adopt a different strategy for these customers, but we have an unwavering respect for their needs. We do have some products made exclusively for China, from the design of precious buckles with a dragon motif to outerwear with special finishes. It is the details that make the difference.