Valeriano Antonioli: Luxury fashion and luxury travel are two different things. After Covid, many of the fashion brands took advantage of the need people felt to get back into life and buy things, and we saw an unreasonable levitation of prices. People didn't see the reason to pay two or three times more for the same product. Most of the fashion brands are suffering.
Prices rose in the hotel industry, but that was dictated by demand. We had an unprecedented demand for best suites, best rooms, best views, paid in advance without negotiation on the price. The difference between hotels and fashion is that it's more valuable to leave a place with a shopping bag full of emotion, memories and pictures with family and friends than to buy a new bag.
We did have softness this past summer, but we're having a good end of year. My forecast for 2026 is quite positive. Next year we have the Winter Olympics in Italy, and although, traditionally, Olympic cities don't prosper during the Olympics, we are sold out in our Portrait Milano in February. If we look at year-over-year business already on the books, if I take away the Olympics, we are around 5% ahead of last year.
Fifty percent of our business is from the United States. We expect a little softness from the U.S. in 2026, but we think that other markets -- the Middle East, Brazilians, Europe, maybe a little bit of Asia --will compensate for that.
We have big challenges to recruit people. There will be a fight between hotel companies and restaurants to even keep the resources they already have. I know it goes against the populistic political approach, but I wish some countries, including Italy, would look seriously into qualified immigration.
We are searching for other hotels to enlarge the Portrait brand into other destinations. I think that by the end of 2027, we will have an announcement.
Salvatore Ferragamo: Il Borro is a much, much smaller entity than the Lungarno Collection. We have 60 rooms in two areas separated by a valley, and a large villa, overlooking the valley, with 10 rooms.
Our 2026 bookings are up year over year at Il Borro and also Viesca Toscana, which was my grandparents' country house. Forty to 45% of our clients are from the U.S., and I think the love between America and Italy, with Tuscany, in particular, is very positive. We have very strong partnerships with Virtuoso, Relais & Chateaux and Small Luxury Hotels, so the U.S. market does very well for us.
We have a lot European guests, and more coming from Asia. We get a little bit more every year from the Middle East. We have an Il Borro Tuscan Bistro in Dubai, and that creates a flow of customers.
In 2026 we'll dedicate a space for a small boutique for Ferragamo products. And we'll make a small expansion to our spa, which I think will be a welcome change.
There are some clouds on the horizon. We do still have the issues of war and uncertainty in the markets, which gives us some concern. For the moment though, I would say we have a cautiously positive outlook. Let's put it like that.
These interviews were conducted by Arnie Weissmann for our annual Preview issue.