Milan - Italian shoemaker Salvatore Ferragamo expects Asian demand for luxury goods to cushion its profitable business from the austerity squeeze on consumer spending in Europe this year.

Chief Executive Michele Norsa said on Sunday that last year had been "excellent" for the maker of leather shoes and clothes worn by movie legends and pop icons such as Lady Gaga and the firm was "confident about 2012".

"Chrismas sales were above our expectations," Norsa said while at the Milan menswear show, which featured large scarves worn over essential suits with no ties.

The group has already reported sales rose 27.6 per cent to 701 million euros (S$1.1 billion) in the first nine months of 2011, boosted by Chinese shoppers. Net profits rose 85 per cent to 78.3 million euros.

Ferragamo's shares have gained almost 19 per cent since their debut at 9 euros each on the Milan stock exchange last June, only days after rival Prada floated in Hong Kong.

Echoing comments made by other luxury goods industry executives at the Milan menswear week of events, Norsa said he was not worried about any impact on luxury goods consumption from euro zone sovereign credit rating downgrades.

"Consumers are more affected by fiscal measures than by downgrades," Norsa said.

On Friday, US agency Standard & Poor's cut the ratings of nine of the euro zone's 17 countries including Italy and France.

The weakening of the euro is likely to benefit global revenues, Norsa said, adding he planned to keep prices unchanged. "Our intention is to keep (prices) as stable as possible," he said.