Florence-based label Salvatore Ferragamo celebrated its 80th anniversary over the weekend not in Italy, but in China. The medieval Palazzo Spini Feroni, where the Ferragamo headquarters are located, was recreated especially for the occasion along the Huang Pu river in Shanghai. So why did the Italian fashion house choose China?

According to the Guardian, the company's decision to stage the event in China and not in Italy is a reflection of the luxury industry's current obsession with cornering this section of the global market. And the waterfront of the Huang Pu River looks set to be the next Fifth Avenue of China.

"Most western people can only remember the names of five or six Chinese cities, even though there are 20 cities with more than five million people in them. In the same way, most Chinese people can only remember five or six western brand names," said Michele Norsa, CEO of Salvatore Ferragamo. "What is fundamental in China is to establish ourselves soon."

The 80th anniversary celebrations kicked off on Friday with a gala dinner, followed by a fashion show and two ballet performances by Roberto Bolle.

[Source / Image: Getty]