SAMI BAZZI: THE GLOBAL CRISIS WILL MODIFY ALL EQUATIONS

Sami Bazzi, Lebanese but of Italian origins, is the founder of Joint Projects Intl. Trading and Contracting Co., the world leader in high-end retail solutions with offices in Kuwait and UAE active in the Gulf area since 1991 which is behind the success of the most exclusive children’s fashion brands. In 2014 the President of the Italian Republic Giorgio Napolitano granted him the honor in the rank of Knight of the Order of the “Star of Italy” for having contributed to promoting the prestige of Italy in the international context. A great honor that binds him to our country, in fact first of all he wants to send a message to the Italians.

“First of all, my deepest condolences to all the families who have lost their loved ones and a big hug for those who have been physically, emotionally and financially affected by this terrible COVD-19 pandemic. I always pray that your spirit will remain strong, hoping to see a light at the bottom of the tunnel soon and to shine again “.

Where are you right now?

I returned to Kuwait from Italy the first week of March, where I experienced part of the dramatic situation in Milan after participating in the women’s fashion week. Kuwait and the United Arab Emirates and other GCC countries are closed, the entire retail fashion sector and many others are completely closed due to the rapid acceleration of the virus. We are still working from home, trying to close all our deliveries for summer 2020 and supporting all our Italian suppliers with balanced shipments to not disappoint any of them. We are committed to positive days, but also to negative days. No single cancellation or delay for all agreements concluded even during this global unexpected crisis. In 28 years of work and total commitment to all our suppliers, I have never delayed a shipment, payment or e-mail response by one day. A “Thanks” goes to those people who are still able to work in such difficult circumstances despite what Italy is going through. Here we are doing our best to negotiate better conditions by reaching solutions with the owners, the banks, allowing us to return regularly to our daily operations once things are resolved.

Pitti Bimbo has been postponed until September, what do you think and what damage will there be for the market?

In fact, I think it is partly a good decision, although perhaps the best thing would have been to postpone it. Most companies will not be ready, also considering the delays in deliveries that will accumulate. The current situation is too unpredictable and unstable due to COVID-19 and things cannot be foreseen in the short term.

Will the children’s collections remain unsold?

Once things get back to normal, I don’t think there will be any concern to recover collections, purchases and our customers as soon as possible. We have full confidence that we will spend this period. Surely companies that have made other mistakes in the past such as wrong decisions and purchases, huge expansions, risky investments, large loans from banks, wrong operating strategies, will quickly disappear and will not be able to work again. After the pandemic has ended, the global cristi will modify all the equations and we will not go out all changed.

Your economic forecasts for the luxury market?

The luxury sector will certainly be adversely affected and will retreat for a period like many other sectors due to the enormous damage to the economy and the drop in the price of oil. Governments will be committed to restructuring the damage they have suffered in these months, also correcting their mistakes and changing the wrong strategies previously applied in all sectors, in particular health, by compensating institutions and individuals. Instead, people will be committed to ensuring their essential needs and returning to their normal lives. It will take some time.

Which markets will recover first?

Certainly China, Japan and South Korea will recover in my opinion above all because they are well structured in the industries. Among the markets that will recover more easily there are clearly the countries that have not been affected by COVID-19 or otherwise affected in a small part.

Click here to visit CRISALIDE PRESS Interview with MR.SAMI BAZZI