Gucci's first boutique in Macau also opened this spring and is located in luxury resort Wynn Macau, covering 2,588 square feet. Lee said Macau is "one of the most promising luxury markets in Asia-Pacific," which is Gucci's fastest growing region. A second store is slated to open in Macau in 2009.

The executive said the opening in Macau "is consistent" with Gucci's development in greater China, which is showing "no signs of slowing down" and has the fastest growth compared with other markets. In the last quarter of 2007, sales in China grew 120 percent. Gucci counted 16 stores there at the end of the year, and it has already added more this year. "Just how rapid the development was is best exemplified by the fact that we had four stores in China in 2004," said Lee.

Another first-ever store in New Zealand opened in late April in Auckland. After dipping its toe in duty free in the market, Gucci's own boutique is "a natural extension" for the brand, said Lee. The 3,000-square-foot shop is located in the heritage Imperial Building, on Queen Street, which is fast becoming a luxury shopping area.

Lee said that, while "2008 poses challenges in terms of macroeconomy and currency exchanges," Gucci would stay the course. "We run Gucci with a long-term vision, we stay focused on the customers and the product to create desire," said Lee.