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louis vuitton monogram vernis alma Rinascente store sees 2010 sales up at least

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Rinascente store sees 2010 sales up at least 5 pct

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Wed Sep 8, 2010 9:42am EDT

* Sales up 8 pct in Jan-Aug 2010, sees trend continuing

* Plans new store openings in Italy,louis vuitton monogram vernis alma, not abroad

By Antonella Ciancio

MILAN, Sept 8 - Italy's upmarket department storechain La Rinascente expects sales in 2010 to rise by at least 5percent as it concentrates on opening and renewing stores in itshome market, a top executive said on Wednesday.

Unlisted Rinascente, owned by a group of investors includingPirelli Re (PCRE.MI), Deutsche Bank (DBKGn.DE) and Italy'sBorletti family, posted like-for-like sales up 8 percent in thefirst eight months of the year, the group's general managersaid.

"We expect this trend to continue. We expect sales to growabove 5 percent in 2010, probably in line with the first eightmonths of the year," Alberto Baldan told at the openingof a new homewares floor at its flagship Milan store.

Founded in 1865, La Rinascente had like-for-like sales of360 million euros ($457.1 million) in 2009, in line with 2008.The group did not disclose other financial details.

Rival chain Gruppo Coin (GCN.MI), which has a smaller rangeof luxury brands, said on Tuesday sales were growing aboveexpectations, as it carries on converting smaller Upim stores.

Italy's oldest brand, La Rinascente is repositioning itscentral Milan store, which accounts for more than 50 percent ofthe group's turnover. Sales at the store overlooking the Duomocathedral were up 10 percent in the January-August period,Baldan said.

"We expect more shoppers during the Christmas season," hesaid.

The chain has invested 3 million euros in a second floor forhousewares at the Milan store.

Sales of homeware and kitchen goods account for up to 22percent of the group's turnover, Baldan said. Top-selling womenswear and accessories, which include brandssuch as Gucci PPR.PA and Louis Vuitton (LVMH.PA), are pickingup again this year after falling in 2009, the executive said.

He said the group, which closed smaller loss-making storeslast year,louis vuitton m56689, plans new openings in Italy in the coming years, butnot abroad.

The group is evaluating an offer to buy a property fromItaly's Benetton retail family in Venice, he said.

Baldan said the opening of the Rome flagship would likelycome in the first half of 2013. The group had previously set adeadline for 2012.

In April, Chief Executive Vittorio Radice said it waspremature to talk about plans for a flotation of La Rinascente,which was previously on the bourse, before the opening of theRome store. [ID:nMIE63D0A9]

($1=.7875 Euro)