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Ferragamo and Safilo suffer sharp drop in first quarter revenue

Ferragamo and Safilo suffer sharp drop in first quarter revenue

Ferragamo coronavirus chut chiffre d affaire

The Coronavirus pandemic has strongly affected the Italian luxury market.

 

The Italian government approved a new emergency decree on Monday that will provide more than € 400 billion ($ 432 billion) in cash and bank loans to companies affected by the coronavirus crisis.

 

In parallel, the Ferragamo house and the eyewear manufacturer Safilo reveal results in sharp decline in the first quarter.

 

Salvatore Ferragamo: 31.4% decline in sales

 

The Italian luxury goods group reported a 31.4% drop in first-quarter revenue at constant exchange rates on Monday as the new coronavirus pandemic hit activity in February-March.

 

The company said it is currently skipping dividend payments on 2019 results and rescheduling its annual general meeting until May 8.

 

Ferragamo sees some positive signs in mainland China, but not yet in Hong Kong and Macao, says the CEO of the Italian group, Micaela Le Divelec Lemmi.

 

Safilo: Towards a resumption of activity in China?

 

The Italian eyewear maker said on Monday that the 2020 outlook provided in December could no longer be considered valid given the impact of the new coronavirus on its business.

 

He also said preliminary data showed an 11-13% drop in net sales at constant exchange rates in the first quarter compared to the same period in 2019.

See Also


 

After the coronavirus epidemic, the situation in China is returning to normal and Safilo sees a “positive trend” in online and wholesale sales in the country, announced the CEO of the glasses group Angelo Trocchia.

 

 

 

Read also > Covid-19: Jaguar Land-Rover deploys vehicles to support health services worlwide

 

Featured Photo :  © Ferragamo

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