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Ferragamo on the rise, driven by Europe

Ferragamo on the rise, driven by Europe

The Italian luxury fashion house saw its revenues soar by 17.2% to €921 million in the first nine months of the year.

 

For the first three quarters of 2022, Salvatore Ferragamo Group reported total revenues of €921 million, up 17.2% at current exchange rates (+12.7% at constant exchange rates) from €785 million in the first nine months of 2021.

 

Gross operating profit (EBITDA) was EUR 241 million (+19.5%) and operating profit (EBIT) EUR 114 million (+34.8%). Net profit rose by 69.2% to EUR 67 million, despite a slowdown in sales in China due to health restrictions at the beginning of the year.

 

Marco Gobbetti, the brand’s managing director and CEO since January, is delighted: “We continued to grow revenue in the third quarter, ensuring quality sales across all our distribution channels. (…) We have made progress in our operating profit and cash flow for the first nine months, while implementing the planned increase in marketing and communication expenses”.

 

Asia Pacific, the group’s largest market, experienced a marked slowdown, with revenue growth limited to 2.1%. In contrast, the Japanese market saw its sales increase by 19.9% and revenues in the Europe-Middle East-Africa region jumped by 37.3%. In North America, sales rose by 29.6%. Central America (+37%) was also in good shape.

 

In the midst of its recovery, Ferragamo wants to focus on its new creative chapter, with Maximilian Davis, its new artistic director. The latter unveiled the “A new dawn” project, consisting of a dozen men’s and women’s pieces, available in limited edition from 4 November.

See Also

 

Read also > Salvatore Ferragamo surges on solid growth in first half

 

Photo à la Une :  © Ferragamo

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