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How did Interparfums and Ferragamo perform in the first half ?

How did Interparfums and Ferragamo perform in the first half ?

The financial results of the Interparfums and Salvatore Ferragamo groups have been released for the first half of the year. Do the figures of these companies correspond to expectations and what are the forecasts for the coming months ?

 

Interparfums in good shape but wary of the second half of the year

 

On Wednesday, Interparfums announced a five-fold increase in net profit for the first half of the year, to 45.5 million euros from 8.8 million euros. It should be remembered that the Interparfums group had experienced an acceleration in sales in the second quarter of 2021. 130 million, a dynamic result despite the health crisis. This may seem like a good omen, but the forecasts are not as reassuring for the rest of the year.

 

Indeed, the group, which owns brands such as Jimmy Choo, Lanvin and Moncler, said in a statement that the turnover targets for the second half of the year were more difficult to meet because of tensions in the supply chain.

 

“Given the very good activity in the first half of the year, we confirm our sales target of €460-480 million for the full year,group CEO Philippe Bénacin said in a statement. “Nevertheless, due to significant and persistent tensions in the supply chain since May, the second half of the year is looking more difficult,” the group CEO added. “A too low level of finished goods stock and a too slow supply chain do not allow us to deliver correctly to our partners, a situation that should continue until the beginning of 2022”, he concluded.

 

Sales acceleration at Ferragamo

 

Salvatore Ferragamo saw a 44.2% jump in sales to 523.8 million euros in the first half of the 2021 financial year, which ended at the end of June.

 

In the first half of the year, the Ferragamo Group’s retail channel recorded a 46.3% increase in sales to €381.3 million.

 

Geographically, the financial results of all markets were up, particularly in the United States, China, South Korea and Latin America, when compared to the same period in 2019, before the pandemic.

 

This is an almost unhoped-for performance for Ferragamo, which was hit harder by the health crisis and the multiple restrictions. The group is more regularly subject to travel expenses.

 

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The Asia-Pacific market is the leading market in terms of sales, with growth of 35.2% to 222.2 million euros, compared to 164.4 million euros in the first half of 2020. Turnover in the North American market doubled to EUR 136.9 million.

 

Finally, the group’s profit for the first half of the year only increased to 360.9 million euros.

 

A positive wave for the firm, which is now awaiting the arrival of its Marco Gobetti, approached at the beginning of the summer to take over Ferragamo by the end of the year. The resignation of CEO Micaela le Divelec Lemmi was made effective on Tuesday and the powers are temporarily in the hands of executive vice-president Michele Norsa.

 

Read also > FERRAGAMO : SALES UP FOR THE FIRST QUARTER

 

Featured photo : © Getty Images

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