Salvatore Ferragamo and Brunello Cucinelli are meeting, or even surpassing, their third-quarter forecasts. This comes at a time when luxury groups are facing pressure due to the slowdown in China and uncertainty surrounding rising interest rates in Europe and the United States. Concerns regarding the recent crisis in the Middle East are adding to the worries for the year-end.
During the first nine months of the year, sales at the Italian luxury goods group Salvatore Ferragamo decreased by 9.2% at constant exchange rates, aligning with market expectations. This decline was attributed to weak demand in Asia and North America.
The leather goods company reported a revenue of 844 million euros for this period, down from 920.7 million euros the previous year.
However, analysts had expected sales to average 845 million euros, according to a Refinitiv consensus.
“While the global market environment becomes increasingly uncertain, our medium-term ambition is confirmed,” stated CEO Marco Gobbetti, who joined Ferragamo in early 2022 after his tenure at Burberry.
Gobbetti also expressed his satisfaction with the initial results of products designed by Creative Director Maximilian Davis, who joined the company shortly after the CEO. He added that the “full potential” of this new creative direction will be fully realized in 2024.
In the nine-month period, Ferragamo’s sales in the Asia-Pacific region decreased by 11.7% at constant exchange rates, while in North America, they declined by 18.2%. In contrast, Europe and the Middle East saw a 3% increase in sales.
Impressive growth at Brunello Cucinelli
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Read also >CHANEL AND BRUNELLO CUCINELLI INVEST IN ITALIAN CASHMERE PRODUCER
Featured photo : ©Brunello Cucinelli
Hugues Reydellet
Hugues Reydellet is a young and passionate journalist whose favorite subjects are economy, culture, gastronomy, but also cars, and sports. With a sharp pen and an insatiable curiosity, Hugues is constantly on the lookout for new hot information to report.
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