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Salvatore Ferragamo posts €40 million profit for nine months

Salvatore Ferragamo posts €40 million profit for nine months

Italian luxury fashion house Salvatore Ferragamo has posted a net profit of 40 million euros for the first nine months of the year, demonstrating the recovery of its business driven by sales in Asia and the United States, after a difficult year in 2020 due to the pandemic.

 

Salvatore Ferragamo is back to good news. After a difficult period due to Covid, the Italian luxury house recorded a profit of 40 million euros over the last nine months. In the same period last year, the group recorded a loss of 96 million euros.

 

The brand’s turnover climbed 34% in the January-September period, to 785.3 million euros, despite continued restrictions on commercial activities in certain countries, the group said.

 

After a net loss of 72 million euros recorded in 2020 in an economic context thrown into turmoil by the pandemic, the Italian luxury house had emerged from the red in the first half of the year, posting a net profit of 33.4 million euros.

 

Salvatore Ferragamo, which was suffering from a problem with the positioning of its brand, had two difficult years in 2017 and 2018, before starting to recover in 2019. The pandemic put a stop to this recovery.

 

Asia Pacific, which remains the group’s largest market with more than 47% of its sales (compared to 53% a year earlier), saw its turnover rise by 22.7% over nine months. In mainland China, retail sales rose by 22.1% at constant exchange rates.

 

In North America, revenue grew 97.1% in nine months at constant exchange rates and 65.7% in the third quarter.

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Featured photo : © Wikimedia Commons

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