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Salvatore Ferragamo returns to profit and benefits from the luxury boom in 2021

Salvatore Ferragamo returns to profit and benefits from the luxury boom in 2021

The Italian luxury brand Ferragamo is seeing its annual results increase and benefit from the renewed interest of consumers in luxury.

 

The Italian luxury group Salvatore Ferragamo benefited from the reopening of the global economy with sales driven by Asia-Pacific, the group’s largest market (+16.9% at constant exchange rates). The rebound in North America was impressive : +82.6% at constant exchange rates.

 

Net income was 81 million euros, compared with a loss of 72 million in 2020, and current operating income was 143 million euros, compared with a loss of 63 million euros a year earlier. However, the group did not wish to disclose any targets due to the ongoing pandemic and the war in Ukraine. It specified that its direct exposure to Russia represented less than 1% of its sales.

 

On the design side, since the departure of British designer Paul Andrew last May, the leather goods manufacturer has not found a replacement. As such, the new general manager, the very experienced Marco Gobbetti, said he was looking for “energy and novelty“.

 

See Also

 

Read also > SALVATORE FERRAGAMO POSTS €40 MILLION PROFIT FOR NINE MONTHS

 

Featured photo : © Getty Images

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