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“.

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Featured photo : © Getty Images

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Hélène Cougot

Passionnée depuis son plus jeune âge par l’art et la mode, Hélène s’oriente vers une école de stylisme, l’Atelier Chardon-Savard à Paris, avec une option Communication. Afin d’ajouter des cordes à son arc, elle décide de compléter sa formation par un MBA en Management du Luxe et Marketing Expérientiel à l’Institut Supérieur de Gestion à Paris dont elle sort diplômée en 2020. Elle a notamment écrit des articles lifestyle et beauté pour le magazine Do it in Paris et se spécialise en rédaction d’articles concernant le luxe, l’art et la mode au sein du magazine Luxus Plus.********** [EN] Passionate about art and fashion from a young age, Hélène went to a fashion design school, Atelier Chardon-Savard in Paris, with a Communication option. In order to add more strings to her bow, she decided to complete her education with an MBA in Luxury Management and Experiential Marketing at the Institut Supérieur de Gestion in Paris from which she graduated in 2020. She has written lifestyle and beauty articles for Do it in Paris magazine and specializes in writing articles about luxury, art and fashion for Luxus Plus magazine.