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Salvatore Ferragamo surges on solid growth in first half

Salvatore Ferragamo surges on solid growth in first half

Thanks to solid growth in Europe and the United States, the Italian fashion house’s revenues increased by 17% at constant exchange rates in the six months ended June.

 

Italian luxury fashion house Salvatore Ferragamo saw its sales rise 17% at constant exchange rates to 630 million euros in the six months to the end of June. The group’s operating profit reached 95 million euros in the first six months of 2022, up from 66 million euros a year earlier. Net profit was 62 million euros for the first half, up 85.2% from 33 million in 2021.

 

“We are pleased with the steady increase in sales and profitability in the second quarter, despite the continuing impact of the pandemic in China (…) All other geographical areas recorded positive results,” said Marco Gobbetti, who took over the reins of the group in January.

 

In May, he presented the group’s new strategy, which aims to “increase revenues in the medium and long term, thanks to the growing participation of new and young consumers”. This plan includes doubling communication and marketing expenses from 2023.

 

Business in Asia-Pacific, the group’s largest market, slowed sharply in the first half. Sales fell by 1.5% year-on-year, due in particular to the confines of the beginning of the year in China. However, sales in Japan rose by 28%.

 

In the Europe-Middle East-Africa region, revenues jumped by 45.8%, with increases of 41.6% in North America and 44.2% in Central and South America.

See Also

 

 

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

 

Featured photo : © Salvatore Ferragamo

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