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.
Read also > Salvatore Ferragamo returns to profit and benefits from the luxury boom in 2021
Featured photo : © Salvatore Ferragamo
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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.