Salvatore Ferragamo, autumn-winter 2024/25
Salvatore Ferragamo's net profit in the first half of the year decreased by 73,2%
Italian luxury brand Salvatore Ferragamo reports a 2024% decline in net profit in the first half of 73,2 to 5,7 million euros, which was the result of falling sales in the Asia-Pacific region and Europe, writes fr.fashionnetwork.com .
In the first quarter of 2024, the decline in sales of the Italian brand in China was 21,1%, but already in the period from April to June the decline was 3,9% (excluding currency fluctuations). The group's management sees "positive signs" in this, while the brand's global revenue in the first half of the year fell by 12,9% to 521,4 million euros.
Footwear accounts for the bulk of the group's sales (46,8%), followed by leather goods (39,9%). Clothes account for 6%.
Salvatore Ferragamo CEO Marco Gobbetti said Ferragamo's results were "significantly impacted by the challenging consumer environment, particularly in the Asia-Pacific region."
Sales in North America, the group's second-largest market, fell 5,5%, mainly due to lower wholesale volumes in the second quarter. In the Europe-Middle East-Africa zone, Ferragamo's third largest market, revenue decreased by 16,1%, again due to the impact of wholesale sales (-32,8%), while retail sales excluding currency fluctuations grew by 4,6%.
The group's investments, aimed mainly at updating the distribution network, amounted to 2024 million euros in the first half of 21, compared to 17 million investments made a year earlier.
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Italian luxury brand Salvatore Ferragamo reported a 2024% decline in net profit in the first half of 73,2 to €5,7 million, reflecting a drop in sales in the Asia-Pacific...
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