Ferragamo reports nine-month 2022 revenue and profit growth
In the first nine months of the year (as of September 30, 2022), Italian luxury house Ferragamo's revenue grew by 17,2% to 921 million euros. Net profit increased by 69,2% to 67 million euros compared to 40 million euros in the same period in 2021, the company said in a report.
Ferragamo CEO Marco Gobbetti attributed the rise in financials to the reorganization of the fashion house, whose financial situation was shaken during the pandemic, as well as to the success of the collection of new Ferragamo creative director Maximilian Davies, who was appointed to this position in March this year. Davis' first collection for Ferragamo Spring 2023 was showcased in September in Milan.
Growth in brand sales is noted in all regions of presence. Sales performed particularly well in Europe, the Middle East and Africa, with sales up 37,3% to €202,1 million, accounting for 21,8% of total sales.
Europe performed best, with sales up 37,9% at a constant exchange rate. Sales in Central and South America were up 22,4% and sales in North America were up 15%.
Gobbetti noted that the third quarter in the European market was particularly good for the company due to the growth in tourism.
Sales of the brand's shoes in 9M 2022 increased by 23,5% to €419,6 million, while sales of leather goods increased by 13,1% to €388 million. The footwear and leather categories combined accounted for 87% of total sales. Clothing sales rose by 32,4% to 59,8 million euros.
In the first nine months of the year (as of September 30, 2022), Italian luxury house Ferragamo's revenue grew by 17,2% to 921 million euros. Net profit increased by 69,2% to 67…
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