Ferragamo, autumn-winter 2023
Ferragamo reports declining sales
For the first nine months of 2023, Ferragamo's net sales were down 8,3% on a currency-adjusted basis or 9,2% on a currency-neutral basis compared to the same period in 2022. At the end of September, the Italian group's sales amounted to 884 million euros.
The company's management explains the result by the fact that the brand continues to invest in development, is restructuring business processes and is striving to switch to a new creative course taken earlier. Ferragamo expects the potential for transformation to fully emerge in 2024.
In the retail channel, the decrease in net revenue for the reporting period compared to the same period last year was 10,2%, or 7,3% excluding currency fluctuations, amounting to 599,5 million euros.
Sales at the wholesale level decreased by 16,6%, or 15,3% ex-currency, to €217,2 million, “due to the planned rationalization of partner retail, reduced international travel affecting the duty-free channel and market slowdown USA".
Regionally, the company was losing sales in the Asia-Pacific region and the Americas.
In the Asia-Pacific region, Ferragamo's net sales for the first nine months of the current financial year decreased by 16,4%, or 11,7% excluding currency fluctuations, compared with the same months of the previous year, amounting to 263,9 million euros. During the same period, the Japanese market recorded a decrease in net sales of 11,6% or 2,7% excluding currency fluctuations compared to the same period last year to 64,4 million euros.
As of September 30, group net sales in North America reached €221,1 million, reflecting a decline of 20,1% or 18,2% excluding currency fluctuations compared to the same period in 2022. In Central and South America, Ferragamo's net sales also declined, falling 3,1%, or 9,6% excluding currency fluctuations, year-on-year to €58,8 million.
The EMEA region (Europe (including Russia), Middle East and Africa) was the only one where the company achieved growth. The luxury group's sales in the region reached €208,4 million in the first nine months of the year, up 3,1% or 3,0% excluding currency fluctuations compared to the same period in 2022.
For the first nine months of 2023, Ferragamo's net sales decreased by 8,3% on a currency-adjusted basis or by 9,2% on a currency-neutral basis compared to the same period in 2022...
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