Ferragamo S/S 2023 Women's Ultra-Thin Strappy Sandals, $1050
Ferragamo Reports Weak Q2023 XNUMX
Luxury group Ferragamo reports a 4% drop in revenue in the first quarter of 2023 compared to the same period last year, saying that the launch of a new collection and relaunch of the brand has not yet had a significant impact on sales, writes Worldfootwear.com.
“At the end of February, our stores received the first products designed by our new creative director, Maximilian Davies. Although they represent a small part of the total intended collection, they are an important next step in our stated strategy to create a new offering that meets our customers' expectations, and we are pleased with the first results. Since the introduction of new products is at an early stage, it has not yet had a significant impact on sales figures. Only later in the calendar year will we be able to see a more complete assessment of the collection,” commented Ferragamo CEO and CEO Marco Gobbetti.
In the first three months of the year, the company's revenue was 278 million euros, which reflects a decrease of 4% or 6,5% (excluding currency fluctuations) compared to the same period last year. Ferragamo's net sales in the retail channel decreased by 2,3% (down 2,4% non-FX)g compared to the same period in 2022 to reach €190,1 million, "primarily due to the weakening US market", but with positive performance in the EMEA region (Europe, Middle East and Africa), as well as with a progressive improvement trend in mainland China.
Net sales in the wholesale channel recorded a record fall, by 13,6% (down 16,1% excluding currency fluctuations) year-on-year, amounting to 80,9 million euros. The reason for the fall is the rationalization of the network in the United States and the "delay in the recovery of retail in the Asia-Pacific region."
Luxury group Ferragamo reports a 4% drop in revenue in the first quarter of 2023 compared to the same period last year, saying that the launch of a new collection and…
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