Ferragamo, spring-summer'25, photo: Vogue
Salvatore Ferragamo's revenue for the first 9 months of the year fell by 9,8%
Salvatore Ferragamo reported a 9% year-on-year decline in revenue for the first nine months of 2024, excluding currency fluctuations, to €9,8 million. The luxury brand cited ongoing challenges in key markets, with sales in particular falling significantly in the Asia-Pacific region. The wholesale channel, however, was the weakest performer.
In the third quarter of the year alone, revenue fell by 7,2% due to weak consumer demand and a drop in traffic in the retail business managed by the group's partners. The direct-to-consumer (DTC) channel, consisting of directly managed stores and online platforms, showed a 5,7% decline in sales in the third quarter compared to the same period in 2023. However, positive figures in Europe, Japan and Latin America partially offset these losses. The largest drop in sales in the third quarter of the year was observed in the wholesale channel - by 12,8%.
The brand’s sales in Asia Pacific fell 20,5% year-on-year in the third quarter. North America also saw a decline, down 7,9% year-on-year. In contrast, markets like Japan showed resilience, recording growth of 6,7%, supported by a strong performance in the DTC segment.
Some positivity came from Latin America, which saw third-quarter sales growth of 9,0% year-on-year, largely due to strong performance in the DTC channel. Europe showed modest growth, with third-quarter sales up 1,2%.
Here again, the DTC channel performed well, while the partner retail and wholesale channels did not show the best results. Ferragamo's press release does not include information on net profit.
Ferragamo notes that uncertainty in consumer demand for luxury goods could last until the end of the year, leading the company to expect its 2024 operating results to be at the lower end of analysts' current expectations.
"The third quarter results were impacted by a challenging macroeconomic environment and a slowdown in consumer activity, and we expect this trend to continue in the latter part of the year. The current context increases pressure on our revenues and profitability, thereby delaying the achievement of our financial targets," said Ferragamo CEO and Chairman Marco Gobbetti.
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