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Sales at Italian luxury group Salvatore Ferragamo rose by 31.4 percent last year, in line with market expectations, although they are still far below pre-pandemic levels.
The leather goods maker said on Thursday 2021 revenues totalled €1.136 billion ($1.27 billion), in line with a Refinitiv consensus of €1.135 billion.
In the fourth quarter sales grew by 23.5 percent at constant exchange rates, thanks to a strong performance in the United States and booming online revenues.
Most luxury groups have already reached, if not exceeded, pre-Covid levels, showing the challenge facing Ferragamo’s new chief executive Marco Gobbetti, who started at the Florentine group this month after four and a half years at the helm of Burberry .
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The pandemic crisis hit just as family-owned Ferragamo strived to rejuvenate a brand famous for the shoes worn by Hollywood stars such as Audrey Hepburn.
In 2019, before the health crisis, Ferragamo posted sales of €1.377 billion in sales, but lockdown measures and a collapse in tourism led to a 33 percent revenue drop in 2020 for a group that is more exposed than rivals to travel spending.
Gobbetti’s main task will be to step up its turnaround efforts and revitalise the brand with a new fashion director after British designer Paul Andrew left in April.
By Claudia Cristoferi; Editor: Silvia Aloisi
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New Ferragamo CEO to Start in January, Sales Rise in Q3
Ferragamo’s new chief executive Marco Gobbetti will take the helm from Jan. 1, the Italian luxury group said, after beating analysts’ expectations with a 17.4 percent increase in third quarter sales at constant exchange rates.
