Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Ferragamo's nine-month sales rise 13% driven by Europe

Published 11/08/2022, 12:05 PM
Updated 11/08/2022, 12:16 PM
© Reuters. FILE PHOTO: A pair of shoes of Italian luxury shoemaker Salvatore Ferragamo is displayed in the window of the company's store in Zurich, Switzerland, April 25, 2019. REUTERS/Arnd Wiegmann

© Reuters. FILE PHOTO: A pair of shoes of Italian luxury shoemaker Salvatore Ferragamo is displayed in the window of the company's store in Zurich, Switzerland, April 25, 2019. REUTERS/Arnd Wiegmann

MILANO (Reuters) -Sales at Italian luxury goods group Salvatore Ferragamo rose by 12.7% annually at constant exchange rates in the first nine months, driven by strong demand in Europe.

Revenues reached 921 million euros ($929 million) in the January-September period, Ferragamo said on Tuesday.

Earnings before interest and tax (EBIT) rose to 114 million euros from 84 million euros a year earlier.

The figures for both sales and EBIT were in line with estimates from analysts polled by Reuters.

Chief Executive Marco Gobbetti, who joined the family-owned group in January after leaving Britain's Burberry, has promised a quick turnaround, vowing to increase investments, revamp stores and attract younger customers to double 2021 revenues to almost 2.3 billion euros by 2026.

The success of the new collections for spring-summer 2023 "adds further confidence in the acceleration of investment in the second half of the year."

© Reuters. FILE PHOTO: A pair of shoes of Italian luxury shoemaker Salvatore Ferragamo is displayed in the window of the company's store in Zurich, Switzerland, April 25, 2019. REUTERS/Arnd Wiegmann

Maximilian Davis was appointed creative director in March as part of the new CEO's plans to revamp the brand, whose shoes have been worn by Hollywood legends such as Audrey Hepburn.

($1 = 0.9914 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.