Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Ferragamo to revamp product offer, won't give guidance for 2022

Stock Markets Mar 08, 2022 09:05PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. A woman walks past a Salvatore Ferragamo shop in Singapore May 19, 2017. REUTERS/Thomas White

By Claudia Cristoferi

MILAN (Reuters) - The new boss of Salvatore Ferragamo aims to boost sales by revitalising its product offer, though the Italian luxury group said the war in Ukraine and the lingering pandemic in some areas meant it could not give an outlook for 2022.

Marco Gobbetti, who became chief executive of Ferragamo in January after 4-1/2 years at British rival Burberry, said he planned to appoint a new creative director to inject "energy and newness" in the product range.

"For sure growth is for me the overall priority," Gobbetti said in his first conference call with analysts since he took the role, adding he would give more details on his strategy in May when Ferragamo reports first-quarter results.

The leather goods maker, which has been without a creative director since May after parting ways with British designer Paul Andrew, swung back to profit in 2021, posting earnings before interests and taxes of 143 million euros ($156 million).

That was above an operating profit of 112 million euros expected on average by analysts. In January, Ferragamo had already reported a rise in sales of more than 30% for last year, though revenues were still far below pre-pandemic levels, underperforming most other luxury groups, which have largely exceeded 2019 results.

The COVID-19 pandemic hit hard Ferragamo, more exposed than rivals to travel spending, just as the family-owned firm strived to rejuvenate a brand famous for making shoes for Hollywood stars such as Audrey Hepburn.

The group said it "does not deem appropriate to provide guidance for the current year" due to the persistence of the pandemic in certain regions and the geopolitical implications of the conflict in Ukraine, even though its direct exposure to Russia is less than 1% of sales.

($1 = 0.9189 euros)

Ferragamo to revamp product offer, won't give guidance for 2022
 

Related Articles

Today's Stock Initiations of Note
Today's Stock Initiations of Note By Investing.com - Oct 07, 2022

By Investing.com Staff Today's Analyst Stock Initiations of Note: Oppenheimer initiated coverage on Chewy Inc . (NYSE:CHWY) with an Outperform rating and a price target of $42....

Today's Stock Downgrades of Note
Today's Stock Downgrades of Note By Investing.com - Oct 07, 2022 1

By Investing.com Staff Today's Analyst Stock Downgrades of Note: RBC Capital downgraded Lyft (NASDAQ:LYFT) from Outperform to Sector Perform with a price target of $16 (from...

Today's Stock Upgrades of Note
Today's Stock Upgrades of Note By Investing.com - Oct 07, 2022

By Investing.com Staff Today's Analyst Stock Upgrades of Note: DA Davidson upgraded Federal Signal (NYSE:FSS) from Neutral to Buy with a price target of $46 (from $39). The...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email