Salvatore Ferragamo, the renowned Italian luxury goods group, reported a 9.2% decline in sales for the first nine months of this year, in line with market expectations. The decline was primarily attributed to weak demand in the Asia-Pacific and North American regions. Total revenue for the period reached 844 million euros, down from 920.7 million euros in the previous year.
While the luxury industry faces challenges amid a slowdown in China and uncertainties related to interest rate hikes in Europe and the United States, Salvatore Ferragamo’s CEO, Marco Gobbetti, expressed confidence in the company’s mid-term ambitions. Gobbetti, who joined the company from Burberry at the beginning of 2022, highlighted the positive early results of products designed by creative director Maximilian Davis. He anticipates that the full potential of the brand’s new creative direction will become more apparent in 2024.
In terms of regional performance, Asia-Pacific sales decreased by 11.7% at constant currencies over the nine months, while North American sales saw an 18.2% decline. Europe and the Middle East, on the other hand, experienced a 3% increase in sales.
Salvatore Ferragamo remains committed to navigating the challenging market environment while striving to fulfill its long-term goals.
