Ferragamo in the 9 months of the financial year grew in double figures and by virtue of its performance sees a rosy future ahead. “I am particularly satisfied with the impact of the Spring-Summer ’23 collections,” says CEO Marco Gobbetti, “as well as the success of the Fashion Show, which makes us confident about accelerating investments in the second half of the year”.
Data in line with expectations
Gobbetti promised a rapid turnaround in Ferragamo’s performance. Investments will grow to renovate shops and attract younger customers, so as to double 2021 revenues to almost EUR 2.3 billion by 2026. The first nine months of 2022 went in this direction. Sales grew by 12.7 % at constant exchange rates, thanks to strong demand in Europe (+17.2 % at current exchange rates). Sales reached EUR 921 million in the January-September period. Earnings before interest and taxes (EBIT) rose to EUR 114 million from EUR 84 million in the previous year. These figures were in line with the estimates of analysts interviewed by Reuters.
Good Footwear
“In the nine months, the generation of EBIT and cash flow continued,” Gobbetti continued, “despite the expected increase in investments in marketing and communication”. The Italian brand’s good results come from Europe, we said. Footwear sales, which generate 45% of total revenues, grew by 15% at constant exchange rates. Revenues generated by leather goods (which make up 42% of global sales) increased by 6%.
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