Ferragamo and Aeffe’s 2021 is good. Yet, both groups haven’t managed to reach the performances of 2019, last pre-pandemic year. Footwear and leather goods had a positive year for Ferragamo, and a great one for Aeffe (which suffered from the lower growth of the apparel division). Both groups hope that the reorganizations (completed and to be completed) and investments made, will bring them back to pre-Covid levels by 2022.
Gobbetti’s work
We will start with the Tuscan group. New CEO Marco Gobbetti will have a lot of work to do in 2021. The luxury brand closed 2021 with a revenue of 1.136 billion euro (+31.4% on 2020), a result in line with Refinitiv’s forecast of 1.135 billion euro, cited by Reuters. Yet, Ferragamo still remains below the 1.38 billion mark reached in 2019. Online sales and US-based ones contributed to the positive performance of the 4th quarter of 2021 (+20.8% at current rates and +23.5% at constant rates), on yearly base. Mr. Gobbetti could soon announce the brand’s new creative director, after Paul Andrew left his post in April of 2021.
Need to recover
Aeffe group controls Alberta Ferretti, Philosophy, Moschino, and Pollini. The footwear and leather goods divisions (+30.2% in 2021, compared to the same period of 2020), performed better than the apparel one. Pollini was by far the best performing brand, with a 39.2% sales growth compared to 2020. Overall, Aeffe closed 2021 with 324.6 million euro in sales: +20.8% at constant rates on yearly base, but still 7.6% lower than the same period of 2019. Moschino, on which Aeffe had invested a lot last year, generated 80% of the group’s overall turnover. The brand recorded 258.4 million euro in sales last year, up 20.1% from 2020.
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