The company reported a decline in consolidated net sales for its retail distribution channel of 10.2% (7.3% at constant exchange rates) against the same period of 2022, while the wholesale channel was down by 16.6% year-on-year (15.3% at constant exchange rates).

Ferragamo’s footwear category made up 46.4% of its net sales at €379.12 million and declined by 9.7% year-on-year (7.3% at constant exchange rates) while leather goods brought in €325.84 million, 39.9% of the total and down by 16% (13.5% at constant exchange rates).

Regionally, the Asia Pacific had a drop of 16.4% in net sales in the first nine months of the year (11.7% at constant exchange rates), with the Japanese market specifically down by 11.6% (2.7% at constant exchange rates).

EMEA had an increase in net sales of 3.1% (3% at constant exchange rates) while North America was down by 20.1% (18.2% at constant exchange rates) and Central and South America saw a drop of 3.1% (9.6% at constant exchange rates).

CEO Marco Gobbetti said: “The overall sales performance reflects, at this stage, the ongoing focus on quality of sales and rationalisation of distribution networks, as well as the evolution of the offer and the acceleration of the transition to the new creative course, the full potential of which will become evident in 2024.

“The optimisation of the product portfolio and the enhanced marketing activities are continuing to strengthen the brand and to create engagement with existing and new audiences. While the wider market environment is increasingly uncertain, our mid-term ambition is confirmed.”