Footwear, which made up 45.7% of the company’s total sales for the year, had a decline of 9.3% to €512 million, while leather goods (totalling 40.3% of sales) was down by 14.1% to €451.3 million. Ready-to-wear had a decline of 12.1% year-on-year to €73.6 million and made up 6.6% of sales, while silk and other products totalled 7.4% of sales with a drop of 3.7% to €83 million.

The retail distribution channel had a decline in net sales of 10.8% for the year to €824.2 million, while wholesale was down by 12.1% to €295.7 million, due to planned rationalisation.

Regionally, Asia Pacific was down by 13.1% to €362.98 million and made up 32.4% of sales. North America declined by 19.2% year-on-year to €316.3 million and totalled 28.2% of sales.

Meanwhile, Europe was up by 3.3% to €270.6 million and made up 24.2% of sales. Finally, Japan was down by 12.6% to €86.65 million and comprised 7.7% of sales while Central and South America declined by 7.1% to €83.4 million and totalled 7.5% of sales.

CEO Marco Gobbetti said: “2023 has been a year of very intense work in which we made significant progress in our transition. We progressively increased the share of our new products in the stores, enhancing communication in terms of social media response and engagement, and editorials. We have strengthened the platform in terms of brand identity, product and communication. We have been infusing heat into the brand and, especially at the end of the year, started to see some pleasing signals from new products.

“We also worked on optimising the network and on the new store concept, that will be revealed in the Milan Women’s store, reopening in February for the Fashion Show. This is another fundamental step in the implementation of our strategy. We are conscious of the work ahead of us and remain confident that our strategy will unleash Ferragamo’s potential. The complex market environment with the slowdown of luxury demand may impact the timing of our initial assumptions, nevertheless the commitment to our ambition is unchanged.”