Group revenues for FY 2025 totalled €977 million, down 3.8% at constant exchange rates and 5.7% at current exchange rates compared with FY 2024. The company’s DTC channel showed relative resilience, rising 0.4% at constant exchange rates, while the wholesale channel continued to contract, falling 17.1% on the same basis.
In the fourth quarter, consolidated revenues reached €282 million, down 2.0% at constant exchange rates year-on-year. However, DTC sales rose 6.3% at constant exchange rates, accelerating sequentially despite a tougher comparison base, with positive trends across all regions. Wholesale revenues declined sharply in the quarter, reflecting Ferragamo’s ongoing shift toward more selective, brand-aligned distribution.
Regionally, North America and Central and South America delivered growth at constant exchange rates for the full year, while Europe and Japan posted moderate declines. Asia Pacific saw the steepest drop, with full-year net sales down 11.5% at constant exchange rates, largely due to weakness in wholesale.
By product category, footwear revenues fell 8.1% at constant exchange rates, while leather goods proved more resilient, declining 0.6%, supported by strengthened core lines and new bestsellers.
Outlook
Looking ahead to 2026, Ferragamo said it expects macroeconomic and geopolitical uncertainty to persist but aims to build on recent DTC momentum and further reassess its retail footprint to support brand desirability and profitability.
