Ferragamo’s gross operating profit totalled €147 million in the first nine months of the year, down 1.5% year-on-year, while operating profit was €96 million Euros (-5.7%) and net profit amounted to €65 million, “substantially stable” compared with the same period in 2018 according to Ferragamo. In the third quarter, total revenues declined 2.9% (-3.6% at constant exchange rates).

The Asia Pacific region was the Company’s top market in terms of revenues, up 2.7% both at current and constant exchange rates, with the retail channel in China reporting a 16.3% increase in the first nine months of 2019. According to Ferragamo, the third-quarter results were “significantly negatively impacted by the difficult geopolitical situation occurring in Hong Kong”, where retail sales declined 45%. Revenues increased 3.9% in the EMEA region, but were down 1.3% in North America.

At constant exchange rates, the footwear category posted a 3.4% increase in revenues in the first nine months of the year, and handbags and leather accessories an increase of 4.4%, while fragrances declined 11%.