Revenues in the fourth quarter of 2017 registered a -8.4% decrease, impacted by the currencies trend (-5.1% at constant exchange rates) and by the lower incidence of promotional sales in the primary channel last year, according to Ferragamo.

In full 2017, sales in the Asia Pacific region, Ferragamo’s main market, declined -2.1% (-0.4% at constant exchange rates), year-on-year, and sales in Japan also registered a -5.6% decrease (-3.1% at constant). However, the retail channel in China is reported to have continued to record solid revenue growth (+2.5%; +7% at constant). Revenues in Europe were down -3.6% (-3% at constant) in the year, “with a positive performance for the retail channel and a negative trend for the wholesale business, negatively impacted by the destocking activity”. Revenues in North America decreased -4.2% (-2.2% at constant) in the year.

In terms of product categories, at constant exchange rates, the footwear division posted a -1.7% drop in revenue in 2017 compared with the prior year. Handbags and leather accessories also declined -0.8%, while fragrances registered a +2.2% increase.