Revenues up for Ferragamo in first quarter

Italy
Published:  13 May, 2022
Credit: Ferragamo

The Salvatore Ferragamo Group has reported its first quarter 2022 results, achieving revenue growth of 23.2% to €289 million.

Revenues for the company’s retail distribution channel were up 15.8% in the period, while its wholesale channel saw growth of 40.2% year-on-year. Ferragamo reported net profit of €14 million in the first quarter of the year.

A slowdown in production primarily due to lockdowns in Greater China resulted in just 0.9% growth for the Asia Pacific region. However, Japan achieved a 17.7% increase over Q1 2021.

Revenue growth in the EMEA region was 41.3%, North America recorded an increase of 46.1% and revenue in Central and South American climbed by 52.3%.

The company reported that all of its main product categories reported a significant increase in the quarter, and shoes and leather goods together represented 86% of the total turnover for the period.

CEO Marco Gobbetti said: “I'm excited to be part of this iconic brand, built on an exceptional heritage of creativity, craftsmanship and human values. In spite of the enduring pandemic and the conflict in Ukraine, in this first quarter we delivered good growth of revenues and operational margin.

“Notwithstanding the rising geopolitical and economic volatility, we expect to increase our revenues for the current year, and today we are laying out the drivers to accelerate growth and realise the potential of Ferragamo.”