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New York NY, U.S
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The Italian luxury fashion group, Salvatore Ferragamo, has reported a 7.4% rise in revenues at current exchange rates for fiscal 2015, marked by sales growth in the Asia Pacific region despite the Chinese economic slowdown.
Total revenue for fiscal 2015 amounted to €1,43 billion, up 7.4% at current exchange rates, and +1.3% at constant exchange rates, compared to the previous year.
Favourable currency moves have helped to offset weakness in Asia, Ferragamo’s biggest market, as well as in the North American region.
The Asia Pacific region confirms its position as the Group’s top market in terms of revenues, representing 36% of total sales in fiscal 2015, up 4% compared to the previous year. The company reported growth of over 8% for the fourth-quarter of 2015, despite deterioration of the business in Hong Kong. China registered a 10% growth compared to the same period in 2014, and a 10% rise for the fourth-quarter of 2015.
In Japan, where growing numbers of Chinese tourists and potential shoppers are observed, revenues increased 14% in fiscal 2015.
Europe reported a 7% sales growth and North America +9%, representing a drop of 2% at constant exchange rates.
In terms of product category, the handbags and leather accessories segment recorded a 12% growth in fiscal 2015 and a 14% increase for the fourth-quarter of 2015.