Ferragamo’s 2020 revenue down by a third

Worldwide
Published:  01 February, 2021
Credit: Salvatore Ferragamo

Preliminary consolidated revenues for the full year 2020 amounted to €916 million, down 33.5% at current exchange rates and 33.4% at constant exchange rates compared with 2019.

Salvatore Ferragamo reported a 20.4% decline in revenues for the fourth quarter ended December 31, 2020, but said it was an improvement compared with the first nine months of the year. For full 2020, revenues in Asia Pacific, which represents 50% of Ferragamo’s revenues, decreased 25.5%, but at constant exchange rates, the retail channel in China registered a 33.9% increase in the fourth quarter. In Japan, revenues decreased 24.5% for full 2020 and 6.7% in the last quarter of the year, benefitting from a positive performance of the retail channel (+2.9% at current exchange rates and +1.3% at constant exchange rates).

The EMEA registered a 42.5% decrease in annual revenues, and 34% in the fourth quarter, strongly penalised by stores closures and the lack of tourist flow in the period, according to Ferragamo. North America revenue declined 39.4% in full 2020, with the fourth quarter down 26.6%. Revenues in Central and South America were down 35.6% for the year and 10.7% in the fourth quarter.

All product categories reported a decrease in 2020 compared with the previous year, of which footwear was down by 34.9% and leather goods by 28.12%.

Credit: Ferragamo