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HomeMarketFerragamo's nine-month sales rise 13% driven by Europe By Reuters

Ferragamo’s nine-month sales rise 13% driven by Europe By Reuters

© Reuters. FILE PHOTO: A pair of shoes of Italian luxury shoemaker Salvatore Ferragamo is displayed in the window of the company’s store in Zurich, Switzerland, April 25, 2019. REUTERS/Arnd Wiegmann
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MILANO (Reuters) -Sales at Italian luxury goods group Salvatore Ferragamo rose by 12.7% annually at constant exchange rates in the first nine months, driven by strong demand in Europe.

Revenues reached 921 million euros ($929 million) in the January-September period, Ferragamo said on Tuesday.

Earnings before interest and tax (EBIT) rose to 114 million euros from 84 million euros a year earlier.

The figures for both sales and EBIT were in line with estimates from analysts polled by Reuters.

Chief Executive Marco Gobbetti, who joined the family-owned group in January after leaving Britain’s Burberry, has promised a quick turnaround, vowing to increase investments, revamp stores and attract younger customers to double 2021 revenues to almost 2.3 billion euros by 2026.

The success of the new collections for spring-summer 2023 “adds further confidence in the acceleration of investment in the second half of the year.”

Maximilian Davis was appointed creative director in March as part of the new CEO’s plans to revamp the brand, whose shoes have been worn by Hollywood legends such as Audrey Hepburn.

($1 = 0.9914 euros)

Story Credit: investing.com

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