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Ferragamo announces preliminary results for full year 2021

Feb 3, 2022 Italy
Ferragamo announces preliminary results for full year 2021
The Italian-based luxury group has reported revenue growth of 29.6%, reaching 1.14 billion euros, as compared to 2020. Footwear and leather goods sales represented the main share
Ferragamo has also announced that sales in the fourth quarter, which ended on the 31st of December, increased by 20.8% at current exchange rates (by 23.5% at constant exchange rates), thanks to the group’s performance in North America and on the digital channel.

Revenue by product category

In the year 2021, footwear sales increased by 29.7% (by 32.1% at constant exchange rates), totalling 486.1 million euros, as compared to 2020, the corresponding to 42.8% of total sales. Leather goods sales, in turn, rose by 27.5% (by 28.9% at constant exchange rates), reaching 495.7 million euros, which represented 43.6% of total sales.


Revenue by distribution channel

In the fiscal year 2021, the retail distribution channel revenue overall increased by 30.2% (by 32.2% at constant exchange rates), reaching 829.5 million euros, as compared to the prior year. In the fourth quarter of 2021, retail revenue was up by 17.1% (by 20.1% at constant exchange rates), as compared to the same quarter of 2020.  

The group also highlighted that direct e-commerce channel exhibited solid growth throughout the year: revenue was up by 41.3% (43.3% at constant exchange rates), on a comparable basis to 2020.

Wholesale revenue registered growth of 28.6% (of 30.3% at constant exchange rates), on a comparable basis to the full year 2020, totalling 295.9 million euros. In the fourth quarter of 2021, it increased by 32.2% (33.3% at constant exchange rates), as compared to the same period of 2020.


Revenue by geographical channel

In the financial year of 2021, the Asia Pacific region stood out as Ferragamo’s top market: revenue increased by 17.3% (16.9% at constant exchange rates), totalling 436.2 million euros, as compared to the prior year. On a comparable basis to 2020, retail channel revenue in China grew by 9.4% in 2021 at constant exchange rates; in Korea, retail channel posted growth of 13.6% at constant exchange rates; the Japanese market reported an increase of 3.7%  in revenue (by 8.1% at constant exchange rates) in 2021.

According to Ferragamo, the EMEA* region was still penalized by lockdowns of stores and limited tourists’ flows during 2021. Revenue grew by 21.2% (by 19.0% at constant exchange rates), reaching 217.1 million euros, as compared to the previous year.

North America posted revenue increase of 71.5% (of 82.6% at constant exchange rates) in the full year 2021, adding up to 323.6 million euros, on a comparable basis to 2020. In the fourth quarter alone, sales rose by 48.8% (58.8% at constant exchange rates).  

Over 2021, sales in Central and South America were up by 37.3% (by 42.5% at constant exchange rates), totalling 68.5 million euros, as compared to the prior year Growth in the region slowed down in the last quarter of the year (up by 10.3% as reported and by 16.1% at constant exchange rates, as compared to the fourth quarter of 2020).

*EMEA: Europe, Middle East, and Africa


Image Credits: papermag.com

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