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Ferragamo reports solid first half

Sep 12, 2022 Italy
Ferragamo reports solid first half
The Italian-based luxury group posted revenue and profits growth in the first half of the year, as compared to the same period of last year, "despite the enduring impact of the pandemic in China"
In the first semester of 2022, Ferragamo reported a revenue increase of 20.3% at current exchange rates (by 17.0% at constant exchange rates), reaching 630 million euros, on a comparable basis to the same period of last year. The group's net profit in this period totalled 62 million euros, which indicates a growth of 85.2%, as compared to the first half of 2021.

"We are pleased with the continued growth of revenues and profitability in the second quarter, despite the enduring impact of the pandemic in China. All other geographies have shown positive performances. We made excellent progress on our strategic priorities and will accelerate our investment in the second half of the year, as planned, to build strength in platforms and regions to support our growth agenda, whilst remaining mindful of the more volatile and challenging macroeconomic backdrop. Our recently announced partnership with Farfetch provides us with a strong platform of technical capabilities and target audience to fuel our digital growth ambition", commented Marco Gobbetti, Chief Executive Officer and General Manager of Salvatore Ferragamo.

Distribution Channel

As of the 30th of June, the group's retail distribution channel net sales were up by 16.5% (by 9.4% at constant exchange rates), on a comparable basis to the same period of 2021. In the same timeframe, the wholesale channel net sales increased by 40.9% (by 36.2% at constant exchange rates).

Geographical Area

In the first six months of the current year, the Asia Pacific region recorded a net sales decline of 1.5% (down by 7.8% at constant exchange rates), "mainly due to the effects deriving from the resilience of the pandemic Covid-19, in particular in China", while the Japanese market posted a net sales growth of 28.8% (by 32.4% at constant exchange rates), on a comparable basis to the first half of 2021.

Ferragamo's net sales in the EMEA* region were up by 45.8% (by 45.7% at constant exchange rates) in this period, as compared to the first half of last year. The North American region registered an increase of 41.6% (by 29.7% at constant exchange rates), and, in Central and South America, the group recorded growth of 44.2% (31.2% at constant exchange rates), year-over-year.

Product Category

In the six months to the 30th of June, all main Ferragamo's product categories posted a "significant increase", as compared to the same period of 2021, with shoes and leather representing 87% of total net sales in the period.

*EMEA stands for Europe, the Middle East and Africa


Image Credits: fashionotography.com


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