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Ferragamo reports solid growth

Nov 12, 2021 Italy
Ferragamo reports solid growth
The Italian-based luxury group announced revenue growth of 33.9% in the first nine months of 2021, reaching 785 million euros, driven by sales in the United States and Asia Pacific region
As of the 30th of September 2021, the Ferragamo Group reported total revenue of 785 million euros, which reflects an increase of 33.9% at current exchange rates (of 35.3% at constant exchange rates), as compared to revenue of 587 million euros in the same period of 2020. In the third quarter of 2021, revenue grew by 17.1% at current exchange rates (by 17.4% at constant exchange rates).


Revenue by distribution channel

As of the 30th of September 2021, the group’ retail network comprised a total of 643 points of sales, including 404 directly operated stores (DOS) and 239 third party operated stores (TPOS).

In the first nine months of 2021, the retail distribution channel consolidated revenue increased by 37.2% (by 38.4% at constant exchange rates), on a comparable basis to the same period of last year. In the third quarter of 2021 alone, retail revenue rose by 21.8% (by 20.2% at constant exchange rates), with Greater China, North America, Latin America and Korea exceeding pre-pandemic levels.

Direct e-commerce channel revenue was up by 53.7% (by 58.2% at constant exchange rates) in the first nine months of the current year, as compared to similar period last year. In the third quarter, it increased by 24.2% at constant exchange rates.

Wholesale revenue grew by 27.1% (by 28.9% at constant exchange rates), on a comparable basis to the same period of 2020. In the third quarter of 2021, wholesale revenue was up by 6.3% (by 10.9% at constant exchange rates), as compared to the third quarter of 2020.

Revenue by geographical area

As of the 30th of September 2021, the Asia Pacific region reported revenue increase of 22.7% (of 22.1% at constant exchange rates), on a comparable basis to the same period last year. Greater China posted revenue growth of 22.6% and Korea of 16.1%, at constant exchange rates. Japan reported revenue increase of 4.9% (of 8.5% at constant exchange rates) in this period, but a decline of 8.6% at current exchange rates (of 6.4% at constant exchange rates) in the third quarter due to COVID-19 restrictions. Overall, the Asian continent represented more than 47% of total group's revenue.

The EMEA* region registered revenue growth of 16.8% (of 14.9% at constant exchange rates) in the first nine months of the current year, as compared to similar period of 2020. In the third quarter, revenue increased by 65.7% at constant exchange rates, as compared to similar quarter of the prior year.  

In the first nine months of fiscal 2021, North America posted revenue increase of 85.1% (of 97.1% at constant exchange rates), on a comparable basis to the same period last year. In the third quarter, revenue grew by 65.7% at constant exchange rates, as compared to the same quarter of fiscal 2020. Revenue in Central and South America rose by 59.3% (by 63.2% at constant exchange rates) in the first three quarters of this year, and by 47.5% at constant exchange rates in the third quarter, as compared to similar periods last year.

Revenue by product category

On a comparable basis to the first nine months of 2020, all main products and categories recorded revenue increase, with shoes and leather sales representing 43% and 44%, respectively, of the total figure.


*EMEA: Europe, Middle East, and Africa


Image Credits: lofficielbaltics.com

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