Companies

Weak Asia Pacific demand drags down Ferragamo’s first quarter revenue

May 22, 2025 Italy

The Italy-based luxury group reported a 2.6% decrease in revenue in the first quarter of 2025, compared to the same period last year, driven by weak demand in the Asia Pacific region

“The difficult macroeconomic environment, weighing on consumers’ confidence, impacted the first quarter’s performance, driving a decrease in traffic, only partly offset by a higher conversion rate and increase in the average ticket. Our DTC continued to register positive results in Europe, Japan and Latin America, neutralised by the negative performance in Asia Pacific, while our Wholesale channel posted a good performance in all geographies”, said Ferragamo.

In the first quarter of 2025, the group’s revenue totalled 221 million euros, representing a 2.6% decrease at current exchange rates and a 1.0% decrease at constant exchange rates, as compared to the same period last year. Ferragamo stated that the result was particularly impacted by the negative consumer environment in the Asia Pacific region and the weak performance of the secondary DTC channel.

Distribution Channels

In particular, the DTC channel generated 163.7 million euros in net sales for the group in the first quarter of 2024, a decrease of 3.6%, or 4.5% at constant exchange rates, year-over-year. Meanwhile, the wholesale channel generated 53.9 million euros in net sales, an increase of 7.9%, or 10.3% at constant exchange rates, year-over-year.

Geographical Net Sales

In the EMEA region, Ferragamo recorded net sales of 54.26 million euros in the first quarter, an increase of 9.1%, or 8.3% at constant exchange rates, on a comparable basis to the same period in 2024. This was driven by positive results from both the DTC and wholesale channels.

The group’s net sales in the North America region increased by 3.7% (or 1.5% at constant exchange rates) to 62.26 million euros, as compared to the first quarter of the previous year, thanks to positive performances from the primary DTC and the wholesale channel.

The Japanese market also posted a positive performance, with an increase in first quarter net sales of 4.1%, or 3.6% at constant exchange rates, to 20.76 million euros, on a comparable basis to the same period of 2024. This was mainly driven by tourists’ purchases.

In the Asia Pacific region, Ferragamo registered a 13.0%, or 13.7% at constant exchange rates, decrease in first quarter net sales to 63.8 million euros, as compared to the same period of last year, “challenged by the overall weak consumer environment significantly impacting traffic”.

Finally, in Central and South America, the group’s net sales in the first quarter declined by 0.8% year-on-year at current exchange rates, but increased by 12.2% at constant exchange rates, to reach 16.5 million euros.

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Italy Ferragamo Luxury Quarter Results Results