Ferragamo pins hope on new direction as US sales fall
A fall in US sales has led to a 4% drop in first-quarter revenues for Italian footwear brand Salvatore Ferragamo.
Sales dipped by 20% in the US and 13% in Asia-Pacific, although European sales rose 25% compared with the first quarter last year.
CEO Marco Gobbetti (pictured) is confident new creative director Maximilian Davis will help turn the brand around with more new products, backed by increasing marketing spend in new channels.
He called the new collections “an important next step in the execution of our strategy of creating a new offering that is relevant for our customer aspirations”.
He added: “We continue to invest in our business and make the critical choices to rationalise and elevate our wholesale channels, in time for the full collection to showcase the complete perspective and ambition of our work. Whilst there remains work to do, we are confident in our plans and confirm our mid-term ambition.”
Sales reached €278 million in the three months to March 31.
