European and US sales counter declines in China for Ferragamo
Italian leathergoods brand Salvatore Ferragamo has said the market backdrop remained particularly challenging during the third quarter, impacted by ongoing geopolitical tensions and a generally subdued consumer environment over the summer.
weaker sentiment slowed the positive momentum across several key markets and further deteriorating the trend in China.
Revenues in the first nine months reached € 675 million, in line with last year at constant exchange rates.
The company delivered a stable Direct-to-Consumer (DTC) performance for the third quarter, driven by the growth of primary channel full price sales, with growth in North America and Europe offsetting the softer demand across Asia. This provides “encouraging evidence” its initiatives are gaining traction, it said.
In particular, the progress achieved across product offering, brand communication and retail execution is translating into a gradual strengthening of the underlying business trends.
