Italian luxury house Ferragamo has reported impressive sales growth in the first three quarters of this year, largely driven by the European market. The brand, based in Florence, saw its revenue reach €921 million ($1.1 billion), a significant increase from €785 million ($932 million) the previous year. The new CEO, Marco Gobbetti, expressed his satisfaction with the results, emphasizing the quality of sales across all distribution channels.
Breaking down the numbers, Ferragamo experienced significant sales increases in various regions. Sales in the Japanese market grew by 19.9%, while North America saw a growth of 29.6%. The most remarkable surge was observed in Central and South America, where sales increased by 37%. However, the brand’s strongest growth came from the Europe-Middle East-Africa region, with revenue increasing by an impressive 37.3%.
One setback for Ferragamo is a decline in sales in China, which can be attributed to ongoing COVID-19 restrictions. Sales in China dropped by 5.4%.
Ferragamo’s success can be attributed to its strategic investments and initiatives throughout the year. The brand strengthened its digital distribution by partnering with luxury e-retailer Farfetch, marking significant progress in the online market. Additionally, Ferragamo embraced web3 projects, launching an innovative NFT co-design service in its New York concept store.
In September, the brand underwent a comprehensive brand transformation, unveiling a new visual identity and dropping its founder’s first name, Salvatore. Now known simply as Ferragamo, the brand aims to position itself for even greater success in the future.
Looking ahead, Ferragamo has set ambitious goals, aiming to achieve a revenue of €2.3 billion ($2.7 billion) by 2026, effectively doubling its earnings from 2021. With its continued growth and strategic initiatives, the luxury brand is well-positioned to reach these targets and solidify its position in the global luxury market.
Useful links:
– Ferragamo Official Website
– Ferragamo’s Partnership with Farfetch
