Salvatore Ferragamo, the renowned Italian luxury group, is riding the wave of a successful comeback as it continues to see an uptick in sales for the second consecutive quarter. This upward trend signals a promising recovery after facing a downward spiral for over 2 years.
Under the leadership of CEO Micaela Le Divelec Lemmi, who took the reins a year ago, Ferragamo has been making strategic moves to breathe new life into its leather goods division. By introducing innovative products and implementing digital communication strategies, the brand is successfully attracting customers and retaining their loyalty.
In the first half of 2019, Ferragamo witnessed a 4.4% increase in total revenues, totaling 705 million euros, outperforming expectations set by analysts. The adjusted EBITDA also saw growth, reaching 119 million euros, demonstrating the effectiveness of the company’s revitalization strategies.
Looking forward, Ferragamo aims to maintain its positive momentum throughout the rest of the year. CFO Alessandro Corsi is optimistic about meeting or even exceeding analysts’ forecasts, which predict a revenue of 1.390 billion euros for 2019 and an EBITDA of around 220 million euros.
Despite facing challenges in certain markets, such as the unrest in Hong Kong affecting regional sales, Ferragamo’s sales growth in the first half was primarily bolstered by a strong performance in the Asian market, particularly China. The wholesale channel also showed robust results, with handbags and fragrances leading the way.
Overall, Ferragamo’s strategic initiatives and positive sales trajectory point towards a promising future for the luxury brand as it continues its path to recovery and growth.
For more information on Ferragamo’s recent success and future prospects, you can visit their official website here. Additionally, to stay updated on the latest luxury fashion trends and industry news, check out this insightful article here.
