Luxury fashion: Ferragamo sales fall 60% in quarter, largely affected by Covid-19 crisis

Gross sales at Italian vogue group Salvatore Ferragamo fell by 60% within the second quarter, the toughest hit by the coronavirus disaster as a consequence of world lockdown measures.

The Florence-based leather-based items model reported on Tuesday gross sales of 377 million euros ($442 million) within the six months to June after a drop of greater than 30% within the first quarter.

Analysts had anticipated revenues at around 386 million euros for the semester, in keeping with the Refinitiv estimate.

The virus outbreak, with its store closures and tourism, decelerate, hit the group at a time when Chief Govt Micaela Le Divelec was main a model re-launch.

Final 12 months, the group returned to gross sales development for the first time since 2015, however in Might, it referred to as again former CEO Michele Norsa as government vice-chairman to climate the Covid-19 storm.

The corporate gave no clue on the outlook for the 12 months. However, it flagged that July confirmed enhancement within the gross sales pattern in contrast with the earlier quarter in all its markets.

“Specifically, as of July 25, the group has registered strong development within the instantly operated shops in Mainland China, Korea, and Japan versus July 2019,” it mentioned within the assertion.

Final month, the corporate determined to postpone all remaining first-half knowledge and an analyst convention name to Sept. 15 to have the ability to present measures taken by the group to deal with the fallout from the well-being emergency, a supply mentioned.

Share Us
  •  
  •  
  •  
  •  
  •  
  •  
  •  

Leave a Reply