Salvatore Ferragamo, the Italian luxury-goods maker, recently announced a decline in sales for the first nine months of the year. However, despite this setback, the company remains confident in its mid-term targets.
Revenue for the first nine months of 2023 totaled 844 million euros ($889.4 million), representing an 8.3% decrease compared to the same period last year when it reached EUR920.7 million. The decline in sales was observed in both the retail and wholesale channels.
In terms of geographical performance, North America and Asia Pacific experienced significant declines of 20% and 16% respectively. On the other hand, Europe was the only market where the company saw growth, with an increase of 3.1%.
Salvatore Ferragamo attributes the overall sales performance to their continued focus on improving the quality of sales and streamlining distribution networks. Additionally, they mention the evolution of their products and the ongoing transition to a new creative direction, which is expected to fully manifest its potential by 2024.
Despite an increasingly uncertain market environment, Chief Executive Officer and General Manager Marco Gobbetti expressed confidence in the company’s mid-term targets.