Here are the financial results of 10 companies (4 US, 3 European and 3 Italian) released during the summer break. An August recap of balance sheets, changing management and interesting statements tied to M&A.
August recap brand by brand
TAPESTRY
The US-based group completed the sale of Stuart Weitzman to Calares for 108.7 million USD. In the fourth quarter of FY2024/2025, the group posted record sales of $1.7 billion, up 8% year-on-year. The increase was driven by sales of Coach handbags (the brand’s revenues grew 14%), while Kate Spade was down 13% and Stuart Weitzman by -10%. The quarter ended with a net loss of 517 million. For the full year, Tapestry’s revenue increased 5% to $7 billion, with Coach +10%, Kate Spade -10% and Stuart Weitzman -11%.
RALPH LAUREN
Revenue for the three months that ended in June increased 14% to $1.7 billion (+11% at constant exchange rates). Net income increased 30.7% to $220.4 million. The company is experiencing a very positive trend, but CEO Patrice Louvet made a comment about US duties: “We don’t know how consumers will respond to what will probably be a more inflationary environment”, WWD reports.
CAPRI HOLDINGS
“Jimmy Choo is not for sale”, commented Capri Holdings’ CEO John Idol, who pointed out that more than 50% of production is carried out in-house at the brand’s two Italian factories (source WWD). Revenue during the April-June quarter (the first of the 2025/2026 financial year) fell 6% to 797 million USD (-7.7% at constant exchange rates). In terms of individual brand sales: Michael Kors -5.9%, Jimmy Choo -6.4%, while Versace wasn’t included (the brand was sold to Prada group). Net profits rose to 56 million USD from the 5 million of the previous year.
STEVE MADDEN
In the April-June 2025 period, revenue increased by 6.8% to 559 million USD, but the quarter ended with a net loss of 39.5 million. CEO Edward Rosenfeld emphasized the difficult reorganization of the supply chain (in terms of costs and delivery times) under changing US duties.
Swinging results
SALVATORE FERRAGAMO
Focus on handbags and shoes to reverse course, in Q1 2025, the brand’s turnover summed to €474 million, -9.4% at current exchange rates and -7.1% at constant exchange rates compared to Q1 2024. In Q2 2025 alone, revenue was 253 million, -14.6% at current exchange rates and -11.8% at constant exchange rates, penalized by the wholesale channel. Gross margin for the first half amounted to €321 million, down 15%. In its press release, Ferragamo group stressed that it had “begun an in-depth analysis of the brand’s positioning, with tangible changes aimed at ensuring full consistency and alignment between style, product, communication, and distribution channels”. The company wants to focus on the core business of shoes and leather goods, and added that in order to offer a global assortment, calibrated to geographical specificities, through a more efficient collection structure, characterized by greater depth, fewer references and an optimized price architecture.
AEFFE
The first half closed with a revenue of 100 million euro, -28% at current and constant exchange rates compared to the same period of the previous year. Revenue for individual brands were as follows: Moschino -32%, Alberta Ferretti -22%, Philosophy -23% and Pollini -7%. The group announced the resignation of Roberto Lugano as director and the addition of Marco Gobbetti (last position at Ferragamo) as a non-independent director on the board.
Changes at the top
PINKO
In the first half of the year, revenue reached 116.8 million euro, -6%. The operating result, however, was positive by about €7 million, compared to -€7.79 million in the same period of 2024. Pietro Negra, president of Pinko, announced Laura Manelli as the new CEO (source: Fashion United)
HUGO BOSS
The company ended the second quarter of the year with sales of 1 billion euro, down 1% year-on-year (+1% at constant exchange rates), slightly exceeding analysts’ expectations. Thanks to cost reductions, operating profit increased by 15% to 81 million, exceeding expectations. The same goes for net profits, which rose by 27% to 47 million euro.
Falling sales
BIRKENSTOCK
The third quarter of the 2024/2025 financial year ended with a turnover of 635 million euro, +12% at current exchange rates and +16% at constant exchange rates. Net profit increased by 73% to 129 million euro. Sales of closed-shows performed well (+4% share of total revenues compared to a year ago), which pushed up the average selling price. During the quarter, the company invested about 22 million to expand production capacity. The company will manage the impact of US duties with price adjustments, cost discipline and inventory management, with the aim of protecting the brand’s long-term profitability.
MANOLO BLAHNIK
Sales decreased by 19% to 86.4 million euro in 2024. Despite this decline, 2024 was the third best year ever, after 2022 and 2023. The brand’s financial results showed an increase in direct sales of 13%, thus bringing the category to a share of 32% of total sales, compared to 22% in 2023. The drop in revenue is attributable to the shift towards a business model focused on direct sales. Investments were made to open and renovate shops, leading to a significant decrease in margins. Ebitda was €8.4 million, down 61% from one year ago (source: WWD).
Photo Ferragamo and Stuart Weitzman
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