Ferragamo ends a critical 2016 (revenue -0.7%). In the new year, the main focus will be on footwear

In the first nine months of 2016, the turnover of Salvatore Ferragamo (1.014 billion euros) recorded a slight decrease compared to the same period the previous year: -0.7%. The figure for the third quarter was positive (304 million, + 1.7%), but below analysts’ expectations. Milan Stock Exchange has today received the news of a fall by 7.15% in the share price. Meanwhile, partly because of the global slowdown in luxury consumption, in the last 9 months, Ferragamo registered a negative trend on leather (370 million, -1.2%), which is matched by the growth of the footwear sector (437.8 million, + 1%). The Florentine brand, which recently renovated management, saw with the arrival of new CEO Eraldo Poletto, Fulvio Rigoni (creative director of Men’s and Women’s clothing collection) and Paul Andrew (manager of the shoe segment), for  2017 wants to focus on their own shoe collections. “We want to be a more modern and contemporary brand – Poletto said at the press conference during the presentation of financial data – and improve the retail distribution results not through new openings, but with the improvement of the existing network in Europe, North America and Asia”. In the first nine months of 2016, gross operating results of Ferragamo (216 million) were down by 0.7%, as well as decreases of 2.1% of the EBIT (179 million). The profit (112 million), which amounted to + 0.2%, however, increased notably.


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