Italian footwear and leathergoods brand Salvatore Ferragamo has confirmed a more than 50% reduction in profit for 2024 to €35 million, and a 10% drop in revenues to €1bn.
The group attributes the drop to a complex market context, ongoing geopolitical tensions and macroeconomic uncertainties, impacting the demand for luxury goods.
Asian markets have slowed.
However, the group commented handbags and shoes, in particular the new Hug bag and the Zina ballet shoe, sold well in the fourth quarter.
It said: “Considering the uncertainties over demand by luxury consumers, we remain cautious on short-term expectations. We will continue to strengthen our product offer, leveraging on our strong heritage, while optimising customers segment targeting. We are confident in our capabilities to navigate the evolving market dynamics, maintaining as top priorities revenues performance and profitability.”
In February, the group announced the departure of CEO Marco Gobbetti. A replacement is being sought.
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