Salvatore Ferragamo closed 2024 with revenues of €1.035 billion, marking an 8.2% decline at constant exchange rates and a 10.5% drop at current exchange rates. These preliminary results were reviewed by the company’s Board of Directors.
“In a particularly challenging year, especially in the first half, consolidated sales for the fourth quarter amounted to €291 million, reflecting a 4% decrease at constant exchange rates and a 6.7% decline at current exchange rates compared to last year,” stated CEO and General Manager Marco Gobbetti.
Despite the overall downturn, Ferragamo observed encouraging signs in its direct-to-consumer (DTC) business, which performed in line with the previous year. The primary retail channel in Europe and the Americas showed double-digit growth in comparison to Q4 2023. However, performance in the Asia-Pacific region remained weak, showing only a slight improvement over the previous quarter. The Wholesale and Travel Retail channels also underperformed, partly due to the different timing of deliveries.
“We are satisfied with the foundations we have built, and while we acknowledge a complex market environment, we are encouraged by the trends seen at the end of the year. January has shown an acceleration in DTC growth, supported by different timing factors related to the Chinese New Year and a favorable comparison base from last year,” Gobbetti concluded.