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Marco Gobbetti, the former Burberry executive who became the new CEO of Salvatore Ferragamo last January, has started his mission under good auspices. But the months to come will be sporting because of his strong exposure to the Chinese market.
In general, the new CEO praised the Italian House’s performance in the first quarter, with “good revenue and operating margin growth despite the continuing pandemic and the conflict in Ukraine”.
Ferragamo reported a profit of 14 million euros in the first three months of 2022, well above analysts’ expectations of 4 million euros. Operating profit (EBIT) more than tripled to 24 million euros. Ferragamo has thus largely erased the stigma of Covid, which caused a net loss of 0.6 million euros in the first quarter of 2021.
The Tuscan company also posted a 23% increase in turnover (excluding perfumes) to 289 million euros. However, while sales were very strong in North America (+46%), Central and South America (+52%) and in the Europe-Middle East-Africa region (+41%), Ferragamo slowed down sharply (-0.9%) in Asia-Pacific, its largest market. The resurgence of Covid-19 and restrictions in the Chinese metropolises are the main reasons for this. However, the first closures did not occur until the end of March, and Marco Gobbetti warned that the situation had worsened in April. The rebound in Europe and at Uncle Sam’s helped it to reduce its heavy dependence on the Chinese market, which accounted for 30% of its sales in 2021.
Attracting young consumers.
But there is no question of resting on its laurels. Marco Gobbetti presented a new strategy aimed at “increasing revenues in the medium and long term, thanks to the growing participation of new and young consumers”. Communication and marketing expenditure as a percentage of turnover will be doubled from 2023. 400 million will be injected over the period 2023-26 to renovate shops and invest in technology and the supply chain.
Enough to make the bride more desirable ? Since the arrival of Marco Gobbetti at the head of the House, there has been a rumour that LVMH might take control of Ferragamo. However, the Ferragamo family denied this last Monday.
Read also > AMAZON AND FERRAGAMO JOIN FORCES AGAINST COUNTERFEITING
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Marco Gobbetti, the former Burberry executive who became the new CEO of Salvatore Ferragamo last January, has started his mission under good auspices. But the months to come will be sporting because of his strong exposure to the Chinese market.
In general, the new CEO praised the Italian House’s performance in the first quarter, with “good revenue and operating margin growth despite the continuing pandemic and the conflict in Ukraine”.
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Marco Gobbetti, the former Burberry executive who became the new CEO of Salvatore Ferragamo last January, has started his mission under good auspices. But the months to come will be sporting because of his strong exposure to the Chinese market.
In general, the new CEO praised the Italian House’s performance in the first quarter, with “good revenue and operating margin growth despite the continuing pandemic and the conflict in Ukraine”.
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