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Ferragamo's first-half sales beat expectations despite China's slowdown

MILAN (Reuters) – Italian luxury group Salvatore Ferragamo’s first-half revenue beat market expectations despite a slight slowdown in the second quarter due to the coronavirus outbreak – 19 restrictions in China.

Sales increased by 0094 % at constant exchange rates

supported by solid growth in Europe and the US million euros ($624 million US dollars) According to a Reuters poll, at the end of June, analysts on average Estimated at 621 million euros.

Group operating profit total 95 in millions for the first six months 624 Euros from 83 The company said on Tuesday that revenue was 1 million euros a year ago. Analysts had expected 83 EBIT of millions of euros.

Chief executive Marco Gobbetti, who joined the family business in January after running UK-based Burberry, said Ferragamo would accelerate investment in the second half “to build strength in platforms and regions. . . while watching for more volatility and a more challenging macroeconomic backdrop”.

Ferragamo, whose shoes have been worn by Hollywood legends such as Audrey Hepburn, has been working hard in recent years to revamp its brand and appeal to young luxury shoppers.

In May, Gobbetti pledged rapid progress, vowing to increase investment, remodel stores and attract younger customers, doubling 2021 revenue to nearly 23 billion euros 2026.

last month Ferragamo and online luxury shopping retailer Farfetch (NYSE: FTCH ) expands its digital presence to target younger shoppers.

($1=1.19 EUR)

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