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MILAN, July 20 (Reuters) – Italian luxurious items group Salvatore Ferragamo SFER.MI virtually doubled gross sales in the second quarter after last yr’s pandemic-led hunch, with China, the Americas and Korea driving the rebound.
Nonetheless, revenues are nonetheless removed from pre-Covid ranges and the Florentine model is relying on the arrival of Burberry BRBY.L CEO Marco Gobbetti on the helm later this yr to step up turnaround efforts which have up to now struggled to yieldoutcomes.
Ferragamo, which has been hit tougher than most rivals by the fallout of the coronavirus disaster because of its publicity to journey spending, stated on Tuesday first-half gross sales grew by 46.2% at fixed trade charges to 524 million euros ($617 million).
That’s roughly a fifth under the extent of January-June 2019, regardless of a 90.5% yearly bounce within the second quarter alone.
Most luxurious teams have already reached, if not exceeded, pre-COVID ranges. However the pandemic hit Ferragamo simply because the family-owned agency strived to rejuvenate a model well-known for the footwear worn by Hollywood stars reminiscent of Audrey Hepburn.
The duty will now fall to Gobbetti, who’s credited with relaunching Burberry by injecting contemporary life into the British label.
Gross sales figures for the primary half, which don’t embody the fragrance enterprise, are broadly according to analyst expectations gathered by Reuters.
Ferragamo, which didn’t present a breakdown of revenues for the second quarter, stated on-line gross sales had carried out effectively in he interval rising 66%. ($1 = 0.8499 euros)
(Reporting by Claudia Cristoferi; modifying by Valentina Za)
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