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Italy’s Ferragamo CEO Sees No Let-up In Luxurious Sector Slowdown
MILAN (Reuters) – Salvatore Ferragamo (SFER.MI) will give attention to boosting income this yr to combat decrease growth in the luxurious business as a whole, its outgoing chief executive stated on Sunday.
Slower economic progress in China, plunging oil costs, unstable trade rates and security threats that have curbed tourist flows have all put the brakes on spending on upmarket handbags, footwear and other accessories.
Ferragamo posted a larger-than-expected 5 p.c rise in first-quarter core profit in Might however income fell 2 % to 321 million euros ($362 million).
Speaking before the brand’s menswear present at Milan Males’s Trend Week, Chief Government Michele Norsa mentioned the luxurious sector would have to concentrate on managing risks.
“Progress is not going to be as sturdy as in past years, when the Chinese language economy and new markets have been opportunities for the business,” mentioned Norsa.
He stated Florence-based mostly Ferragamo, whose founder designed ballet footwear for Audrey Hepburn, is on monitor to proceed increasing profitability and that it wouldn’t be affected if Britain voted to depart the European Union.
Ferragamo will proceed to deal with widening the profit margins on its products reasonably than pushing sales, “given salvatore ferragamo renix loafers the expansion of volumes might be exhausting to forecast”, Norsa said.
Norsa, who has been at the helm of the luxury group for a decade and presided over its inventory market debut in 2011, is due to go away by the tip of the 12 months. He can be changed by Eraldo Poletto, former head of handbag maker Furla.