salvatore ferragamo sale australia, Salvatore Ferragamo | Global Blue
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 year to combat decrease development within the luxury industry as an entire, its outgoing chief govt stated on Sunday.
Slower economic progress in China, plunging oil prices, risky trade rates and security threats that have curbed tourist flows have all put the brakes on spending on upmarket handbags, footwear and different equipment.
Ferragamo posted a larger-than-expected 5 percent rise in first-quarter core profit in Might however income fell 2 p.c to 321 million euros ($362 million).
Speaking before the model’s menswear present at Milan Males’s Trend Week, Chief Executive Michele Norsa said the luxurious sector must focus on managing risks.
“Progress won’t be as sturdy as in past years, when the Chinese language economy and new markets have been alternatives for the business,” mentioned Norsa.
He mentioned Florence-based Ferragamo, whose founder designed ballet shoes for Audrey Hepburn, is on track to proceed growing profitability and that it would not be affected salvatore ferragamo sale australia if Britain voted to depart the European Union.
Ferragamo will continue to give attention to widening the profit margins on its merchandise fairly than pushing gross sales, “given the growth of volumes shall be exhausting to forecast”, Norsa said.
Norsa, who has been on the helm of the luxurious group for a decade and presided over its stock market debut in 2011, is due to go away by the end of the 12 months. He shall be changed by Eraldo Poletto, former head of handbag maker Furla.