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Salvatore Ferragamo Sees Revenues Fall In Q4
Salvatore Ferragamo SpA saw preliminary 2017 revenues decline three.1 p.c to 1.34 billion euros, or $1.Sixty six billion at present trade, in contrast with 1.Forty three billion euros in 2016. At fixed alternate rates, gross sales had been down 1.Four percent.
Revenues in the final quarter decreased 8.4 percent, penalized by the currencies pattern and by decrease promotional sales in the primary own-retail channel, thanks to raised management of inventories, stated the Florence-based group.
Associated Why Paul Andrew Was Just Promoted at Ferragamo
As of Dec. 31, the group’s retail network comprised 685 points of gross sales, together with 410 immediately operated shops and 275 third-social gathering operated stores. In the 12 months ended Dec. 31, the retail channel was down 0.Eight % to 905.Three million euros, representing sixty five percent of total revenues. Like-for-like sales at fixed alternate have been down 1.7 %.
The wholesale channel, penalized by destocking activity, the political tensions in South Korea and a strategic rationalization in Japan, decreased 7.4 p.c to 465.Three million euros.
The Asia-Pacific area was confirmed as the group’s prime market, representing 36.6 percent of complete revenues. In the area, sales declined 2.1 % to 510.6 million euros, penalized by the smooth development in South Korea, principally resulting from the significant decrease of Chinese vacationers, and the ongoing unfavourable performance specifically in Hong Kong. Conversely, the retail channel in China confirmed continued growth, posting a 2.5 percent uptick, or 7 p.c at fixed exchange.
Europe was down three.6 p.c to 351.2 million euros with a positive efficiency for the retail channel and a negative trend for the wholesale business, negatively impacted by the destocking exercise.
Gross sales in North America fell 4.2 p.c to 333.6 million euros, representing 23.9 % of whole gross sales, also negatively impacted by the efficiency of department shops.
Japan was down 5.6 % to 119.5 million euros as a result of strategic rationalization of the wholesale channel, whereas the retail shops showed a constructive efficiency at fixed change charges.
Revenues in Central and South America grew 2 p.c, or 6.5 % at fixed alternate, to 78.3 million, regardless of the earthquake in Mexico in September.
By category within the 12 months, footwear sales dropped 3.6 percent to 589.2 million euros, representing 42.Three p.c of total sales.
Handbags and cartera salvatore ferragamo hombre leather-based accessories had been down 2.Four p.c to 516 million euros, accounting for 37 percent of complete gross sales.
Gross sales of prepared-to-wear decreased three.9 % to 89.Eight million euros, or 6.4 p.c of the entire. Silk and different equipment fell 7.Four percent to 86.3 million euros. Fragrances have been up 1.2 percent to 89.1 million euros.
In February, during Milan Vogue Week, Ferragamo will hold a coed runway show to unveil its men’s and women’s fall 2018 collections, designed by Guillaume Meilland and Paul Andrew, respectively. The present will mark the rtw debut of Andrew, who was previously women’s footwear inventive director and was appointed inventive director of the women’s line last October. He succeeded Fulvio Rigoni.