Finance

Sales at Italy’s Ferragamo almost double in second quarter By Reuters

© Reuters. FILE PHOTO: Italian luxury fashion house Salvatore Ferragamo’s logo is seen at a store, as the spread of the coronavirus disease (COVID-19) continues, in Zurich, Switzerland January 25, 2021. REUTERS/Arnd Wiegmann/File Photo

MILAN (Reuters) – Sales at luxury goods group Salvatore Ferragamo almost doubled in the second quarter after a pandemic-led slump in the same period of last year, with China, the Americas and Korea driving the rebound.

However, revenues are still far from pre-Covid levels and Ferragamo is counting on the arrival of Burberry CEO Marco Gobbetti at the helm later this year to drive turnaround efforts that have so far struggled to yield results.

Ferragamo, which has been hit harder than most rivals by the fallout of the coronavirus crisis due to its exposure to travel spending, said on Tuesday first-half sales grew by 46.2% at constant exchange rates to 524 million euros ($617 million).

In the second quarter alone revenues rose 90.5% year-on-year, it said.

($1 = 0.8499 euros)

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