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MILAN, July 20 (Reuters) - Italian luxury goods group
Salvatore Ferragamo almost doubled sales in the second
quarter after last year's pandemic-led slump, with China, the
Americas and Korea driving the rebound.
However, revenues are still far from pre-Covid levels and
the Florentine brand is counting on the arrival of Burberry
CEO Marco Gobbetti at the helm later this year to step
up 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).
That is roughly a fifth below the level of January-June
2019, despite a 90.5% yearly jump in the second quarter alone.
Most luxury groups have already reached, if not exceeded,
pre-COVID levels. But the pandemic hit Ferragamo just as the
family-owned firm strived to rejuvenate a brand famous for the
shoes worn by Hollywood stars such as Audrey Hepburn.
The task will now fall to Gobbetti, who is credited with
relaunching Burberry by injecting fresh life into the British
label.
Sales figures for the first half, which do not include the
perfume business, are broadly in line with analyst expectations
gathered by Reuters.
Ferragamo, which did not provide a breakdown of revenues for
the second quarter, said online sales had performed well in he
period rising 66%. ($1 = 0.8499 euros)
(Reporting by Claudia Cristoferi; editing by Valentina Za)
