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March 8, 2017
Salvatore Ferragamo Sees Revenues Fall In Q4
Salvatore Ferragamo SpA noticed preliminary 2017 revenues decline 3.1 percent to 1.34 billion euros, or $1.66 billion at current exchange, in contrast with 1.Forty three billion euros in 2016. At fixed exchange charges, sales were down 1.Four p.c.
Revenues within the final quarter decreased 8.4 %, penalized by the currencies pattern and by decrease promotional gross sales in the first personal-retail channel, thanks to higher control of inventories, stated the Florence-based group.
Related Why Paul Andrew Was Just Promoted at Ferragamo
As of Dec. 31, the group’s retail community comprised 685 points of sales, together with 410 immediately operated shops and 275 third-social gathering operated shops. Within the 12 months ended Dec. 31, the retail channel was down 0.8 percent to 905.Three million euros, representing 65 percent of whole revenues. Like-for-like gross sales at constant change had 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.Four percent to 465.Three million euros.
The Asia-Pacific space was confirmed as the group’s high market, representing 36.6 p.c of total revenues. In the region, gross sales declined 2.1 p.c to 510.6 million euros, penalized by the smooth trend in South Korea, principally attributable to the numerous decrease of Chinese tourists, and the ongoing negative performance in particular in Hong Kong. Conversely, the retail channel in China confirmed continued progress, posting a 2.5 % uptick, or 7 % at fixed alternate.
Europe was down three.6 p.c to 351.2 million euros with a constructive performance for the retail channel and a negative pattern for the wholesale enterprise, negatively impacted by the destocking exercise.
Sales in North America fell 4.2 % to 333.6 million euros, representing 23.9 % of whole sales, also negatively impacted by the efficiency of malls.
Japan was down 5.6 percent to 119.5 million euros because of the strategic rationalization of the wholesale channel, while the retail stores showed a constructive efficiency at fixed exchange charges.
Revenues in Central and South America grew 2 %, or 6.5 % at constant trade, to 78.3 million, regardless of the earthquake in Mexico in September.
By category within the yr, footwear sales dropped 3.6 percent to 589.2 million euros, representing forty two.3 p.c of total gross sales.
Handbags and leather equipment had been down 2.Four percent to 516 million euros, accounting for 37 percent of whole gross sales.
Gross sales of ready-to-put on decreased three.9 % to 89.8 million euros, or 6.4 p.c of the entire. Silk tods wallets vs ferragamo and different equipment fell 7.4 % to 86.Three million euros. Fragrances were up 1.2 percent to 89.1 million euros.
In February, during Milan Style Week, Ferragamo will hold a coed runway present 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.