Salvatore Ferragamo reported revenues of €277 million for the first quarter of 2024, an 18.3% decline compared to the same period last year. The decline was particularly influenced by January trading and a volatile consumer environment in Greater China. The wholesale channel was adversely affected by a weak market and a challenging comparison base due to a shift in delivery timing from the previous year.
All major product categories saw declines in Q1 2024 compared to Q1 2023, with shoes and leather goods down by 18.3% and 18.5%, respectively. Geographically, the Asia-Pacific region experienced a 19.3% drop, with Greater China and Korea showing negative performance due to weak consumer sentiment. In contrast, the rest of Asia-Pacific showed positive results, partly due to increased travel. EMEA reported a 30.8% decline, impacted by a weak market environment and different delivery timings. North America saw a 10.9% decrease, and Central and South America reported an 8.6% decline.
“Our performance was impacted by continued volatility in the Chinese market and persistent weakness in wholesale and travel retail, compounded by unfavorable comparisons,” commented Marco Gobbetti, CEO and General Manager. “However, we are encouraged by the improvements in our DTC performance in Europe, the US, and Japan as we focus on customer engagement and communication activities.”
