MILAN — Salvatore Ferragamo SpA’s chief executive officer and general manager Marco Gobbetti expressed satisfaction with the preliminary 2022 sales reported on Thursday, at the end of his first year leading the Florence-based luxury house.
“During 2022, we set our strategic framework and started making excellent progress on our priorities,” said Gobbetti, who joined the Florence-based company in January last year from Burberry, and appointed Maximilian Davis as creative director in March.
In the 12 months ended Dec. 31, revenues amounted to 1.25 billion euros, up 10.2 percent compared with 1.12 billion euros in 2021. At constant exchange, sales grew 5.7 percent.
“Notwithstanding the beginning of our strategic refocusing, 2022 has also been another year of growth in revenues, in which we successfully pursued the quality of sales in our retail stores while also starting the optimization of our wholesale channel, amid a complex and volatile macroeconomic environment,” Gobbetti continued.
In 2022, sales in the Asia Pacific registered a 4.6 percent decrease to 417.6 million euros, mainly due to the effects deriving from the resurgence of COVID-19 in the region, particularly in China. The area represented 33.2 percent of the total.
Gobbetti said the fourth quarter was impacted by a COVID-19 resurgence in China. “Despite quarterly revenues lower than prior year, we continued to prioritize the quality of sales, consistently with our full-price strategy. Today, we are quite encouraged by the positive customers’ reaction in China since the restrictions were lifted.”
The Japanese market registered a sales increase of 11.9 percent to 99.1 million euros, or 7.9 percent of the total.
The Europe, Middle East and Africa region was up 24.7 percent to 262 million euros.
North America grew 22.3 percent to 391.3 million euros, representing 31.1 percent of the total.
Revenues in Central and South America climbed 29.7 percent to 89.8 million euros.
Gobbetti confirmed Ferragamo’s mid-term ambition, leveraging “the new product offering, which will progressively increase its share throughout 2023, to the renewed brand image and to a strong management team now in place.”
The executive touted Davis’ debut fashion show in September, which he said “generated a strong endorsement from trade, press and celebrities alike.” Ferragamo will hold its coed fall 2023 show on Feb. 25 during Milan Fashion Week.
For the year, the retail channel was up 11.3 percent to 923.5 million euros, representing 73.8 percent of the total
Wholesale revenues climbed 13.6 percent to 336.2 million euros, accounting for 26.9 percent of the total.
Sales of shoes grew 16 percent to 564.2 million euros, accounting for 44.8 percent of the total.
Leather goods and handbags grew 6 percent to 525.5 million euros, representing 41.7 percent of the total.
Ready-to-wear grew 19.7 percent to 83.6 million euros.
Among key achievements last year, Gobbetti pointed to the agreement with Farfetch last August, “which strengthens significantly our digital capabilities and targets a new, young clientele.”