Salvatore Ferragamo 2019 sales up despite Hong Kong troubles

Italian luxury brand Salvatore Ferragamo has reported an increase in revenues for 2019 despite its fourth-quarter figures being negatively impacted by the Hong Kong riots.

For the year to 31 December, the company reported a 2.3 percent increase in sales to 1.37 billion euros compared to 1.34 billion euros in 2018.

Asia-Pacific was the group's best performing market in 2019, with sales up 1.1 percent and with China recording an impressive 13.8 percent growth. The fourth quarter of the year, however, was “significantly negatively impacted by the difficult geopolitical situation occurring in Hong Kong”, where retail sales were down over 50 percent compared to the fourth quarter of 2018.

Meanwhile, revenues for 2019 were up across Central and South America (7.1 percent), EMEA (5.3 percent), and North America (0.7 percent). The Japanese market saw a 0.5 percent decrease in revenues.

Retail sales for the year were up 2.4 percent. As of 31 December 2019, the group had 654 points of sales, including 393 directly operated stores and 261 third party operated stores. The wholesale channel registered a 3.1 percent increase in sales, mainly thanks to the strong performance of the travel retail channel.

In terms of product category, footwear sales were up 3 percent, while handbags and leather accessories were up 2.8 percent. Fragrances were down 7.9 percent.

Photo: Salvatore Ferragamo website