Asia slow down in growth for Ferragamo
For the first time in over 5 years, Italian luxury house of Salvatore Ferragamo registers negative results in Asia. While global sales saw a 9,1% increase in 2013 compared to 2012, the growth rate in Asia dropped to 10 per cent from 18 per cent in 2012. European sales posted an increase of 13 per cent, compared to the same period in 2012 (+18 per cent in 4Q 2013).
Although the Japanese market has been stagnant for Ferragamo over the last year or two, there was a small increase of 1 per cent in FY 2013 (-2% in 4Q 2013), registering a 13 per cent decrease at current exchange rates due to the meaningful deterioration of the Japanese currency. Central and South America continues to be an area of interest with an increase of 15 per cent in sales (+13 per cent in 4Q 2013).