Ferragamo reports double digit growth for the first 9 months 2011
Italian luxury brand Salvatore Ferragamo have reported a jump in net profit for the first nine months of the year, with the company showing strong growth in the Asia Pacific region. Total revenues were up 27.6 per cent to € 701.3 million compared to € 549.8 million last year.
The group’s excepional revenue growth reflects the brand’s “Made in Italy” image, with a higher, luxury positioning worldwide. All geographical areas delivered significant growth, with the exception of Japan.
The Asia Pacific region is the company’s most important market when it comes to revenue, no doubt contributing to the strong growth in China and India. The Asia Pacific region had a turnover of €248.6 million, up 36 per cent on the revenues on the first nine months of 2010; this performance was achieved also through the contribution of the retail channel, which in China recorded a growth of over 50 per cent compared to the same period in 2010.
Europe recorded excellent growth figures, with an increase of 29.3 per cent over the first nine months of 2010. North America, improving the strong trend already shown in the first half of 2011, recorded a growth of 31.1 per cent.
The Japanese market, despite the earthquake that devastated the country and problems related to nuclear contamination, showed a 1.7 per cent increase in revenues, demonstrating the Ferragamo brand’s excellent positioning on this market.
All product categories delivered a marked increase in revenues. Footwear had an increase of 34.2 per cent, whilst handbags and leather accessories had a rise of 28.5 per cent, which represents around 74 per cent of Group total turnover.