In the annual report just presented for the year 2022 with a reporting date of December 31, 2022, the Italian Salvatore Ferragamo SpA reports a total annual turnover of the group of 1.25 billion euros. This corresponds to an increase of 10.2 percent compared to the previous year (2021: 1.13 billion euros).
The situation is different when it comes to profit: The operating profit EBIT of the leather specialist is 128 million euros, which corresponds to a decrease of 10.8 percent, the net profit falls to 65 million euros. Here the company has to accept a decline of 19.5 percent (2021: 81 million euros).
In retail, Ferragamo generated an 11.3 percent increase in consolidated net sales over fiscal 2021. In wholesale, net sales increased 13.6 percent. The company saw gains in all major product categories, with the footwear and leather categories accounting for 87 percent of net sales.
Asia-Pacific region making losses
In terms of the regions, the Asia-Pacific region, which has the highest turnover with annual sales of EUR 417.6 million, had to accept a decline in sales of 4.7 percent compared to the previous year. All other regions generated a double-digit increase: the Japanese market increased net sales by 11.9 percent to EUR 99.1 million, the EMEA region (the third-strongest market in the group with EUR 261.8 million in sales) by 24.7 percent. North America, the second largest market with annual sales of EUR 391.3 million, increased sales by 22.3 percent, Central and South America by 29.7 percent to EUR 89.8 million.
Marco Gobbetti, Chief Executive Officer and General Manager of Salvatore Ferragamo SpA, cites increased investments as the reasons for the loss in earnings: “In 2022 we defined our strategic framework and made excellent progress in implementing our priorities. We have continued to improve the quality of sales and have significantly increased investments, especially in marketing and communication, and are satisfied with the results achieved.”
However, the initial results of the SS23 collection and the success of the FW23 fashion show are encouraging, Gobbetti continued. “Although the macroeconomic environment remains volatile and complex, we are excited about Ferragamo’s potential and will continue to invest in our growth ambitions.”