Home Uncategorized Luxury style: Ferragamo sales fall 60% in quarter, largely affected by Covid-19 crisis

Luxury style: Ferragamo sales fall 60% in quarter, largely affected by Covid-19 crisis

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Sales at Italian fashion group Salvatore Ferragamo fell by 60% in the second quarter, the toughest hit by the coronavirus crisis attributable to world lockdown measures.

The Florence-based leather-based items model reported on Tuesday sales of 377 million euros ($442 million) in the six months to June after a drop of greater than 30% in the primary quarter.

Analysts had anticipated revenues at round 386 million euros for the semester, in response to Refinitiv estimate.

The virus outbreak, with its store closures and tourism slowdown, hit the group at a time when Chief Executive Micaela Le Divelec was main a model re-launch.

Last 12 months, the group returned to sales progress for the primary time since 2015 however in May it referred to as again former CEO Michele Norsa as government vice chairman to climate the Covid-19 storm.

The firm gave no clue on the outlook for the 12 months however flagged that July confirmed an enchancment in the sales development in contrast with the earlier quarter in all its markets.

“In particular, as at July 25 the group has registered a solid growth in the directly operated stores in Mainland China, Korea and Japan versus July 2019,” it mentioned in the assertion.

Last month, the corporate determined to postpone all remaining first-half information and an analyst convention name to Sept. 15 to have the ability to present measures taken by the group to deal with fallout from the well being emergency, a supply mentioned.

($1 = 0.8526 euros)

(This story has been revealed from a wire company feed with out modifications to the textual content. Only the headline has been modified.)

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