Ferragamo sales witness over 10.7 percent rise in Q3

Italian luxury shoe-maker Salvatore Ferragamo reported that

it sales grew double-digit in to over 10.7 percent in Q3 compared to the same period last year. Global sales were up 18.7 percent to 832.6 million euros (Rs 5,822 crores) in the nine months to the end of September. China, despite some inconsistency in growth, is still up over 30 percent YTD in RTL and remains key booster for Europe, US and Australia travel consumption. Earnings before interest, tax, depreciation and amortisation grew 18.6 percent to 157 million euros (Rs 1,093 crores).

Its key stores renovation plan continued in the third quarter. Company also opened 10 new stores mainly in emerging markets and key airports along with continuing strong push on communication and advertising with focus on digital media.

The company feels that financial instability and political transitions in major world economies continue to affect ‘clear market visibility’ and consumers’ behaviour. Luxury Industry resilient and well-positioned to capture the new consumers’ trends and present and near future Chinese market perspective though challenging is improving, with confidence for the long-term. The results show Europe performing beyond expectations and US continuing with solid growth, while Latin America, South East Asia and Australia becoming increasingly important.