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Salvatore Ferragamo Reports Decrease in Revenue for 2023

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Italian fashion house Salvatore Ferragamo has announced a decline in revenue for the full year of 2023. Despite falling short of analysts’ expectations, the company still managed to achieve promising results.

According to preliminary figures, Salvatore Ferragamo recorded a revenue of 1.16 billion euros ($1.26 billion) in 2023, representing a 7.6% decrease compared to the previous year. The decline in revenue was primarily attributed to double-digit sales drops in both its retail and wholesale channels, with sales falling by 11% and 12% respectively.

FactSet analysts had anticipated annual sales of EUR 1.15 million for the year. Despite slightly surpassing this forecast, Salvatore Ferragamo acknowledged that its retail distribution sales were negatively affected by a softening in the market during the final months of 2023, particularly impacting off-price sales.

However, the company remains optimistic as it has started to observe promising signals from its new product initiatives while focusing on strengthening its brand identity. Chief Executive Officer Marco Gobbetti emphasized that although the current luxury market environment may impact their initial assumptions, Salvatore Ferragamo is resolute in its commitment to achieving its ambitions.

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