Marco Gobbetti has full confidence in Maximilian Davis’ design skills as he leads the Ferragamo turnaround.
While starting from tailoring, Davis offers daily pieces that are “also sportswear, technical and versatile. He has an incredible level of taste and a very specific style in mind.
In the nine months ended Sept. 30, net profit, including a minority interest, jumped 69.2 percent to 67 million euros, compared to 40 million euros in the same period last year, on revenues that reached 921 million euros. This compares with 785 million euros in the same period last year. Earnings before interest, taxes, depreciation and amortization were up 19.5 percent to 241 million euros.
In the nine months, revenues in the Asia Pacific region registered a 2.1 percent increase to 315.7 million euros, representing 34 percent of the total. They were down 5.4 percent at constant exchange. The performance was impacted by the persistence of the restrictions related to the COVID-19 pandemic, in particular in China.
However, the executive emphasized that he was “confident that when the zero-COVID[-19] restrictions are lifted, business will improve. We have so much newness and opportunities,” although he admitted to limited visibility. At the moment, 10 percent of Ferragamo’s stores are closed in China and 70 percent of units are impacted by some form of restriction, he noted.
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