Ferragamo Reports Q3 Revenue Decline

Salvatore Ferragamo Group said its third‑quarter revenue fell 3.5 percent year‑on‑year on a constant‑currency basis, reaching €207 million. Over the first nine months of the year, total revenue was flat at €675 million compared with the same period a year earlier.

The company blamed the dip on a weak wholesale segment that offset gains in its direct‑to‑consumer (DTC) channel. While DTC sales held steady year‑on‑year, the group saw growth in North America and Europe but a slowdown in Asia, especially China. Wholesale revenue dropped 19.1 percent year‑on‑year, a result the firm linked to a more selective distribution strategy and ongoing brand positioning efforts.

Ernesto Greco, a member of the executive board, said the brand remains focused on improving sales quality across its core business and will continue to operate with strong discipline. He added that the company is still working to translate the creative success of fashion director Maximilian Davis’s runway shows into stronger store conversions, noting that the process needs further refinement across artistic direction, merchandising, logistics and external partners.

Geopolitical tensions and softer consumer demand during the summer months were cited as additional factors behind the revenue dip. After a return to growth in the second quarter, the third‑quarter decline suggests that the broader turnaround the brand is pursuing will be gradual, reflecting continued market uncertainty.

Regionally, North America contributed the largest share of sales in the first nine months, growing 11.2 percent, followed by Central and South America with a 4.8‑percent increase. Greco highlighted Latin America as an attractive market with strong brand awareness and said the group is exploring ways to expand its presence there. In contrast, sales fell in Japan (down 2.2 percent), the Asia‑Pacific region (down 5.3 percent) and Europe (down 7.4 percent). The company is planning to close some stores in third‑tier Chinese cities while bolstering its e‑commerce platform to revive the Chinese market.

By product category, apparel led the positive performance with a 5.1‑percent increase in the first nine months, followed by silk and related items at 3.9 percent and footwear at 2.6 percent. Leather goods were the only segment to decline, down 3.5 percent.

Former CEO Marco Gobbetti left the company in February 2025 and has not yet been replaced. The group remains committed to strengthening its product assortment, communications, client relationships and retail experience as it navigates a constantly shifting luxury landscape.