Marco Gobbetti sees progress and believes the full potential of the changes made in the company will be evident in 2024, leveraging the designs by creative director Maximilian Davis.
, stood by the soundness of his strategy and his support of creative director Maximilian Davis while commenting on the performance of the company in the first nine months of the year, which showed a decrease in revenues.
In the first nine months, retail sales were down 10.2 percent to 599.5 million euros compared with 667.6 million euros last year, representing 71 percent of the total, also penalized by a general softening market in the third quarter. Gobbetti said that 15 non-strategic stores will have been closed by the end of the year.
Wholesale revenues decreased 16.6 percent to 217.2 million euros compared with 260.4 million euros due to the planned rationalization of Ferragamo’s third parties’ network, expected to be completed by the end of the year. “We are well ahead of our plans,” said Gobbetti, pointing also to the reduced international travel affecting the duty-free channel and the deceleration of the U.S. market. “The market has been affected by a slowdown in demand but we have been careful with inventories.
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