Ferragamo sales grow in 2022, but China Covid curbs hit Q4

Sales at Italian luxury goods group Salvatore Ferragamo rose by 5.7% at constant exchange rates last year, with a slowdown in the fourth quarter blamed on Covid restrictions in China.

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Revenues reached 1.252 billion euros ($1.36 billion) in 2022, Ferragamo said on Thursday, versus 1.272 billion euros estimated on average by analysts according to a Refinitiv consensus.

The Covid pandemic crisis has hit family-owned Ferragamo just as the company was striving to rejuvenate its historic brand, famous for the shoes worn by Hollywood stars such as Audrey Hepburn.

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Chief executive Marco Gobbetti, who joined the group one year ago from Burberry, has promised a quick turnaround, vowing to increase investments, revamp stores and attract younger customers to double 2021 revenues to almost 2.3 billion euros by 2026.