Salvatore Ferragamo makes 30% more profit

Salvatore Ferragamo makes 30% more profit

Italian luxury group Salvatore Ferragamo made a net profit of 106 million euro in 2012, 30% more than in 2011. The chain also saw its sales rise by 17% in 2012 to 1.15 billion euro.

Japan lags behind

In Central and South America the company had 27% more sales, in Europe the rise was 21%, in Southeast Asia 17% and in North America 16.5%. In Japan the rise was much lower at 5%. Divided by product especially the sales of shoes rose (+19.6%), handbags and other leather goods rose by 16.4% and the small department of perfumes had 20% more sales. Again one branch lagged a bit behind: in fashion sales only rose by 5.4%.

 

In the beginning of 2013, CEO Norsa announced that the prices for shoes, handbags and clothing would be raised by 9 to 11%, because the market is being boosted by Chinese supplying themselves in Europe. Designer products are 30% cheaper here than in China, mainly because of an import tax of 20%. At the end of 2012 Salvatore Ferragamo had 338 stores of its own and another 268 are franchised.

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