299
Fashion Jobs
L'OREAL GROUP
Assistant CRM Manager
Permanent · HONG KONG
L'OREAL GROUP
Key Account Manager
Permanent · HONG KONG
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
By
Reuters
Published
Feb 3, 2017
Reading time
2 minutes
Download
Download the article
Print
Text size

Italy's Ferragamo aims to grow revenues twice market rate in mid-term

By
Reuters
Published
Feb 3, 2017

Italian luxury group Salvatore Ferragamo said on Friday it aims to raise its revenues by twice the market rate from 2017-2020, backed by a drive to improve performance at existing stores and updates to its product ranges, it said on Friday.

The Florence-based group is presenting its industrial strategy under new Chief Executive Eraldo Poletto, who took over in Augut to replace long-serving Michele Norsa. Poletto said he aimed to "deliver a refreshed, more contemporary brand aesthetic" with the company's three newly-appointed designers.


Salvatore Ferragamo - Spring-Summer2017 - Womenswear - Milan - © PixelFormula


"The brand is there, we need to wake it up a bit, and make it louder," he said in his first strategy update as CEO.

Poletto did not refer to a specific market growth rate, saying that was "a moving target". Consultants Bain & Company expect the luxury industry to grow by 1-2 percent in 2017, and a further 3-4 percent in the years up to 2020.

High-end brands have been struggling with a slowdown in their biggest market, China, as well as a drop in tourist spending in Europe following a series of deadly attacks.

Florence-based Ferragamo almost doubled revenue in the six years to 2015 and its net profit rose threefold. But last year sales rose just 1 percent and were down 2 percent at constant currencies.

Ferragamo would not raise prices, but aimed to make its stores more profitable, raising sales per square meter at its 683 boutiques worldwide, Poletto said.

One analyst, who declined to be named, said the revenue target was ambitious and above the market consensus forecast, while the drive to improve store efficiency was "positive".

Finance chief Ernesto Greco, set to leave the company in mid-March, said that unlike the past, opening new stores would not be a strong driver of growth, adding Ferragamo did not plan a large number of store closures either.

The company, whose founder designed ballet shoes for actress Audrey Hepburn, is seeking to make its brand more contemporary and desirable and has focused in recent months on increasing profit margins rather than pushing sales, given the uncertain prospects of the luxury industry.

On Tuesday it said its preliminary revenue last year was 1.438 billion euros ($1.54 billion), up 1 percent at current exchange rates and slightly above market expectations.

At 1625 GMT, Ferragamo shares were up 1.1 percent at 26.53 euros.


 

© Thomson Reuters 2024 All rights reserved.