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Italy's Ferragamo aims to grow revenues twice market rate in mid-term
February 3, 2017 / 10:15 AM / 10 months ago

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

MILAN, Feb 3 (Reuters) - Italian luxury group Salvatore Ferragamo said on Friday it aims to raise its revenues by twice the market rate in the mid-term, focusing on growth of its existing stores.

The Florence-based group is presenting its industrial strategy under new Chief Executive Eraldo Poletto, appointed in mid-May to replace long-serving Michele Norsa.

“The mid-term ambition (is for) topline growth to be twice the market growth, through like-for-like focus,” a presentation slide showed.

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. ($1 = 0.9309 euros) (Reporting by Giulia Segreti; editing by Agnieszka Flak)

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