MILAN, Italy — Italian luxury group Salvatore Ferragamo met its guidance for the year with a slight increase in 2019 revenues, despite protests in Hong Kong that weighed heavily on fourth-quarter sales in the region.
The 1.3 percent yearly rise in sales at constant exchange rates marks the first annual revenue increase for the Florentine brand since 2015, in a sign that a turnaround plan under Chief Executive Micaela Le Divelec is starting to bear fruit.
A former Gucci executive, Le Divelec started as CEO at Ferragamo 18 months ago and has been working to rejuvenate the brand by investing in new products and digital marketing.
Revenues eased 0.1 percent year on year at constant exchange rates in the three months through December, with Hong Kong retail sales falling more than 50 percent after a 45 percent drop in the third quarter.
In the full year sales stood at €1.38 billion ($1.53 billion), in line with a Refinitiv analyst forecast.
Closely watched same-store retail sales rose by 0.2 percent in the last quarter, posting a 1.1 percent increase in the full-year.
By Claudia Cristoferi; Editor: Jan Harvey