Sales at Italian luxury group Salvatore Ferragamo rose by 31.4 percent last year, in line with market expectations, although they are still far below pre-pandemic levels.

The leather goods maker said on Thursday 2021 revenues totalled €1.136 billion ($1.27 billion), in line with a Refinitiv consensus of €1.135 billion.

In the fourth quarter sales grew by 23.5 percent at constant exchange rates, thanks to a strong performance in the United States and booming online revenues.

Most luxury groups have already reached, if not exceeded, pre-Covid levels, showing the challenge facing Ferragamo’s new chief executive Marco Gobbetti, who started at the Florentine group this month after four and a half years at the helm of Burberry .

The pandemic crisis hit just as family-owned Ferragamo strived to rejuvenate a brand famous for the shoes worn by Hollywood stars such as Audrey Hepburn.

In 2019, before the health crisis, Ferragamo posted sales of €1.377 billion in sales, but lockdown measures and a collapse in tourism led to a 33 percent revenue drop in 2020 for a group that is more exposed than rivals to travel spending.

Gobbetti’s main task will be to step up its turnaround efforts and revitalise the brand with a new fashion director after British designer Paul Andrew left in April.

By Claudia Cristoferi; Editor: Silvia Aloisi

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