Ferragamo’s direct-to-customer channel registered net sales growth of 0.9% in the final quarter. Credit: ArDanMe/Shutterstock.

Italian luxury brand Ferragamo has disclosed preliminary consolidated revenues of €291m ($303m) in the fourth quarter (Q4) of fiscal 2024 (FY24) – a decline of 4.0% at constant exchange rates compared to the same period of the previous fiscal year.  

The direct-to-customer (DTC) channel registered net sales growth of 0.9% at constant exchange rates in Q4 FY24m, fuelled by strong performances in Europe, the US, Japan and Latin America.  

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In contrast, the wholesale channel experienced a contraction, with net sales plummeting by 19.3% at constant exchange rates. This decline is attributed to diminished demand within Asian markets and a downturn in the travel retail sector. 

In the Europe, the Middle East and Africa (EMEA) region, net sales rose by 4.5% at constant exchange rates, bolstered by double-digit growth in the primary DTC channel.  

The company’s North American business also recorded a net sales increase of 6.3% at constant exchange rates for the fourth quarter.  

Central and South America reported robust growth of 10.7% at constant exchange rates compared to the previous fiscal year, while the Asia Pacific region saw a stark decline in total net sales of 24.8% at constant exchange rates.  

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For the full fiscal year 2024, Ferragamo’s consolidated revenues totalled €1.03bn – an 8.2% decrease at constant exchange rates relative to FY23.  

The overall performance of the DTC channel declined by 3.8% at constant exchange rates, while the wholesale channel faced an even steeper decline of 21.3% at constant exchange rates. 

Regionally for FY24, total net sales in EMEA and North America decreased by 7.8% and 2.6% respectively at constant exchange rates, while Central and South America saw a slight increase of 1%. 

Ferragamo CEO Marco Gobbetti stated: “Our focus on enhancing digital channel performances, through re-platforming and effective marketing campaigns, has led to a steady positive trend of this business in Q4, driven by both traffic and sales quality. 

“We are pleased with the foundations we have built and, whilst we remain conscious of the persisting complex market context, we are encouraged by the trends we identified at the end of the year. January shows an acceleration in our DTC channel’s growth, albeit supported by the different timing of the Chinese New Year and a favourable comparison base versus last year.”