Salvatore Ferragamo's FY25 revenues decline by 5.7 percent

Salvatore Ferragamo reported revenues of 503 million euros (580 million dollars) for the second half of 2025. This represents a 1.8 percent decrease from the 512 million euros recorded in the second half of 2024, or a 0.4 percent decline at constant exchange rates. Full-year 2025 revenues reached 977 million euros, down 5.7 percent from 1,035 million euros in fiscal year 2024, and down 3.8 percent at constant exchange rates.

Measures implemented to tackle low consumer demand

Management emphasised that in a volatile global context marked by geopolitical tensions and macroeconomic instability weighing on consumer demand, the company began carefully defining brand positioning from the second quarter of last year. This process ensures full alignment between design, product offering, communication, and distribution. It is in line with heritage values and meets the dynamic expectations of consumers.

Regarding the core footwear offering for men and women, the company is continuing to enhance iconic styles, such as the Vara and Tramezza, alongside the evolution of the entire product portfolio. Management added that the focus remains on maintaining a distinctive selection by enhancing iconic footwear families in respect of the founder's innovative spirit. The group is leveraging both timeless models and fresh proposals from seasonal collections.

In the leather goods segment, the company has diversified the Hug collection and expanded its offering with new bestsellers, such as the Soft bag. The company will also continue to further strengthen other key lines with new shapes and attention to detail to enhance customer appeal and express their potential.

Returning to the fourth quarter 2025 data, consolidated revenues were 282 million euros. This is a decrease of 2 percent at constant exchange rates and 3.2 percent at current exchange rates compared to the fourth quarter of 2024. The direct-to-consumer (D2C) channel reported growth of 6.3 percent at constant exchange rates during the quarter, while the wholesale channel reported a negative result.

Net sales by geographical area

In the EMEA region, the D2C channel recorded mid-single-digit growth in the fourth quarter of 2025. This was driven by an increased conversion rate and average transaction value. The wholesale business was negative in the double digits. Total net sales fell by 10.9 percent at constant exchange rates and 5.3 percent at current exchange rates compared to the fourth quarter of 2024.

Emea net sales down 6.5 percent in 2025 at constant exchange rates Net sales in EMEA for fiscal year 2025 decreased by 6.5 percent at constant exchange rates and 4.4 percent at current exchange rates compared to fiscal year 2024. The positive performance of the D2C channel was offset by the double-digit negative performance of the wholesale channel.

In North America, the D2C channel recorded high-single-digit growth in the fourth quarter of 2025 against a challenging comparative basis. Wholesale net sales dropped by double digits compared to the same period in 2024. Total net sales increased by 2 percent at constant exchange rates and decreased by 1.9 percent at current exchange rates, compared to the fourth quarter of 2024.

For fiscal year 2025, the North America region saw a 3.1 percent increase in net sales at constant exchange rates and a 0.9 percent decrease at current exchange rates compared to fiscal year 2024. The positive performance of the D2C channel offset the mid-single-digit decline in the wholesale channel at constant exchange rates.

Both the D2C and wholesale channels in the Central and South America region recorded mid-single-digit growth at constant exchange rates in the fourth quarter of 2025. This resulted in a total net sales increase of 5.1 percent at constant exchange rates and 1.1 percent at current exchange rates, compared to the same period in 2024.

For fiscal year 2025, the Central and South America region recorded a 7.9 percent increase in net sales at constant exchange rates and a 1.4 percent decrease at current exchange rates compared to fiscal year 2024. The double-digit growth at constant exchange rates in the D2C channel was offset by the negative performance of the wholesale channel.

In the Asia Pacific region, the D2C channel saw growth in Korea, China, and Southeast Asia in the fourth quarter of 2025, compared to the same period in 2024. The wholesale channel reported a double-digit decline. Total net sales fell by 2.3 percent at constant exchange rates and 8.8 percent at current exchange rates, compared to the fourth quarter of 2024.

Asia pacific net sales down 11.5 percent in 2025

For fiscal year 2025, the Asia Pacific region recorded a net sales decrease of 11.5 percent at constant exchange rates and 15.6 percent at current exchange rates compared to fiscal year 2024, mainly impacted by the wholesale business.

The Japanese market reported a 2.8 percent increase in net sales at constant exchange rates and a 6.3 percent decrease at current exchange rates in the fourth quarter of 2025 compared to the fourth quarter of 2024. For fiscal year 2025, net sales in Japan fell by 3.0 percent at constant exchange rates and 6.0 percent at current exchange rates compared to fiscal year 2024.

As of December 31, 2025, the group recorded a positive adjusted net financial position of 144 million euros. This compares to a positive 119 million euros as of June 30, 2025, and a positive 173 million euros as of December 31, 2024.

Including the effect of the IFRS 16 accounting standard, the group's net financial position as of December 31, 2025, is negative by 439 million euros.

Ferragamo SS26 Credits: Launchmetrics/spotlight

This article was translated to English using an AI tool.

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