Italy’s Ferragamo CEO Sees No Letup In Luxury Sector Slowdown
June 19, 2016
Salvatore Ferragamo will focus on boosting profits this year to combat lower growth in the luxury industry as a whole, its outgoing chief executive said Sunday.
Slower economic growth in China, plunging oil prices, volatile exchange rates and security threats that have curbed tourist flows have all put the brakes on spending on upmarket handbags, shoes and other accessories.
Ferragamo posted a larger-than-expected 5 percent rise in first-quarter core profit in May but revenue fell 2 percent to 321 million euros ($362 million).