Salvatore Ferragamo Group’s revenue fell 1.2% year-on-year, on a constant currency basis, to €209 million in the first quarter of 2026, which ended on March 31.
Leadership Transition
Ferragamo is currently without a CEO following Marco Gobbetti’s departure in February 2025. Leonardo Ferragamo remains as chair, guiding the brand through this transitional phase.
Direct-to-Consumer Focus
The brand's direct-to-consumer (DTC) channel excelled in Q1, maintaining its strategic importance. Sales in this segment rose by 5.5%, with North and Latin America leading the growth. This uptick, however, was insufficient to counterbalance a 19% decline in wholesale business. The company cited a challenging comparison base and its ongoing effort to streamline the wholesale channel, especially in EMEA (Europe, the Middle East, and Africa), as reasons for the decline.
Regional Performance
Net sales in EMEA dropped 17% in Q1. North America was the top-performing market with an 18.8% increase in net sales. The U.S. is a crucial market for Ferragamo, which is focusing on ongoing renovations of its New York Fifth Avenue and Los Angeles Beverly Hills flagship stores, as well as opening two temporary locations. In Central and South America, net sales rose 7%, while Asia-Pacific sales fell 5.4%. Japan experienced a 4.4% decline, influenced by reduced tourism from China.
Product Category Breakdown
Footwear and leather goods continue to dominate Ferragamo’s sales, making up 43.9% and 42% of total sales, respectively. Footwear sales decreased by 3.4% in Q1, and leather goods sales dropped by 22.5%. Apparel sales fell 3.1%, with silk and other categories declining by 1.1%.
In a press release, Ferragamo stated, “Despite the persistent global instability, exacerbated by the Middle East conflict and its potential short to medium-term consequences, Ferragamo remains focused on executing its strategic plan, leveraging its brand heritage and strengths to drive desirability, refining the product mix, and ensuring the consistency of messaging across all channels.” The company emphasized ongoing prioritization of top-line and distribution quality, while maintaining focus on operational discipline and financial sustainability.
Source: https://www.vogue.com/article/ferragamo-sales-fall-12-in-q1
