Ferragamo: DTC trends stabilising but FY24e EBIT under pressure
Yesterday, Ferragamo published another disappointing quarter with Q3 2024 sales down 7.4% FX-n. Management guided for FY24e EBIT to reach EUR30m vs. CSSe midpoint of EUR43m, implying only EUR3m in EBIT in H2. As the environment remains complicated for the sector and even more so for brands in turnaSalvatore Ferragamo creates, produces and sales goods for men and women: footwear, leather goods, apparel, silk goods, jewels, other accessories and fragrances. as well as eyewear and watches manufactured under license by third parties. Co. sells its products through: a network of single Salvatore Ferragamo brand stores, managed both directly and by third parties; and presence in department stores and multibrand specialty stores. Co.'s fragrances product category involves the creation, development and production of fragrances and related products under the Salvatore Ferragamo brand. Co. is also active in the licensing of the Salvatore Ferragamo brand and in real estate management.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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