Sales at Salvatore Ferragamo fell by 20% in the fourth quarter, broadly in line with expectations, as new lockdowns in Europe to fight a resurgence of COVID-19 more than offset a strong rebound in China.
The department store operator announced on Wednesday that it is has created two new roles to support the development of its technology and merchandising operations and invested $85 million in its supply chain.
Milan Fashion Week Men's runs from 15 to 19 January, with an exclusively online and severely reduced calendar. Deprived of the majority of its stars, the event has bet on young talent and is introducing 10 new labels.
An in-depth look at how Covid-19 has amplified the importance of financial resources for the fashion and luxury sector, amidst share buybacks, green bonds, state funding, recapitalisations and calls to investors.
Italian luxury brand Salvatore Ferragamo recorded a net loss of €96 million ($113.15 million) during the first nine months of 2020, hurt by sales which also fell 38.5%, due to the impact of the Covid-19 pandemic.
The family owners of Salvatore Ferragamo have held informal discussions with financial investors to sell a minority stake within their holding firm, as they seek a turnaround and to cope with the fallout of Covid-19.