Ferragamo2025首季财报：皮具业务逆势增长9.6%

Core Insights - Salvatore Ferragamo reported a total revenue of €221 million for Q1 of FY2025, reflecting a year-on-year decline of 2.6% at current exchange rates, while the decline narrowed to 1.0% at constant exchange rates [1] - The core leather goods segment experienced a growth of 9.6%, indicating structural improvements during the strategic adjustment period [1] - The leather goods category contributed 44.2% to total sales, an increase of 4.2 percentage points compared to the same period last year, validating the product innovation strategy led by the new creative director Maximilian Davis [1] Regional Performance - The Japanese and Latin American markets showed robust development due to the recovery of tourism retail [1] - The Asia-Pacific region (excluding Japan) was primarily impacted by weak consumer demand in mainland China, becoming a major drag on overall performance [1] Future Outlook - The company maintains a full-year revenue growth expectation in the low single digits despite industry volatility [2] - CEO Marco Gobbetti noted that the strategic focus on high-margin categories is yielding results, with strong performance in leather goods offsetting some short-term market fluctuations [2] - Analysts suggest that balancing the iteration of classic products with the expansion into emerging markets will be crucial for Ferragamo's next phase of growth [2]