Ferragamo continues FY22 earnings momentum with Trapezio Crossbody release

February 7, 2023

Ferragamo has not ceased to innovate in light of FY22 fiscal success — the house presents the all-new Trapezio Crossbody, out now. Image courtesy of Ferragamo

By Amirah Keaton

Thus far, Italian fashion house Ferragamo is making good on an ambitious pursuit of doubled revenues by 2026, having just emerged with strong full-year earnings and a novel accessory.

Under the direction of a newly-instated chief executive and creative lead, Ferragamo heightened revenues by 5.7 percent at constant exchange rates in 2022. Largely determined by pandemic restrictions in China, a sales dip in the APAC region has not deterred the company’s overall fiscal standing, thanks in part to strong shoe and leather sales — the brand now continues the momentum with a new handbag release from the pre-spring 2023 collection.

“During 2022 we set our strategic framework and started making excellent progress on our priorities,” said Marco Gobbetti, chief executive officer and general manager of Salvatore Ferragamo S.p.A, in a statement.

“Maximilian Davis debut fashion show generated a strong endorsement from trade, press and celebrities alike,” Mr. Gobbetti said. “We also finalized an important agreement with Farfetch, which strengthens significantly our digital capabilities and targets a new, young clientele.”

“Notwithstanding the beginning of our strategic refocusing, 2022 has also been another year of growth in revenues, in which we successfully pursued the quality of sales in our retail stores while also starting the optimization of our wholesale channel, amid a complex and volatile macroeconomic environment.”

Up-and-up
Of note from Ferragamo’s reporting exercise are a few key details.

First, though all categories reported increases in 2022 versus 2021, Ferragamo’s shoes and leather styles represent 87 percent of its full-year nets. Points-of-sale help paint a fuller picture.

The Italian leather goods expert’s owned retail distribution channel net sales went up by 4.7 percent at constant exchange rates, displaying an uptick in boutique foot traffic.

Meanwhile, formative agreements like that established with luxury online retailer Farfetch last year (see story) contributed to an even higher wholesale channel increase, up 6.3 percent at constant exchanges year-over-year.

#FERRAGAMOANEWDAWN
THE EDITED PREVIEW OF #FERRAGAMOSS23 COLLECTION BY #MAXIMILIANDAVIS IS AVAILABLE TO PURCHASE AHEAD OF ITS OFFICIAL RELEASE UNTIL NOVEMBER 30TH, ONLINE AND IN 17 STORES WORLDWIDE.
DISCOVER MORE AT: https://t.co/1SrUtihLFy pic.twitter.com/5OmxgP1hhO
— FERRAGAMO (@Ferragamo) November 18, 2022

Uncommon among luxury earnings reports is a particular regional resonance witnessed by the fashion firm.

Whereas Asia Pacific drove 2021 earnings (see story), it appears that Central and South America topped all regions in terms of highest percent change year-over-year, up 14.7 percent at constant exchange.

Growth can be accredited to a brand identity update, custom Pantone red shade and fashion week debut (see story), the instatement of creative director Maximilian Davis (see story), and even appointments that technically fall outside of the 2022 calendar year, such as the onboarding of a new chief executive officer and general manager in June of the prior year (see story).

In light of FY22 fiscal successes, Ferragamo has not ceased to innovate (see story). Out now, the house presents the all-new Trapezio Crossbody Bag.

Available at the $2,600 and $2,700 price points, Ferragamo's Trapezio Crossbody Bag hails from the house's pre-spring 2023 collection. Image courtesy of Ferragamo

Crafted in Italy of calfskin leather, the new accessory arrives in a mix of colorways, including black and tobacco brown. Both retail for $2,700.

A variation of the handbag in linen-cotton canvas retails for $2,600.

Two internal compartments, plus a pocket on the back exterior of the handbag, ensure its wearer ample storage space.

Featuring a height of 6.2 inches and length of 10 inches, a base model marks the Trapezio Crossbody's size, alongside one additional elongated horizontal option.

Best of all, the brand's signature motif is far from forgotten here — an antique Gancio gold buckle centers the selection.

Ferragamo's latest luxury invention is available for purchase in-store and online, at Ferragamo.com.

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