Italian luxury goods company Ferragamo has reported a total revenue of €844m ($891.22m) in the first nine months of fiscal year (FY) 2023.

This is a decrease of 8.3% at current exchange rates compared with the first nine months of FY22.

The company’s revenue for the FY was affected by a negative perimeter effect both in retail and wholesale channels.

During the period ending 30 September 2023, consolidated net sales of Ferragamo’s retail distribution channel declined 10.2%. Its wholesale channel registered a decrease of 16.6%.

Regionally, the retailer posted a 16.4% sales decline in Asia Pacific in those nine months of FY23. Meanwhile, net sales in Europe, the Middle East and Africa (EMEA) increased 3.1% over the period.

In North America and Central and South America, net sales of Ferragamo declined by 20.1% and 3.1%, respectively, during the period.

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By GlobalData

Ferragamo chief executive officer and general manager Marco Gobbetti said: “In these nine months we continued to invest in our business, making critical choices and progressing in the execution of our strategic priorities, in line with our plans. We are pleased by the early results of the products designed by our creative director, Maximilian Davis, confirmed by the success of our recent Spring-Summer ’24 Fashion Show, which gained excellent resonance and visibility.

“The overall sales performance reflects, at this stage, the ongoing focus on quality of sales and rationalisation of distribution networks, as well as the evolution of the offer and the acceleration of the transition to the new creative course, the full potential of which, will become evident in 2024.”