Bad day for Salvatore Ferragamo in Piazza Affari. The luxury company manages to lose up to 9% at the opening of the session, reaching the minimum of 10,42 euros per share (from 21,03 at the opening). The title is by far the worst of all the Ftse Mib, which floats on parity, and the reason is easily explained: the Florentine maison has not confirmed the medium-term objectives on revenues, profitability, cost control and investments announced to the market last February.
This is what can be read in a note from the Florentine group following a meeting of the board of directors which evaluated the development programs and investment programs for the relaunch of the brand and the optimization of processes. The group “has taken note of an extension to 2018 of the transition phase that characterized 2017 and the related effects on medium-term ambitions": these ambitions are therefore not confirmed "as they are more difficult to pursue"
In February, on the occasion of the investor day, Salvatore Ferragamo had indicated three medium-term objectives: an increase in revenues at a rate approximately twice that of the market; an improvement in profitability through an improvement in gross margin and ebitda and through strict control of operating costs; investment control.
