The shareholders' meeting is in progress Ferragamo, called to choose the new BoD and to approve the budget 2014 of the company, which closed the year with a net profit of 163,5 million, up 2,2% on an annual basis, and with revenues of 1,3 billion (+5,9%). This growth has slowed down compared to the pace maintained by the luxury brand in recent years, but which has mainly been affected by external factors such as geopolitical events and unfavorable exchange rates.
“The growth – explained the CEO of Ferragamo Michele Norsa – occurred for all categories with the exception of clothing (-4,1%) which in any case reached a value of around 100 million, a value of absolute importance”. Still driving the revenues of the Florentine company are footwear and leather goods which together represent almost l80% of turnover total.
In any case, the company has been able to limit costs, despite the increase in rents, especially in Asia, and despite the growth in investments, which in 2014 amounted to 83 million euros: “We're getting closer – said Norsa -a investment of 100 million a year and this also impacts on depreciation”.
For the future, Ferragamo's CEO confirms “ours growth expectations, but without making predictions since much will depend on the trend of exchange rates which is often unpredictable”. A growth that passes throughopening of new points of sale in the world's major airports, 10-15 new duty free shops, but also due to the increase in tourism in Europe, due both to the weakening of the euro and to major events such as the Expo, which should have a significant impact on business, especially in the second half of the year.
“There are over 200 international airports in the world and we we are 84. The target can therefore be extended”, specified Norsa, CEO of the fashion company, to the shareholders gathered at the meeting. "Major airports see 5-6 billion passengers each year and travellers, which have grown 5-6% in past years, are expected to continue to grow." Ferragamo, among other things, is very attentive to tourism. “The Chinese who traveled in 2014 – said Norsa – were about 117 million, even if 47 million went to Hong Kong alone. Chinese tourists in Italy are estimated at over one million".
The hope, for Norsa, is to continue in this "growth excellence", i.e. to surpass the company's profit record year after year, which has reached the target ofEbitda margin at 22%, which Ferragamo set for 2015. During 2015, the number of employees of the fashion house will also increase, in the world, but above all in Italy, thanks also to new regulations, such as the Jobs Act.
