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Sales at Ferragamo Down 17% in First Quarter

A view of Italian luxury fashion house Salvatore Ferragamo's logo at a store in Milan, Italy, March 6, 2024. REUTERS/Claudia Greco
A view of Italian luxury fashion house Salvatore Ferragamo's logo at a store in Milan, Italy, March 6, 2024. REUTERS/Claudia Greco
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Sales at Ferragamo Down 17% in First Quarter

A view of Italian luxury fashion house Salvatore Ferragamo's logo at a store in Milan, Italy, March 6, 2024. REUTERS/Claudia Greco
A view of Italian luxury fashion house Salvatore Ferragamo's logo at a store in Milan, Italy, March 6, 2024. REUTERS/Claudia Greco

Sales at Italian luxury group Salvatore Ferragamo fell 16.6% at constant exchange rates in the first quarter, the company said on Thursday.
"Over the quarter, our performance was impacted by continued volatility in the Chinese market, as well as a persisting weakness in wholesale and travel retail, further compounded by an unfavorable comparison", Chief Executive Marco Gobbetti said in a statement.

Revenues totaled 227 million euros ($244.5 million), below analyst expectations of 237 million euros according a LSEG consensus.

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Italy's Antitrust Opens Probe into Shein over Environmental Claims

FILE PHOTO: People walk past an advertisement for Shein, March 8, 2024 in London, Britain. REUTERS/Suzanne Plunkett/File Photo
FILE PHOTO: People walk past an advertisement for Shein, March 8, 2024 in London, Britain. REUTERS/Suzanne Plunkett/File Photo
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Italy's Antitrust Opens Probe into Shein over Environmental Claims

FILE PHOTO: People walk past an advertisement for Shein, March 8, 2024 in London, Britain. REUTERS/Suzanne Plunkett/File Photo
FILE PHOTO: People walk past an advertisement for Shein, March 8, 2024 in London, Britain. REUTERS/Suzanne Plunkett/File Photo

Italy's antitrust agency has launched an investigation into Dublin-based Infinite Styles Services CO. Limited, which manages the Italian website of Shein, over possible misleading environmental claims on the website.
The company is seen as trying "to convey an image of production and commercial sustainability of its garments through generic, vague, confusing and/or misleading environmental claims," Italy's antitrust said in a statement.
Some of the information on the clothing collection 'evoluSHEIN', declared by the company to be sustainable, could mislead consumers about the amount of green fibres used, while also failing to inform them about the fact the garments cannot be further recycled, Reuters quoted the authority as saying.
Italy's antitrust also said that Infinite Styles Services CO. Limited appeared to emphasize its commitment to the decarbonization process, while the targets indicated on Shein's website appear to be contradicted by the increase in greenhouse gas emissions indicated in Shein's sustainability reports for 2022 and 2023.
A Shein spokesperson did not immediately reply to a request for comment.
Founded in China, Shein is known for its cheap tops and dresses. Its treatment of workers and environmental record have come under increased scrutiny.