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Italian Luxury Group Ferragamo’s Revenues Down 7.2% in Third Quarter

A pair of shoes of Italian luxury shoemaker Salvatore Ferragamo is displayed in the window of the company's store in Zurich, Switzerland, April 25, 2019. (Reuters)
A pair of shoes of Italian luxury shoemaker Salvatore Ferragamo is displayed in the window of the company's store in Zurich, Switzerland, April 25, 2019. (Reuters)
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Italian Luxury Group Ferragamo’s Revenues Down 7.2% in Third Quarter

A pair of shoes of Italian luxury shoemaker Salvatore Ferragamo is displayed in the window of the company's store in Zurich, Switzerland, April 25, 2019. (Reuters)
A pair of shoes of Italian luxury shoemaker Salvatore Ferragamo is displayed in the window of the company's store in Zurich, Switzerland, April 25, 2019. (Reuters)

Revenues at Italian luxury group Salvatore Ferragamo fell by 7.2% at constant exchange rates in the third quarter of the year, hit by weak demand in Asia, the company said on Tuesday.

Revenues totaled 221 million euros ($241 million) in the period, below analyst expectations of 229 million euros, according to a consensus cited by analysts.

"The current context adds pressure on our top-line and profitability, therefore delaying the timing of the delivery of our financial objectives" Chief Executive Marco Gobbetti said in a statement.

The group foresees that the operating result for the full year will be at the lowest end of analysts' current estimates, it said in the statement.

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Mango Fashion Tycoon Andic Dies in Mountain Accident

Pedestrians walk by the entrance of a Mango shop on Passeig de Gracia street in Barcelona on February 28, 2024. (AFP)
Pedestrians walk by the entrance of a Mango shop on Passeig de Gracia street in Barcelona on February 28, 2024. (AFP)
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Mango Fashion Tycoon Andic Dies in Mountain Accident

Pedestrians walk by the entrance of a Mango shop on Passeig de Gracia street in Barcelona on February 28, 2024. (AFP)
Pedestrians walk by the entrance of a Mango shop on Passeig de Gracia street in Barcelona on February 28, 2024. (AFP)

Istanbul-born founder and owner of fashion empire Mango Isak Andic died on Saturday in a mountain accident, the company said. He was 71.

The businessman slipped and fell from a 150-meter cliff while hiking with relatives in the Montserrat caves near Barcelona, Spanish newspaper La Vanguardia said.

"His departure leaves a huge void but all of us are, in some way, his legacy and the testimony of his achievements. It is up to us ... to ensure that Mango continues to be the project that Isak was ambitious and proud of," Mango's CEO Toni Ruiz said in a statement.

Andic moved with his family to the northeastern Spanish region of Catalonia from Türkiye in the 1960s and founded Mango in 1984. He was worth $4.5 billion, according to Forbes. He was non-executive chairman of the company when he died.

He was seen as a rival to Amancio Ortega, the owner of Inditex, the world's largest fast-fashion retailer.

Mango had a turnover of 3.1 billion euros in 2023 with 33% of its business online and a presence in more than 120 markets.