عربي English Türkçe اردو فارسى
Logo
Latest News
Fashion

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)
TT
TT

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.

Most Viewed

 
 
Fashion

Zara Owner Inditex Launches Fund to Finance Textile Innovation

A woman carries a bag from Spanish multinational retail clothing chain Zara, the flagship brand of the Inditex clothing company, in the Gran Via of Bilbao, Spain, March 12, 2024. (Reuters)
A woman carries a bag from Spanish multinational retail clothing chain Zara, the flagship brand of the Inditex clothing company, in the Gran Via of Bilbao, Spain, March 12, 2024. (Reuters)
TT
TT

Zara Owner Inditex Launches Fund to Finance Textile Innovation

A woman carries a bag from Spanish multinational retail clothing chain Zara, the flagship brand of the Inditex clothing company, in the Gran Via of Bilbao, Spain, March 12, 2024. (Reuters)
A woman carries a bag from Spanish multinational retail clothing chain Zara, the flagship brand of the Inditex clothing company, in the Gran Via of Bilbao, Spain, March 12, 2024. (Reuters)

Zara owner Inditex has launched a fund to invest around 50 million euros ($54.75 million) in innovation projects, mainly in the textile sector.
Spanish website El Confidencial on Friday reported Inditex's decision to invest in a new fund, which the company confirmed to Reuters.
The new fund, to be managed by the firm Mundi Ventures, aims to support the fashion giant's strategy of backing new start-ups to find new materials or technologies that have a lower impact on the environment.
Inditex, which has pledged to halve emissions in its entire supply chain by 2030, has invested in US firms such as Circ, which focuses on textile-to-textile recycling, and more recently in Galy, a US start-up developing a process to produce cotton in laboratories from plant cells.
Inditex has committed to making 25% of its garments from new fibers that do not yet exist on an industrial scale, and is investing heavily in their development.