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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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Fashion

Dolce&Gabbana Unveils Luxury Boutique, Café at Bujairi Terrace in Saudi Arabia’s Diriyah

The brand center, one of Dolce&Gabbana’s largest worldwide, seamlessly blends Italian elegance with traditional Najdi architectural heritage. SPA
The brand center, one of Dolce&Gabbana’s largest worldwide, seamlessly blends Italian elegance with traditional Najdi architectural heritage. SPA
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Dolce&Gabbana Unveils Luxury Boutique, Café at Bujairi Terrace in Saudi Arabia’s Diriyah

The brand center, one of Dolce&Gabbana’s largest worldwide, seamlessly blends Italian elegance with traditional Najdi architectural heritage. SPA
The brand center, one of Dolce&Gabbana’s largest worldwide, seamlessly blends Italian elegance with traditional Najdi architectural heritage. SPA

Dolce&Gabbana, the Italian luxury fashion brand, opened a new 1,500-square-meter luxury center in Saudi Arabia’s Diriyah, The City of Earth, featuring a boutique and café, DG Caffè. The brand center, one of Dolce&Gabbana’s largest worldwide, seamlessly blends Italian elegance with traditional Najdi architectural heritage, enhancing the vibrant atmosphere of Bujairi Terrace—Diriyah's premier fine dining destination and a centerpiece of Diriyah Company's urban development project.

Dolce&Gabbana collections—including clothing, accessories, fine jewelry, watches, beauty, and home decor--are showcased on bespoke displays framed by a dynamic ceiling system that amplifies the sense of space. The boutique features an exclusive Abaya section, showcasing Dolce&Gabbana's dedication to honoring and celebrating local cultural traditions.

Drawing inspiration from Italy’s rich culinary tradition, DG Caffè at the heart of the boutique features a carefully curated menu tailored to Saudi tastes.

"We are excited to unveil Dolce&Gabbana's new boutique and café that will add an additional touch of luxury to the vibrant setting of Bujairi Terrace, our premier dining and retail destination,” said Diriyah Company group chief executive Jerry Inzerillo.

“As we progress on our journey to create the world’s greatest gathering place and a center point of cultural tourism—one that will feature more than 1,000 retail outlets and dining concepts spanning 566,000 square meters—we invite global business partners to join us on this remarkable journey," Inzerillo said.

Since its opening, Bujairi Terrace and the UNESCO World Heritage Site of At-Turaif have welcomed over 2 million visits, with tourists and locals alike drawn to world-class cultural, dining, and retail experiences in a historic setting.

Diriyah is a city within a city and a premier live-work-play destination that will be home for over 100,000 residents. Under transformation by Diriyah Company, Diriyah is projected to attract 50 million annual visits by 2030, driven by its world-class living, retail, hospitality, and cultural offering that will serve as a benchmark for future retail and lifestyle development.