Sales at Italian luxury group Salvatore Ferragamo rose by 31.4% last year, in line with market expectations, although they are still far below pre-pandemic levels.

The leather goods maker said on Tuesday 2021 revenues totaled 1.136 billion euros ($1.27 billion), compared with a Refintiv consensus of 1.135 billion euros.

In the fourth quarter sales grew by 23.5% at constant exchange rates, thanks to the strong contribution of North America and of the digital channel.

Most luxury groups have already reached, if not exceeded, pre-COVID levels, showing the challenge facing Ferragamo's new Chief Executive Marco Gobbetti, who started at the Florentine group this month after 4-1/2 years at the helm of Burberry.