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The Italian luxury house reported a 6% drop in revenue, but had a stronger direct-to-consumer performance.
Financials
21 September, 2026
Table of contents
Salvatore Ferragamo S.p.A. closed FY2025 with revenue dropping 6% year-on-year. It reflected pressure across Asia-Pacific, weaker wholesale activity and a competitive luxury environment. However, the full-year performance had a more structured second-half trend: directly operated consumer sales returned to growth at constant exchange rates, while the Group reshaped its distribution network and reduced its operating cost base.
The Group approved its FY2025 results on 11 March 2026, while the formal Annual Report was published on 23 April 2026. The report positions the year as a period of strategic realignment, centred on Ferragamo's heritage, footwear and leather goods, more selective wholesale distribution, and stronger customer engagement.
| KPI | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue (€ million) | €1.135,5M (+29,5%) | €1.251,8M (+10,2%) | €1.156,3M (-7,6%) | €1.035,1M (-10,5%) | €976,5M (-5,7%) |
| Gross profit (€ million) | €780,9M (+41,7%) | €901,1M (+15,4%) | €839,4M (-6,8%) | €740,0M (-11,8%) | €665,0M (-10,1%) |
| Gross margin | 68,8% | 72,0% | 72,6% | 71,5% | 68,1% |
| EBITDA (€ million) | €304,5M (+93%) | €298,9M (-1,8%) | €251,8M (-15,8%) | €215,2M (-14,5%) | €165,7M (-23%) |
| Operating profit/(loss) (€ million) | €143,5M | €127,9M | €72,0M | -€49,0M | -€21,4M |
| Net profit/(loss) (€ million) | €81,1M | €65,4M | €26,2M | -€68,1M | -€49,2M |
Revenue peaked in 2022 before entering three consecutive years of decline, while EBITDA has fallen each year since 2021. Yet FY2025 also marks a shift in the nature of the reversal: the Group is no longer relying on top-line expansion, but on distribution quality, cost control and a narrower commercial focus.
Ferragamo's net sales declined 6,4% in FY2025, but the underlying channel mix changed materially. DTC represented 77% of revenue, up from 75% in FY2024, while DTC sales increased 0,4% at constant exchange rates. Wholesale, by contrast, declined 17,1% at constant exchange rates.
| Distribution | FY2025 | Share of revenue | YoY at constant FX |
|---|---|---|---|
| DTC | €752,3M | 77,0% | +0,4% |
| Wholesale | €191,9M | 19,7% | -17,1% |
| Net sales | €944,2M | 96,7% | -3,7% |
Ferragamo is reducing exposure to wholesale accounts that do not fit its positioning, trading volume for greater control over pricing, customer relationships and brand presentation. The directly operated store network also declined from 367 to 358 locations during the year.
| Region | FY2025 Net Sales | Share |
|---|---|---|
| North America | €304,8M | 32,3% |
| Asia Pacific | €246,0M | 26,0% |
| Europe | €235,6M | 25,0% |
| Central & South America | €79,8M | 8,4% |
| Japan | €78,0M | 8,3% |
North America became Ferragamo's largest regional market by share, while Asia-Pacific's contribution fell from 28,9% in 2024 to 26%. North American DTC growth provides one of the clearest early indicators of where the brand's repositioning is gaining traction.
Ferragamo remains concentrated around its two core categories: footwear represented 43,4% of net sales and leather goods 42,3% in 2025. Yet their trajectories diverged. Footwear declined 8,1% at constant exchange rates, whereas leather goods fell by 0,6%.
This supports management's decision to strengthen icons such as Vara (women’s footwear line), Tramezza (heritage men’s footwear line) and Hug (leather-goods line), while introducing new leather-goods propositions including the Soft bag. The strategy is about improving collection efficiency and building recognisable products that can drive acquisition and cross-selling.
Leadership also shifted during FY2025. Marco Gobbetti stepped down as CEO and General Manager in March 2025, with executive responsibilities redistributed within the leadership team. Leonardo Ferragamo continued as Executive Chairman, alongside Executive Directors Giacomo (James) Ferragamo and Ernesto Greco.
Later in the year, Giacomo Ferragamo was given the reporting line for Creative Director Maximilian Davis.
22 January 2025: The House reopened its redesigned Dubai Mall boutique, introducing its contemporary retail concept with custom Bugnato-inspired façades, Italian marble and a made-to-order leather-goods service.
16 January 2025: Ferragamo opened a new-concept store at Beijing SKP, reinforcing its investment in China's leading luxury retail locations.
18 July 2025: The House held the renewal opening of its Cheongdam flagship in Seoul, updating the location around Ferragamo's contemporary retail identity.
27 August 2025: Ferragamo reopened its redesigned Royal Hawaiian Center boutique in Honolulu, extending its latest retail concept to a two-floor location in Waikīkī.
5 November 2025: Ferragamo inaugurated its new Chengdu flagship, coinciding with the 30th anniversary of the brand's presence in China. The Annual Report specifically identifies Chengdu as the year's key flagship opening within the Group's distribution-network renewal programme.
1 March 2025: Maximilian Davis presented the Fall/Winter 2025 collection during Milan Fashion Week, exploring the language of the body through German Tanztheater and references to the 1920s and 1980s.
March 2025: Ferragamo introduced the New Ferragamo Soft-Bag, an archival-inspired design reinterpreted by Davis as a new SS25 icon. The product subsequently became one of the House's new leather-goods growth propositions.
2025: The House also strengthened its heritage-led footwear strategy around icons including Vara and Tramezza, while expanding the Hug handbag family and introducing new leather-goods styles.
March 2025: Chinese actress Gao Yuanyuan was appointed Ferragamo's brand ambassador for China and Southeast Asia-Pacific, with her debut at the FW25 Milan show.
During 2025, Ferragamo also:
reduced total GHG emissions by more than 3% year-on-year;
increased certified strategic raw materials to 81% by weight;
extended Life Cycle Assessment work into leather and cotton raw materials;
supported a University of Florence project protecting four endangered native Tuscan cattle breeds, with seven farms and more than 170 animals involved;
achieved 100% renewable electricity for Group operations and added five LEED-certified stores, bringing the worldwide total to 33;
continued its partnership with Polimoda and expanded sustainability-focused university initiatives through NYU.
Ferragamo also hosted the Fashion Pact's annual Steering Committee at its Florence headquarters, while its 2025 sustainability achievements included an A rating in CDP's Climate Change questionnaire and recognition in the Financial Times/Statista European Climate Leaders ranking.
Salvatore Ferragamo S.p.A. enters 2026 with a business that is smaller in revenue terms than it was three years ago, but concentrated around controlled distribution, DTC relationships and core product categories. The key test will be whether this improvement in revenue quality can translate into revenue growth and sustainable margins.
The early indicators are encouraging: DTC strengthened in the second half, North America is outperforming, leather goods are proving resilient and operating costs have been reduced. Reuters reported that early 2026 US sales were already showing double-digit growth, although China remained under pressure.
Ferragamo's FY2025 story is less about a recovery already achieved than about a turnaround architecture now taking shape. The next phase will depend on whether Maximilian Davis's product vision, tighter distribution and stronger customer engagement can finally convert brand repositioning into sustained commercial momentum.
Cover Image: Koax Magazine.