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Asharq Al-Awsat
Asharq Al-Awsat
Lifestyle
Asharq Al-Awsat

Ferragamo Aims to Double Sales Mid-Term but Warns of China Hit

Ferragamo China Audrey Hepburn Marco Gobbetti Salvatore Ferragamo Luxury Covid-19 Europe Hollywood United States
Italian luxury fashion house Salvatore Ferragamo's logo is seen at a store, as the spread of the coronavirus disease (COVID-19) continues, in Zurich, Switzerland January 25, 2021. (Reuters)

Revenues at Italian luxury group Salvatore Ferragamo beat market forecasts in the first quarter despite a decline in retail sales in China because of new COVID-19 restrictions, and the group said it expected to double sales in the medium term.

The leather goods maker, famous for making shoes for Hollywood stars such as Audrey Hepburn, said sales had risen by 21% at constant exchange rates in the first quarter to 289 million euros ($304.72 million) - above an analyst average estimate of 273 million euros.

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