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☆ European markets head for higher open; BoE rate decision ahead
▼ + stars: | 2024-05-09 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a higher open Thursday, maintaining positive momentum in a busy week of earnings. Ferrovial, Telefonica, EDP, Enel, Pirelli and Salvatore Ferragamo are all due to report today. Elsewhere, the Bank of England is set to publish its latest interest rate decision Thursday. China stocks rose overnight as its imports surged past estimates and exports rose in line with expectations, while the broader Asia-Pacific market was mixed. Meanwhile, futures linked to the Dow Jones Industrial Average hovered near the flatline Wednesday evening after the 30-stock index posted its sixth consecutive winning day.

Persons: Salvatore Ferragamo, it's Organizations: Ferrovial, Telefonica, EDP, Enel, Pirelli, Bank of England, Dow Jones Locations: China, Asia, Pacific

☆ A Designer Inspired by Black Elegance, Soca Music and Blue Devils
▼ + stars: | 2023-12-01 | by ( Emilia Petrarca | ) www.nytimes.com time to read: +2 min

Less than a week after presenting his third collection as Ferragamo’s creative director in Milan this past September, Maximilian Davis was at ease. The clothes — a luxurious combination of asymmetrical dresses and Italian tailoring — had been well received. As he spoke, quietly but with confidence, he gestured gently with his hands, like a conductor keeping an unhurried tempo. But despite the pressure to update a storied house for a new era, Davis, who now lives in Milan, has stayed true to his community. “It’s something that my mother could wear, but also my sisters.”

Persons: Maximilian Davis, —, Davis, Kelela, Liz Johnson Artur, nightclubbing, Grace Wales Bonner, Mowalola Ogunlesi, Maximilian, Salvatore Ferragamo, Greta Garbo, Audrey Hepburn, “, ” Organizations: London College of Fashion, Wales Locations: Milan, Manchester, England, Trinidad, London

☆ Ferragamo sales down in first nine months dragged by Asia and US
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsMILAN, Oct 19 (Reuters) - Sales at Italian luxury goods group Salvatore Ferragamo (SFER.MI) fell by 9.2% at constant exchange rates in the first nine months of the year, in line with market expectations, hit by weak demand in Asia and North America. Revenue in the period totalled 844 million euros ($892.53 million), down from 920.7 million euros a year earlier, the leather goods company said on Thursday. Analysts had expected sales of 845 million euros on average, according to a Refinitiv consensus. Asia-Pacific sales declined by 11.7% at constant currencies in the nine months, while in North America they decreased by 18.2%. Europe and Middle East posted an increase in sales of 3%.

Persons: Salvatore Ferragamo's, Arnd, Salvatore Ferragamo, Analysts, Marco Gobbetti, Audrey Hepburn, Gobbetti, Maximilian Davis, Claudia Cristoferi, Federico Maccioni, Kirsten Donovan Organizations: REUTERS, North America . Revenue, Ferragamo, Burberry, Hollywood, Thomson Locations: Zurich, Switzerland, Asia, North America, China, Europe, United States, Pacific, Middle

American luxury-goods companies have long wanted to build a multibrand rival to take on the European giants that dominate the industry. Tapestry and Capri said the deal could lower their costs by $200 million over the next three years. Tapestry is taking on a lot of debt via an $8 billion bridge loan — the largest M.&A. And Capri depends heavily on Michael Kors, which generates 70 percent of its revenue. By comparison, Versace, Capri’s only real luxury brand, accounts for just a fifth of sales.

Persons: Kate Spade, Michael Kors, Versace, Tapestry, Salvatore Ferragamo, They’ve, Capri, Capri’s Organizations: Burberry, Street

☆ Ferragamo's CFO Alessandro Corsi resigns
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: 1 min

MILAN, June 30 (Reuters) - Italian luxury group Salvatore Ferragamo (SFER.MI) said on Friday that its Chief Financial Officer Alessandro Corsi would resign with effect from Sept.30 to take on "a new professional challenge". Corsi has been Ferragamo's CFO since January 2019. He is expected to become chief executive of a non-listed company which is not a rival of Ferragamo, a source close to the matter said. Reporting by Elisa Anzolin, editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

Persons: Salvatore Ferragamo, Alessandro Corsi, Corsi, Elisa Anzolin, Alvise Organizations: MILAN, Thomson Locations: Ferragamo

☆ Former NYC corrections union chief convicted of bribery wins early prison release
▼ + stars: | 2023-02-24 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

[1/2] Norman Seabrook, (C) the head of New York City's prison guard union, exits the Manhattan District court house in New York, U.S., July 22, 2016. Seabrook, 63, the former head of the Correction Officers' Benevolent Association, has spent 21 months in prison after unsuccessfully appealing his August 2018 conviction. "The sentence Huberfeld originally received reflected an approximate equivalence between the conduct of the bribe giver, Huberfeld, and the bribe taker, Seabrook," Hellerstein wrote. The correction officers union has about 20,000 active and retired members. The case is U.S. v Seabrook, U.S. District Court, Southern District of New York, No.

BEIJING, Feb 7 (Reuters) - China's luxury market contracted 10% in 2022 on the year, snapping a five-year streak of high growth, as Beijing's zero-COVID policy and a slowing economy hit spending, Bain & Company said in a report on Tuesday. The luxury market grew 42% annually between 2019 and 2021 but its fortunes changed in 2022, after China doubled down on stamping out COVID-19 with city-wide lockdowns and a regulatory crackdown hit the property sector and fuelled unemployment. The figure compared to growth of 1% between 2012 and 2016, and a 26% increase in sales between 2016 and 2019, Bain said. Mirroring recent results from the likes of French luxury goods group LVMH (LVMH.PA) and Italy's Salvatore Ferragamo (SFER.MI) for 2022, Bain said all luxury categories were affected to varying degrees during the year. While categories with high online penetration, such as luxury beauty, suffered single-digit declines, the watch market fell the most, with sales dropping 20% to 25% from 2021.

☆ How a 27-Year-Old Designer Is Reviving Your Grandma’s Favorite Shoe Brand
▼ + stars: | 2023-02-06 | by ( Rory Satran | Photography Joshua Woods For Wsj. Magazine | ) www.wsj.com time to read: +1 min

“Honestly, it’s a huge machine,” Davis continues, referring to the company that Ferragamo launched in 1927. Ferragamo had six children with his wife, Wanda, a powerful matriarch who oversaw the company after her husband’s death in 1960. The Ferragamo family is still involved, owning about 65 percent of the publicly traded company’s shares, with the couple’s son Leonardo serving as chairman of the board. On that first day, Davis met his new assistant, who showed him around and introduced him to the different teams he’d be working with. “Obviously, I had trouble remembering everyone’s names because I think it’s 17 designers, but it was exciting,” he says.

☆ H&M highlights fast-fashion gloom as luxury takes hit in China
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +4 min

Shares in H&M, the world's No. 2 fashion retailer, fell as much as 6% in early trade after quarterly operating profit sank to 821 million Swedish crowns ($79.7 million) from 6.26 billion a year earlier. Zara has outperformed rivals after selling higher-priced garments and enticing shoppers who might have otherwise spent money at luxury stores. Disappointment over the impact of the China disruptions on its margins caused a record-breaking run in LVMH shares to briefly halt on Friday. The luxury industry is nevertheless expected to be one of the biggest winners from the loosening of restrictions that kept shoppers out of stores in China for months.

☆ European Luxury Shares Rise on Easing of Chinese Border Restrictions
▼ + stars: | 2022-12-27 | by ( Nick Kostov | ) www.wsj.com time to read: 1 min

Chinese consumers are important for luxury-goods companies such as Hermès, LVMH and Gucci. PARIS—Shares in European luxury retailers rose Tuesday on investor hopes of renewed Chinese tourist spending after Beijing said it planned to ease pandemic-related border restrictions. Luxury goods giant LVMH Moët Hennessy Louis Vuitton SE advanced as much as 2.5% in Paris while Kering SA, owner of the Gucci and Saint Laurent brands, rose as much as 2.2% and Birkin-bag maker Hermès International SCA advanced more than 2%. In Milan, shares in Moncler SpA, Tod’s SpA and Salvatore Ferragamo SpA also rose.

☆ Italy’s loafer king can afford to be more generous
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

MILAN, Sept 29 (Reuters Breakingviews) - Tod’s (TOD.MI) founder Diego Della Valle is seeking to delist his bling shoemaker on the cheap. The Italian tycoon on Monday launched a takeover bid at 40 euros a share for the company he controls with a 65% stake. Investor Tabor Asset Management believes that, taken separately, the Italian group’s brands warrant an offer of at least 76 euros a share. That would push the price tag to 60 euros a share, 50% above the current offer, Breakingviews calculations show. With so much hidden value to reap, Della Valle can probably afford to be a tad more generous.

☆ It’s a Witch! It’s a Pilgrim! It’s a Y2K Raver! Why Square-Toe Shoes Are Back in Style.
▼ + stars: | 2022-09-24 | by ( Faran Krentcil | ) www.wsj.com time to read: +1 min

Instead, she singles out a pair of square-toe shoes by French brand Courrèges. The digital-trend tracker Semrush notes a 2,500% jump in web searches for “square toed shoes for women” between July 2021 and July 2022. Meanwhile, the online shopping platform Lyst features over 24,500 square-toe women’s shoes including a faux-leather update of Ms. Cleveland’s Courrèges pair and other Judy Jetson-ish riffs from Dries Van Noten and Rupert Sanderson. The trend also points to ballet’s pointe shoes, which inspired recent versions by Sandy Liang, Mansur Gavriel and Khaite. Actress Selma Blair, meanwhile, says her square-toe loafers from Salvatore Ferragamo are “the grandma shoes that I love.” (She currently sports them with cuffed khakis in her new Gap campaign.)

☆ It’s a Witch! It’s a Pilgrim! It’s a Y2K Raver! Why Square-Toe Shoes Are Back in Style
▼ + stars: | 2022-09-23 | by ( Faran Krentcil | ) www.wsj.com time to read: +1 min

Instead, she singles out a pair of square-toe shoes by French brand Courrèges. The digital-trend tracker SEM Rush notes a 2,500% jump in web searches for “square toed shoes for women” between July 2021 and July 2022. Meanwhile, the online shopping platform Lyst features over 24,500 square-toe women’s shoes including a faux-leather update of Ms. Cleveland’s Courrèges pair and other Judy Jetson-ish riffs from Dries Van Noten and Rupert Sanderson. The trend also points to ballet’s pointe shoes, which inspired recent versions by Sandy Liang, Mansur Gavriel and Khaite. Actress Selma Blair, meanwhile, says her square-toe loafers from Salvatore Ferragamo are “the grandma shoes that I love.” (She currently sports them with cuffed khakis in her new Gap campaign.)

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