Ferragamo tumbles as sales misses in Europe, Asia Pacific raise concerns

Salvatore Ferragamo

15/05/2026 09:43

** Shares in Salvatore Ferragamo SFER.MI fall around 15% after the Italian luxury group posted a 19% drop in Q1 wholesale sales late on Thursday

** The company's indication that Q2 is continuing in line with Q1 "is not enough for a stock that remains structurally overvalued", Jefferies says

** Ferragamo's Q1 results were mixed, but lower than expected sales in Europe and Asia Pacific overshadow strong direct-to-costumers sales and a strong performance in North America

** Up until Thursday's close, Ferragamo shares had risen about 65% since August 1, driven by investor hopes for a turnaround following the new strategic plan unveiled by management

** Jefferies says the misses in Asia Pacific and Europe "will be a source of concern for investors ... especially in the context of wider luxury sector Q1 trends"

** Despite the company's negligible exposure to the Middle East, the impacts of the war are reflected in lower tourist flows to Europe, brokerage Equita notes

** Including Friday's fall, the stock is down 15.8% this year

(Reporting by Anna Uras)

((anna.uras@thomsonreuters.com))