Ferragamo profits up in first quarter

Salvatore Ferragamo reported a rise in profits in the first quarter

of 10.2 percent to 15.5 million euros, thanks to growth in all geographic regions and increased sales of shoes, bags, leather accessories and perfume.

Sales increased 23.4 percent to 259.6 million euros, driven by a strong performance in the Asia-Pacific region where sales jumped 27.3 percent to 96.4 million euros. The Italian fashion house contributed the increase to the strength of its retail chain which realized a rise in sales of 36 percent in China. In Japan, sales increased by 9.9 percent.

Despite adverse economical conditions in Europe, Ferragamo saw sales in the region surge 27,8 percent, thanks to brand awareness among global tourists shopping in Europe. Sales in the US increased 17.6 percent, despite the temporary closure of its Fifth Avenue flagship store, which is the group's biggest source of turnover. The store reopened again in April after renovations. Meanwhile, sales in Central and South America surged 37.1 percent.

Sales of shoes climbed 26.2 percent, while bags and leather accessories sales increased 24.3 percent. The two categories represent almost three quarters of total company sales. Perfume sales shot up by 35.7 percent thanks to the successful launch of the new ladies' perfume Signornina.