Salvatore Ferragamo

Second tier luxury brands struggle to survive the cold winter, leading to a significant decline in Ferragamo’s revenue

Recently, Ferragamo released its Q1 2024 report. The report shows that in the first quarter of 2024, Ferragamo’s sales revenue decreased by 18% year-on-year to 227 million euros, of which direct business revenue decreased by 11.1% to 170 million euros, and wholesale business revenue decreased by 38.3% to 49.99 million yuan. In order to alleviate investor concerns, Marco Gobbetti, CEO of Ferragamo, stated that the brand’s flagship stores and core city stores have performed outstandingly. But the fact is, since the beginning of 2024, the stock price of Ferragamo has cumulatively fallen by 19.06%.

Affected by the global slowdown in luxury consumption, multiple luxury brands recorded a slowdown or decline in revenue in the first quarter. LVMH Group and Kaiyun Group’s revenue decreased by 2% and 11% respectively. Even the relatively stable Herm è s Group’s revenue growth has narrowed from 22.3% in 2023 to 12.6% today. Second tier luxury brands, represented by Ferragamo, felt the market chill earlier. In the first nine months of 2023, Ferragamo’s revenue in the North American and Japanese markets decreased by 18.2% and 2.7% respectively, while the Central and South American markets fell by 9.6%. Excluding Japan, the Asia Pacific market fell by 11.7%, with only the European, Middle Eastern, and African markets growing by 3%. (Interface News)

Online diamond trading platform Nivoda receives $30 million in Series B financing

Recently, the well-known online diamond trading platform Nivoda received an investment of $30 million in its Series B financing. This investment is led by Avenir Growth Capital, Headline and Abstract Ventures co invested, The success of Nivoda’s Series B financing is an important milestone in the company’s transformation into the jewelry industry.

Taylor Brandt, the head of Headline, said, “We are fortunate to be able to collaborate with the Nivoda team. Almost from Series A financing,…”, Nivoda proves that as a global supplier of jewelry and diamonds, it has unlimited expansion opportunities (Jewellery Outlook)

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