Ferragamo takes first-half hit
First-half revenues at luxury group Salvatore Ferragamo took a 46.6% dive to €377 million, which has been attributed to the impact of the coronavirus pandemic and the subsequent temporary closure of stores around the world.
Some employees lost their jobs and rents were renegotiated as part of an “initial streamlining of costs”.
The group temporarily closed its Sesto Fiorentino manufacturing hub, which supplies markets all around the world and ships e-commerce orders in Europe. It also delayed production orders due to new business forecasts.
In February, employees in the Italian and international offices began to work from home, “allowing operations to continue where possible and in line with regulatory requirements”.
Some directors decided to forgo all or part of their pay for the current year.
