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Salvatore Ferragamo posts rise in first-half profits

Italian luxury brand Salvatore Ferragamo has posted a 32.4% rise in net profits for the first half of the year, ended June 30.

The brand said growth in all geographic markets helped it to achieve net profits of €45.7m (£40.4m), up from €34.5m (£30.5m) in the same period last year.

Sales in Europe gained 40.1% driven by strong tourism and an improved distribution structure, accounting for 25.2% of total sales, while sales in North America were affected by the weakness of the dollar and an uncertain economy, showing 24.2% percent growth, representing 21.1% of total sales in the period.

Across all regions footwear sales increased 36.9%, accounting for 43% of total revenues. Ready-to-wear gained 19.4%, accounting for 10% of sales, while perfumes rose 34.3% and handbags and leather accessories saw 30.5%of growth.

To strengthen the group’s presence in a key area of the luxury business, Ferragamo said earlier this year it was planning to increase its equity interest in the firm’s distribution companies based in Greater China.

The brand floated on the Milan Stock Exchange for the first time at the end of June

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