Fashion giant Ferragamo reveals UK sales jump
Tourists drawn to London by the weaker pound have helped Italian fashion house Ferragamo achieve record UK sales, new accounts showed on Wednesday.
The designer, which counts Lady Gaga as a fan, said the luxury fashion market here in 2017 “continued to receive significant benefits” from Britain’s vote to leave the bloc a year earlier.
The footwear and bags specialist said the weaker pound boosted footfall to its four standalone London shops.
Turnover in Britain, last year rose 30.5% to £21.8 million and pretax profits rose to £430,335 from £60,541. The UK accounts for around 2% of the group’s global revenues.
Ferragamo warned the impact of a future Brexit is “unpredictable” and said rising rents in London remain a “challenge”. However it expects revenues to keep rising.
The Milan-listed company is controlled by descendants of Salvatore Ferragamo, who founded his namesake firm in 1927. He went on to make shoes for Audrey Hepburn and handbags for Margaret Thatcher.