Ferragamo Q3 2026: Wholesale Slumps 19% as Shift to Own Stores Deepens
Ferragamo’s revenue is shifting away from other retailers and towards its own shops. Wholesale sales at the Florence-based fashion house fell 19.1 per cent at constant exchange rates in the third quarter, while sales in its own stores and online were flat, the company said on 20 October. Direct sales made up 79.5 per cent of revenue in the first nine months of 2026, up from 75.8 per cent a year earlier.
In brief
The house. Salvatore Ferragamo opened his business in Florence in 1927 as a shoemaker. The company now sells shoes, leather goods, clothing and silk accessories, is listed on the Milan stock exchange and is controlled by the founding family through its holding company, Ferragamo Finanziaria. Leonardo Ferragamo, the founder’s son, is chairman.
The quarter. Third-quarter revenue was €207m, down 3.5 per cent at constant exchange rates and 6.2 per cent at reported rates. Revenue for the first nine months was €675m, flat on the previous year at constant exchange rates.
The choice. Ferragamo attributed the wholesale decline to a “strengthened focus on selective distribution and strategic key accounts”. Wholesale had already fallen 19 per cent in the first quarter. The cuts are concentrated in Europe and Asia; in North America, wholesale grew by double digits over the nine months.
The shoe. Footwear rose to 45 per cent of net sales from 43.7 per cent, with sales up 2.6 per cent at constant exchange rates over nine months, widening its lead over leather goods, which slipped to 41 per cent. The gain comes in a year in which Europe’s shoe exports have fallen, with Italy among the hardest hit.
Why it matters
Selling directly gives Ferragamo more control over price and over its customers. In Europe, conversion rates and average spend in its own full-price stores both rose by double digits over the nine months, the company said.
Multibrand retailers bear the cost. Sales in Europe, the Middle East and Africa fell 5.2 per cent at constant exchange rates in the third quarter, as a double-digit drop in wholesale more than offset mid-single-digit growth in the group’s own stores.
Ferragamo says the strategy is working. Improvements in product, communication, clienteling and retail are “translating into a gradual strengthening of the underlying business trends”, it said. Whether full-price direct sales can grow fast enough to replace lost wholesale revenue will decide the coming quarters.
The same week, just north-west of Florence, Prato’s textile district took its recycled wool to Brussels.
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