Ferragamo’s recovery is not read only in the return to a positive operating result. The most interesting signal lies in the growth of full-price sales, the fall in inventories and the declared shift towards direct sales. A recomposition less spectacular than a change of creative direction, but perhaps more decisive for the House.
In the second quarter of 2026, Ferragamo posted revenue of 259 million euros, up 4.6% at constant exchange rates. Over the whole first half, revenues reach 468 million euros: they grow by 1.9% at constant exchange rates, while falling by 1.3% on a reported basis. This divergence is a reminder of how dependent the reading of Italian Houses’ performance remains on currencies, but it does not mask the evolution of the core of the model.
Direct sales to customers grow by 6.6% at constant exchange rates in the second quarter and by 6.1% over the half-year. All regions advance over the quarter. The ferragamo.com site records double-digit growth, driven by traffic, the number of orders and their average value. In the main stores, conversion, the number of items per transaction and the average basket also improve.
This shift matters more than revenue alone. It means that Ferragamo is seeking less to distribute more than to better control the place, the price and the context of each sale. The wholesale channel falls by 11.2% at constant exchange rates over the half-year. The gap with direct sales is not accidental: it reflects a more selective distribution, a priority given to strategic accounts and a declared reduction in dependence on intermediaries.
The second significant indicator is the gross margin, which rose from 67.7% to 69.2%. Ferragamo attributes this progress to a larger share of full-price sales and a rise in the average value of purchases. For a House whose image has at times suffered from an overly diffuse presence and a collection architecture that is hard to read, full price is not merely an accounting figure. It measures the ability to have a proposition accepted without correcting it with discounts.
Discipline also shows in inventories, reduced by 10.3% to 277 million euros. This fall accompanies a return of EBIT to 21 million euros, against an adjusted loss of three million a year earlier. EBITDA reaches 90 million, with a margin of 19.2%, against 15.3% in 2025. Net profit remains slim, at 1.5 million euros, but it replaces an adjusted loss of sixteen million.
The geography of this recovery remains contrasted. North America grows by 15.4% at constant exchange rates over the half-year, with double-digit growth in both direct sales and wholesale. Europe, the Middle East and Africa fall by 8.6%, despite a solid performance from the main stores. Asia-Pacific declines by 3%, while Japan remains almost stable at constant exchange rates but falls by 13% on a reported basis.
Ferragamo thus enters a phase in which the recovery no longer depends solely on the visibility of the collections. The House is reconfiguring its e-commerce infrastructure, refining the allocation of its merchandising, renovating its network and concentrating its efforts on Asia. Eighteen million euros of investment were committed in the first half, mainly for the stores.
The cultural fact here comes down to a simple idea: in contemporary luxury, desirability is no longer proclaimed, it is verified in the resilience of price. Ferragamo does not yet have uniform growth, but the progress in full price, the fall in inventories and the return of margin indicate that the House is again beginning to choose the conditions of its distribution. What follows will be decided less in acceleration than in the ability to maintain this consistency when demand becomes more unstable again.
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