Salvatore Ferragamo Group’s revenues declined 1.2% year-on-year, on a constant currency basis, to €209 million in the first quarter of 2026, ended March 31.

Ferragamo is still without a CEO following Marco Gobbetti’s exit in February 2025. Leonardo Ferragamo continues to serve as chair, overseeing the transitory period.

The brand’s direct-to-consumer (DTC) channel performed the best in Q1, remaining the company’s strategic focus. Sales were up 5.5% in the quarter, driven by North and Latin America, with a positive performance across all regions excluding Japan. However, the gains were not enough to offset a 19% wholesale decline. The company attributed the drag to a tough comparison base, as well as its ongoing focus on streamlining the wholesale channel, particularly in EMEA (Europe, the Middle East, and Africa).

Ferragamo’s net sales in EMEA declined 17% in Q1. North America was the strongest-performing market, with net sales up 18.8%. The US is a key focus for Ferragamo. The company highlighted the ongoing renovations of its New York Fifth Avenue and LA Beverly Hills flagships, alongside the opening of two temporary stores. In Central and South America, net sales increased 7%, Asia-Pacific sales were down 5.4%, and Japan saw a 4.4% decline, impacted by a reduction in tourism from China.

Footwear and leather goods remain Ferragamo’s biggest categories, representing 43.9% and 42% of total sales, respectively. Footwear sales were down 3.4% in Q1, while leather goods sales dropped 22.5%. Apparel sales declined 3.1%, and sales in silk and other categories fell 1.1%.

“Despite the persistent global instability, exacerbated by the Middle East conflict and its potential short to medium-term consequences, Ferragamo remains focused on executing its strategic plan, leveraging its brand heritage and strengths to drive desirability, refining the product mix, and ensuring the consistency of messaging across all channels,” the company said in a press release. “The group will continue to prioritize top-line and distribution quality, while maintaining a strong focus on operational discipline and financial sustainability.”