Ferragamo Gains Most Since July as CEO Positive on 2013 OutlookAndrew Roberts and Paul Jarvis
Salvatore Ferragamo SpA, an Italian maker of luxury sandals, rose the most in six months in Milan trading after Chief Executive Officer Michele Norsa gave an upbeat appraisal of the fourth quarter and outlook for 2013.
The shares gained as much as 5.9 percent to 18.83 euros, the highest intraday price since April 30 and biggest percentage advance since July 13.
The fourth quarter showed a “positive trend” with “significant” growth worldwide during December, Norsa said in an interview before the company’s fashion show in Milan yesterday. The CEO also said he sees a “positive” 2013, helped by demand from Chinese and Latin America shoppers.
The Florence, Italy-based company plans to develop a U.S. store network this year, according to Norsa.
Ferragamo was up 5.6 percent at 18.78 euros as of 10:48 a.m. in Milan, valuing the company at 3.2 billion euros ($4.3 billion).