Ferragamo Freezes Investments Amid Coronavirus’s Spread
- Italian luxury brand has ‘very low visibility’ on virus impact
- Company sees the start of a recovery in China, CEO says
Pedestrians walk past the window display of a Salvatore Ferragamo SpA store in Florence, Italy in 2017.
Photographer: Alessia Pierdomenico/BloombergThis article is for subscribers only.
Salvatore Ferragamo SpA is delaying or canceling capital investments not considered “fundamental” as the coronavirus outbreak hammers demand, though the company sees green shoots of recovery in China, the biggest market for luxury goods.
“Visibility on the impact of Covid-19 is still very low for both turnover and earnings,” Chief Executive Officer Micaela Le Divelec Lemmi said on a call for investors. “The situation is unprecedented.”