In the first nine weeks of 2021, Salvatore Ferragamo said that it enjoyed a “positive performance” in the retail channel, thanks to “solid” growth in China and South Korea and an 85.6 percent increase in online sales.

The update accompanied the group’s 2020 results, that showed a net loss of €72 million against a €87 million profit a year earlier. After minorities, the net loss narrows to €66 million.

Total revenues reached €916 million, down by 33.5 percent on a reported basis and by 33.4 percent at constant exchange rates.

Ebitda decreased by 52.2 percent to €160 million and Ebit was a negative €62 million against a positive €150 million a year earlier. On an adjusted basis, which excludes about €35 million in impairments, Ebit was a negative €27 million.

The broker Equita expects Ferragamo to be profitable this year with a net profit of €26 million on sales of €1,090 million.