MILAN — Salvatore Ferragamo SpA saw net profits more than double in the first quarter, driven by a solid performance worldwide and continued growth in its core footwear and leather goods categories.
In the three months ended March 31, the Florence-based fashion house reported net profits of 24.3 million euros, or $32 million, compared with 12 million euros, or $15.7 million, in the same period last year. Including minority interests of 2 million euros, or $2.6 million, as a consequence of the buy-back of stakes in the distribution companies in Greater China, Korea and South East Asia, profits rose 57 percent to 27 million euros, or $35.6 million, compared with 17 million euros, or $22.2 million, in the same period last year.
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Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
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