Salvatore Ferragamo SpA

SFER: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€2.40	Ylpc	Ksrkwtd

Ferragamo's Strong Recovery Expected Through the Fiscal Year; Raising Fair Value Estimate

Jelena Sokolova

Jan 19, 2023

Business Strategy and Outlook

Salvatore Ferragamo is an Italian monobrand company mainly known for its footwear and accessories. We believe the firm benefits from relatively strong control over distribution (73% of revenue is retail, in line with more than 70% for Burberry, Prada, and Gucci, versus the low sixties percent range for Hugo Boss), while its strong representation in airport locations (about 150 travel retail stores) positions it well to benefit from growth in global travel flows and tourist luxury spending.

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