Furla Reports 12 Percent Sales Increase in First Half of 2022
MILAN — A strong performance in North America and in the Europe, Middle East and Africa regions contributed to a 12 percent increase in first-half revenues of Italian accessories company Furla.
In the six months ended June 30, Furla reported sales of 155.3 million euros.
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Thanks to a recovery of local spending and a return of tourist flows, the Europe, Middle East and Africa area saw a 43 percent jump in revenues. In North America, sales soared 74 percent.
Despite the COVID-19 pandemic and the restrictions enforced in the first quarter of the year in Japan, the main single market for the company, revenues in the region increased 6 percent.
On the other hand, the measures to curb the spread of the pandemic in China and a rationalization of Furla’s points of sale in the Asia Pacific area drove revenues in the region down 27 percent.
As of June 30, the global number of stores amounted to 432 compared with 452 in 2021.
Last year, Furla revenues totaled 305.8 million euros, up 7.6 percent compared with 2020.
In April, as reported, chief executive officer Mauro Sabatini exited the Italian accessories company. Until the arrival of a new CEO, chief operating officer Devis Bassetto is leading Furla.
Sabatini in January last year succeeded Alberto Camerlengo. The latter was named executive president of the board. Sabatini for more than 18 years was CEO of Effeuno, a leather goods manufacturing company he founded in Tuscany and Furla’s supplier and longtime partner.
In 2018, Furla took control of Effeuno, which is based in Tavarnelle Val di Pesa, a 40-minute drive from Florence. At the time, Effeuno already exclusively produced Furla’s accessories, employing more than 100 workers and producing 2 million bags and small leather goods a year. The takeover was part of Furla’s strategy to invest in Italy and to strengthen the group’s supply chain, boosting production.
As reported, Furla owners are considering a sale of a stake in the Italian accessories company, according to market sources.
Sources say Furla has tapped Lazard as its adviser and a dossier is circulating in Milan. It is also understood that former Valentino CEO Stefano Sassi is consulting with Furla on a potential deal.
In 2016, owner Giovanna Furlanetto set in motion plans to take Furla public, but this project never materialized. Furla was founded in Bologna in 1927 by Aldo Furlanetto, Giovanna’s father.
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