Comment: Salvatore Ferragamo 2Q26 preview

研报英文原文证据摘录

Comment: Salvatore Ferragamo 2Q26 preview

25 June 2026

Maria Meita +44 20 7170 0540 maria.meita@bernsteinsg.com

Luca Solca +41 582 723 126 luca.solca@bernsteinsg.com

Eric Chen, CFA +852 2123 2628 eric.chen@bernsteinsg.com

Yi-Peng Khoo, CFA +44 20 7676 6822 yi-peng.khoo@bernsteinsg.com

We regularly hold calls with companies, making sure we are up-to-date with their latest communications. We recently caught up with Salvatore

Ferragamo, in the lead up to their 2Q26/1H26 reporting, and provide an update of the key themes on the company below.

Management is seeing a slight improvement in trends vs. 1Q26, driven by DTC, which suggests ~MSD% organic growth for 2Q26E

impacted by an FX headwind of -2/3%. Growth is driven by customers who are returning to the brand as a result of more coherence

between products and brand DNA.

DTC - largely LFL - is accelerating. In Europe, growth is driven by locals and (mostly American) tourists. US is continuing to hold up, despite

some space headwinds from the LA and NYC flagship stores under refurbishment; as is LatAm. The Rest of Asia is improving, driven by

Korea. Japan is also showing a better trajectory, with some help from tourists. Management is not seeing an inflection in China and the region

remains a drag on growth, but DTC trends are slightly better. All in all, DTC is likely to reach +HSD% organic growth.

Wholesale should see improvement vs. 1Q26, but is likely to remain negative. Europe will be negatively affected by wholesale, while

the US will see better trends in the channel due to delayed shipments to Saks. The Middle East (all wholesale) is improving since May, but has

remained negative both in terms of geography and nationality.

By Category: Trends remain in line with 1Q26 for footwear, apparel and silk.