E-commerce has helped lift China sales of Italian luxury goods group Salvatore Ferragamo, said Michele Norsa, Deputy Chairman. Norsa said, he expected sales in China to keep growing by double-digit percentage. Asia being the company’s largest market, accounts for half of the group’s revenues. In the first nine weeks of 2021, there has been a 86 per cent jump in digital sales with China and Korea both performing strongly.

The company’s Earnings before interests and taxes (EBIT) recorded a €62 million ($74 million) loss in 202 due to impairment charges booked on assets such as property and machinery. Analysts had on average expected a €64 million EBIT loss for 2020 in a Refinitiv consensus forecast.

Luxury goods high-end retailer Salvatore Ferragamo S.p.A was founded by the namesake Italian shoe designer who established a reputation for his innovative footwear in the 1930s. He was known for his experimentation with materials including kangaroo, crocodile, and fish skin for his shoes.