Sales at Italian luxury goods group Salvatore Ferragamo dropped by 8.1% at constant currencies last year, prompting Chief Executive Marco Gobbetti to warn that hitting turnaround goals could take longer than anticipated.

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Revenues reached 1.16 billion euros in 2023, a touch above the 1.15 billion euros estimated by analysts according to an LSEG consensus.

With a 17% plunge in revenues, the North American region was the biggest drag last year, only partly offset by a 3.4% increase in revenues in Europe, Middle East and Africa.

The Asia Pacific area saw an 8.3% drop in revenue at constant exchange rates.

Asia Pacific accounts for nearly one third of group revenues, followed by North America and Europe which are similar in size at around a quarter of the total.

“The complex market environment with the slowdown of luxury demand may impact the timing of our initial assumptions, nevertheless the commitment to our ambition is unchanged,” the CEO said in a statement.

Shortly after joining two years ago from Burberry, Gobbetti promised a quick turnaround of the Florentine group, aiming to reach almost 2.3 billion euros in sales by 2026.