Ferragamo is doubling down on its core leather business. First-quarter sales were down 2.6% to €221mn compared with €227mn in the same period last year. At constant exchange rates, revenues decreased 1%. The brand is seeing improvements in leather goods in the first three months of the year, as sales of the category were up 9.6% to €96.2mn, representing 44.2% of the total. On the other hand, footwear revenues fell 9.6% to €92.1mn, accounting for 42.3% of the total and apparel was down 3% to €13mn. Silk inched down 1.9% to €16.2mn. While there are new handbag models that are in the high-end price range, Ferragamo is also ‘working on introducing entry price models. In the three months ended March 31, the direct-to-consumer channel registered positive results in Europe, Japan and Latin America, neutralized by the negative performance in Asia-Pacific, and reported a 3.6% decline to €163.7mn, accounting for 74.1% of the total. Twenty store renovations and 20 closures are planned for the year. As of March 31, there were 362 Ferragamo boutiques. The wholesale channel posted a good performance in all geographies, reporting a 7.9% increase to €54mn. By geographies, sales in the Europe, Middle East and Africa region were up 9.1% to €54.2mn, representing 24.9% of the total. North America rose 3.7% to €62.2mn, representing 28.6% of the total and Japan grew 4.1% to €20.8mn or 9.6% of the total mainly driven by tourists’ purchases. Asia-Pacific fell 13% to €63.7mn, representing 29.3% of the total challenged by the overall weak consumer environment significantly impacting traffic.