Italian fashion house Ferragamo has seen sales in the UK soar by 30.5% on the back of increased footfall from tourists.
Its turnover in the UK arm rocketed to a record high of £21.8m in the year to 31 December, while pre-tax profit surged to £430,335, from £60,541 in the previous year.
The Milan-listed company’s UK operations said in its latest accounts that the luxury fashion market “continued to receive significant benefits” in Britain in 2017, after the Brexit referendum generated a “favourable” exchange rate movement.
The weaker pound has in turn “made the UK a very attractive destination for foreign visitors looking to buy luxury good brands” and significantly boosted visitor numbers.
The company cautioned that the impact of increasing market rate rents for key locations will present a “challenge” going forward, as well as the unknown effect of Brexit. However, it expects to maintain revenue growth.
Ferragamo, which was founded in 1927, operates three Salvatore Ferragamo standalones in London as well as a concession at Harrods.