• Net income increased 81% to EUR81m
  • Revenue grew 11% to EUR625m
  • Asian revenue increased 13% to EUR240m 

Italian footwear company Salvatore Ferragamo has recorded a jump in first half profits, boosted by the company exiting a joint venture with the Italian brand Ermenegildo Zegna.

The company saw net income increase 81% over the half ended 30 June to reach EUR81m (US$107.2m). The company said that it disposed of its 47% stake in ZeFer, a joint venture in footwear and leather announced in 2002.

Revenue increased 11% to EUR625m. The company said Asia was its largest market, with revenue increasing 13% over the half to EUR240m. A major contribution to the group's Asian performance came from its retail channel in China, which recorded 30% revenue growth in the second quarter.

In Europe, the group recorded a 14% revenue increase, North American revenue grew 15%, while Japanese revenues rose 2%. In Central and South America, revenue increased 7%, with the retail channel recording a 17% rise as the company works to shift to a directly-owned store model in Brazil.