Annual Report 2020

Salvatore Ferragamo Group
Annual Report 
as at 31 December 2020
Salvatore Ferragamo S.p.A.
Florence
General information
Registered office Salvatore Ferragamo S.p.A. Via Tornabuoni, 2 - 50123 Florence 
Legal information Authorized share capital 16,939,000 Euro - Subscribed and paid-up share capital 16,879,000 Euro
Tax code and Florence Company Register no.: 02175200480
Registered with the Florence Chamber of Commerce under REA (Economic and Administrative Register) no. 464724 - 
Corporate website https://group.ferragamo.com/it/

Letter from the Chairman	
4
Board of Directors’ report on operations as at 31 December 2020	
6
Corporate boards	
10
Group structure	
12
Group description	
13
Main Stock Market indicators – Salvatore Ferragamo S.p.A.	
14
1. The Group’s main income and financial results for the year 2020	
16
2. Introduction	
18
3. The Salvatore Ferragamo Group’s activities 	
18
4. The Group’s operating performance 	
26
5. Operating performance of the Parent company Salvatore Ferragamo S.p.A..	
48
6. Reconciliation between the Parent company’s net profit/(loss) for the period 
	
and shareholders’ equity and the consolidated values of the Group 	
57
7. Results of Group companies	
58
8. Significant events occurred during the year	
59
9. Information on corporate governance and ownership structure 	
70
10. Other information 	
75
11. Research and development 	
78
12. Transactions with related parties	
78
13. Main risks and uncertainties 	
79
14. Significant events occurred after 31 December 2020	
86
15. Macroeconomic situation and outlook	
86
16. Separate Financial Statements as at 31 December 2020 
of Salvatore Ferragamo S.p.A. – Proposal for approval 	
87
Consolidated Non-Financial Statement pursuant to Italian 
Legislative Decree 254/2016	
88
Contents 
Salvatore Ferragamo Group Board of Directors’ report 
2 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Consolidated Financial Statements as at 31 December 2020	
218
Financial Statements	
222
Consolidated Statement of Financial Position – Assets	
222
Consolidated Statement of Financial Position – Liabilities and Shareholders’ Equity	
223
Consolidated Income Statement	
224
Consolidated Statement of Comprehensive Income	
225
Consolidated Statement of Cash Flows	
226
Statement of changes in consolidated shareholders’ equity	
227
Explanatory notes to the consolidated financial statements	
228
Comments on the main statement of financial position items 
(assets, shareholders’ equity and liabilities)	
274
Comments on the main income statement items	
302
Other information	
311
Disclosure pursuant to art. 149-duodecies of the Issuers’ Regulation	
327
Statement pursuant to article 154 bis of Leg. Decree no. 58 of 24 February 1998 
(Consolidated Law on Finance)	
328
Independent Auditor’s Report	
330
Separate Financial Statements as at 31 December 2020	
340
Financial Statements	
344
Statement of financial position – assets	
344
Statement of financial position – liabilities and shareholders’ equity	
345
Income statement	
346
Statement of comprehensive income	
347
Statement of cash flows	
348
Statement of changes in shareholders’ equity	
349
Explanatory notes to the separate financial statements	
350
Comments on the main statement of financial position items 
(assets, shareholders’ equity and liabilities)	
388
Comments on the main income statement items	
416
Other information	
427
Disclosure pursuant to art. 149-duodecies of the Issuers’ Regulation	
443
Statement pursuant to article 154 bis of Leg. Decree no. 58 of 24 February 1998 
(Consolidated Law on Finance)	
444
Report of the Board of Statutory Auditors	
446
Independent Auditor’s Report	
460
This document has been translated into English solely for the convenience of international readers.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
3
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

We will always remember 2020 for the 
personal and professional challenges it posed, 
but also for the solidarity, determination, 
resilience, and courage of many.
The health emergency has changed the 
world and, as a result, also Companies and 
how these approach their business. The 
Covid-19 emergency and the lockdowns 
imposed in several geographies during the 
first half of the year significantly affected the 
Group’s business, causing a contraction in 
both revenues and margins.
The industry we operate in was forced to 
rethink schedules and priorities. 
This was an overdue and useful exercise: 
for Salvatore Ferragamo, it made us even 
more aware that we must make a fresh 
start by putting sustainability at the center 
of our strategy.
We have reimagined our way of working, 
putting the health of our staff first and 
striving to ensure everyone can work 
safely. Technology has allowed us to 
continue meeting, and the Ferrragamo 
teams have showed great dedication and 
willingness. I am grateful to our people for 
the passion and sense of belonging to the 
brand that they have showed even at the 
most challenging times.
Letter from the 
Chairman
Salvatore Ferragamo Group Board of Directors’ report 
4 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

As the health emergency swept over us, 
we took action to support associations and 
healthcare entities in the fight against the 
pandemic. Among other projects, we helped 
the Italian Red Cross with the renovation of 
Florence’s Fraticini Hospital, and supported 
the Tuscany Region by donating 50,000 
units of hand sanitizer and pledging to 
manufacture and donate over 100,000 masks 
through our contract manufacturers.
That said, the pandemic did not sway us from 
our commitments. 
We continued our partnership with the Meyer 
Foundation, supporting newborn screening 
activities and the planned expansion of the 
Children’s Hospital in Florence. At such a 
particular and challenging historical moment, 
we made a point of supporting the young and 
research efforts, which are key to a fresh start.
In 2020, in line with the commitments of the 
Fashion Pact, we were the first Italian luxury 
company to set science-based targets to 
reduce our direct and indirect CO2 emissions 
by 42% by 2029. This commitment makes 
us proud: a heartfelt thanks to all the teams 
that worked together to define the targets 
and dedicate themselves every day to 
achieving them.
Our history has taught us that at challenging 
times, we can find solutions in creativity and 
innovation: this vision has guided us also 
during this year as we discovered alternative, 
regenerated and circular materials for our 
collections. From organic silk to regenerated 
nylon yarns, from recycled post-consumer 
cashmere to certified leather, we are 
combining creativity and experimentation 
with the same enthusiasm that colored my 
father’s work.
The experience of our supply chain, comprised 
of world-class artisans, has allowed us 
to continue providing our customers with 
products that are the pinnacle of Italian 
quality, beauty, and comfort. And we want to 
start again from our products.
Before the pandemic, our company had 
been working to consolidate its positioning, 
investing to bolster its digital presence, 
optimize physical stores, and communicate 
in a way consistent with the values that 
have always defined us. The pandemic has 
reinforced our vision, and we continue on 
this journey by focusing on the long-term 
strategy: we believe the key to the recovery is 
continuing to believe in ideas, commitment, 
and creativity, without ever forgetting our 
history and heritage.
The main lesson we have learned is that 
the power of collaboration allows to grow 
and innovate, always responding positively 
to change. 
Ferruccio Ferragamo
Salvatore Ferragamo S.p.A. Chairman
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
5
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Board of 
Directors’ report 
on operations  
as at 31 December 2020

Salvatore Ferragamo Group Board of Directors’ report 
8 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Corporate boards	
10
Group structure	
12
Group description	
13
Main Stock Market indicators – Salvatore Ferragamo S.p.A.	
14
1.	 The Group’s main income and financial results for the year 2020	
16
2.	 Introduction	
18
3.	 The Salvatore Ferragamo Group’s activities	
18
4.	 The Group’s operating performance	
26
5.	 Operating performance of the Parent company Salvatore Ferragamo S.p.A.	
48
6.	 Reconciliation between the Parent company’s net profit/(loss) for the period 
	
and shareholders’ equity and the consolidated values of the Group	
57
7.	 Results of Group companies	
58
8.	 Significant events occurred during the year	
59
9.	 Information on corporate governance and ownership structure	
70
10.	Other information	
75
11.	 Research and development	
78
12.	 Transactions with related parties	
78
13.	 Main risks and uncertainties	
79
14.	Significant events occurred after 31 December 2020	
86
15.	 Macroeconomic situation and outlook	
86
16.	 Separate Financial Statements as at 31 December 2020 
	
of Salvatore Ferragamo S.p.A. - Proposal for approval	
87
Consolidated Non-Financial Statement pursuant 
to Italian Legislative Decree 254/2016	
88
Board of Directors’ report on operations as 
at 31 December 2020
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
9
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Board of Directors (1)
Ferruccio Ferragamo (8)
Chairman
Michele Norsa (6) (11)
Executive Deputy Chairman
Micaela le Divelec Lemmi (6 )(10)
Managing Director
Giacomo Ferragamo (7) (13)
Giovanna Ferragamo (8)
Leonardo Ferragamo (8)
Diego Paternò Castello di San Giuliano (8)
Angelica Visconti (7)
Francesco Caretti (8)
Peter Woo Kwong Ching (8)
Umberto Tombari (8) (9)
Marzio Alessandro Alberto Saà (8) ( 9)
Chiara Ambrosetti (8) (9)
Lidia Fiori (8) (9)
Executive Committee (2)
Michele Norsa (12)
Chairman
 
Micaela le Divelec Lemmi
Diego Paternò Castello di San Giuliano
Francesco Caretti
Marzio Alessandro Alberto Saà
Control and Risk Committee
Marzio Alessandro Alberto Saà
Chairman
Umberto Tombari 
Chiara Ambrosetti 
Lidia Fiori
Nomination and Remuneration 
Committee
Umberto Tombari
Chairman
Marzio Alessandro Alberto Saà 
Lidia Fiori 
Chiara Ambrosetti
Corporate boards
Salvatore Ferragamo Group Board of Directors’ report 
10 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Product and Brand
Strategy Committee
Michele Norsa (12)
Chairman
Micaela le Divelec Lemmi
Diego Paternò Castello di San Giuliano
Angelica Visconti
Giacomo Ferragamo (13)
Board of Statutory Auditors (3)
Andrea Balelli (3)
Chairman
Paola Caramella (3)
Acting Statutory Auditor
Giovanni Crostarosa Guicciardi (3)
Acting Statutory Auditor 
Roberto Coccia (3)
Substitute Statutory Auditor 
Antonella Andrei (3)
Substitute Statutory Auditor 
Independent Auditors (4)
KPMG S.p.A.
Manager charged with preparing
Company’s Financial Reports (5)
Alessandro Corsi
(1) Appointed by the Shareholders’ Meeting on 20 April 2018 and serving until the approval of the separate financial statements as at 31 December 2020 
(2) Appointed by the Board of Directors on 6 April 2020 and served in the role until 15 December 2020.
(3) Appointed by the Shareholders’ Meeting on 8 May 2020 and serving until the approval of the separate financial statements as at 31 December 2022.
(4) Appointed for the 2020-2028 period. 
(5) Appointed by the Board of Directors on 10 March 2020 effective as from 1 April 2020.
(6) Executive director
(7) Executive director pursuant to article 2 of the Corporate Governance Code as a manager of the Company.
(8) Non-executive director
(9) Independent director pursuant to article 147-ter, paragraph 4 and article 148, paragraph 3 of Italian Legislative Decree no. 58 of 24 February 1998 (“Testo Unico della Finanza” or “T.U.F.”, Consolidated 
Law on Finance) and article 3 of the Corporate Governance Code.
(10) Appointed by the Shareholders’ Meeting on 18 April 2019 and serving until the approval of the separate financial statements as at 31 December 2020.
(11) Co-opted pursuant to art. 2386, paragraph 1, of the Italian Civil Code by the Board of Directors on 27 May 2020, in place of the outgoing Director Giacomo Ferragamo, effective 28 May 2020 and 
serving until the approval of the Separate Financial Statements as at 31 December 2020.
(12) Appointed by the Board of Directors on 27 May 2020.
(13) Appointed as Director by the Shareholders’ Meeting on 20 April 2018 and served until 27 May 2020, when he resigned.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
11
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

* Non-operating company
Group structure
European companies
North America companies
Centre and South America companies
Asian Pacific companies
Japanese companies
Note
99.73%
100%
Salvatore Ferragamo S.p.A.
Ferragamo Parfums S.p.A.
Ferragamo Austria GmbH
100%
Ferragamo France S.A.S.
100%
Ferragamo U.K. Limited
100%
Ferragamo (Suisse) SA
100%
Ferragamo Monte-Carlo S.A.M.
100%
Ferragamo Retail Nederland B.V.
100%
Ferragamo Belgique SA
100%
Ferragamo Deutschland GmbH
100%
Ferragamo España S.L.
100%
Ferragamo USA Inc.
100%
S-Fer International Inc.
100%
Sator Realty Inc.
100%
Ferragamo Canada Inc.
100%
Ferragamo Mexico 
S.de R.L. deC.V.
0.27%
Ferragamo Chile S.A.
99%
1%
Ferragamo Argentina S.A. 
95%
5%
Ferragamo Brasil Roupas e 
Acessorios Ltda.
99%
1%
Ferragamo Japan K.K.
71%
Ferragamo Korea Ltd.
100%
Ferragamo (Singapore) Pte Ltd.
100%
Ferragamo (Thailand) Limited
100%
Ferragamo (Malaysia) Sdn. Bhd.
100%
Ferragamo Moda (Shanghai) 
Co. Ltd.
75%
Ferragamo Retail India 
Private Limited*
100%
Ferragamo Australia Pty Ltd.
100%
Ferragamo Retail Macau Limited
75.2%
75%
Ferrimeg Limited
Ferragamo Retail HK Ltd.
100%
Ferragamo Retail 
Taiwan Limited
100%
Ferragamo Fashion Trading 
(Shanghai) Co. Ltd.
100%
Ferragamo Hong Kong Ltd.
100%
12 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Salvatore Ferragamo Group Board of Directors’ report

Group description
As at 31 December 2020, the Salvatore Ferragamo Group consists of Salvatore Ferragamo S.p.A. (Parent company) and the following 
subsidiaries – consolidated on a line by line basis – in which the Parent company holds majority stakes, both directly or indirectly, and 
which it controls.
Salvatore Ferragamo S.p.A.
Parent company, owner of the Ferragamo and Salvatore Ferragamo brands, as well as of numerous other figurative and shape-
based trademarks; it undertakes production activities and it manages the retail distribution channel in Italy as well as the 
wholesale channel in Italy and abroad, and acts as a holding company.
EUROPE 
Ferragamo Retail Nederland B.V.
It manages directly operated stores (DOS) in Holland
Ferragamo France S.A.S.
It manages directly operated stores (DOS) in France
Ferragamo Deutschland GmbH
It manages directly operated stores (DOS) in Germany
Ferragamo Austria GmbH
It manages directly operated stores (DOS) in Austria
Ferragamo U.K. Limited
It manages directly operated stores (DOS) in the United Kingdom
Ferragamo (Suisse) SA
It manages directly operated stores (DOS) in Switzerland
Ferragamo Belgique SA 
It manages directly operated stores (DOS) in Belgium
Ferragamo Monte-Carlo S.A.M.
It manages directly operated stores (DOS) in the Principality of Monaco
Ferragamo Espana S.L.
It manages directly operated stores (DOS) in Spain
Ferragamo Parfums S.p.A.
Licensee of the Ferragamo and Ungaro brands for the production and distribution of the fragrances product category
NORTH AMERICA 
Ferragamo USA Inc.
It distributes and promotes products in the USA and acts as a sub-holding for North America (USA and Canada)
Ferragamo Canada Inc.
It manages directly operated stores (DOS) and the wholesale channel in Canada
S-Fer International Inc.
It manages directly operated stores (DOS) in the USA
Sator Realty Inc.
It manages directly operated stores (DOS) in the USA and real estate assets
CENTRAL AND SOUTH AMERICA 
Ferragamo Mexico S. de R.L. de C.V.
It manages directly operated stores (DOS) and the wholesale channel in Mexico
Ferragamo Chile S.A.
It manages directly operated stores (DOS) in Chile
Ferragamo Argentina S.A.
It manages directly operated stores (DOS) in Argentina
Ferragamo Brasil Roupas e 
Acessorios Ltda.
It manages directly operated stores (DOS) in Brazil
ASIA PACIFIC 
Ferragamo Hong Kong Ltd.
It distributes and promotes products in Asia and acts as a sub-holding for the Chinese area (Hong Kong, Taiwan, PRC)
Ferragamo Australia Pty Ltd.
It manages directly operated stores (DOS) in Australia
Ferrimag Limited
Sub-holding company for the Chinese area (Hong Kong, Taiwan, PRC)
Ferragamo Fashion Trading (Shanghai) 
Co. Ltd.
It manages directly operated stores (DOS) and the wholesale channel in the People’s Republic of China
Ferragamo Moda (Shanghai) Co. Ltd.
It manages directly operated stores (DOS) in the People’s Republic of China
Ferragamo Retail HK Limited
It manages directly operated stores (DOS) in Hong Kong
Ferragamo Retail Taiwan Limited
It manages directly operated stores (DOS) in Taiwan
Ferragamo Retail Macau Limited
It manages directly operated stores (DOS) in Macau
Ferragamo Retail India Private Limited 
Non-operating company
Ferragamo Korea Ltd.
It manages directly operated stores (DOS) and the wholesale channel in South Korea
Ferragamo (Singapore) Pte Ltd
It manages directly operated stores (DOS) in Singapore 
Ferragamo (Thailand) Limited
It manages directly operated stores (DOS) in Thailand
Ferragamo (Malaysia) Sdn. Bhd.
It manages directly operated stores (DOS) in Malaysia
JAPAN
Ferragamo Japan K.K.
It manages directly operated stores (DOS) in Japan
13
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Main Stock Market indicators - 
Salvatore Ferragamo S.p.A.
Official price as at 30 December 2020 in Euro
15.86
Minimum price as at 16 March 2020 in Euro (1)
9.498
Maximum price as at 10 January 2020 in Euro (1)
19.52
Stock Market capitalization as at 31 December 2020 in Euro
2,677,009,400
Number of shares making up the share capital as at 31 December 2020
168,790,000
Number of outstanding shares (free float)
48,979,090
Here below is the trend in Salvatore Ferragamo’s share price during 2020.
Alternative performance measures
In order to better assess its performance, the Salvatore Ferragamo Group makes use of some alternative 
performance measures which are not identified as accounting measures under IFRS. Therefore, the 
measurement basis applied by the Group may differ from that adopted by other groups, and the 
balance may not be comparable. 
(1) Minimum and maximum prices recorded during the day’s trading session and, therefore, not coinciding with official and reference prices on the 
same date.
Share price (Official price)
8.00
10.00
12.00
14.00
16.00
18.00
20.00
22.00
24.00
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Set
Oct
Nov
Dec
02 January - 30 December 2020 
Euro
Salvatore Ferragamo Group Board of Directors’ report 
14 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

These alternative performance measures are derived exclusively from historical financial data and 
are determined in accordance with the Guidelines on Alternative Performance Measures issued by 
ESMA/2015/1415 and adopted by CONSOB with communication no. 92543 of 3 December 2015. 
They refer exclusively to the performance for the reporting period of this Annual Report as well as the 
comparative periods, and not to the Group’s expected performance and are not to be considered as 
substitutes for IFRS measures.
The definitions of the alternative performance measures adopted in the Annual Report are provided below:
EBITDA: it is Operating Profit before Amortization and Depreciation and Write-downs of tangible/
intangible assets and Right-of-use assets.
Operating profit/(loss): it is the difference between revenues, cost of goods sold, and operating costs 
net of other income.
Adjusted operating profit/(loss): it is Operating Profit/(Loss) before Write-downs of tangible/
intangible assets resulting from impairment tests conducted in accordance with IAS 36, in the wake of 
the extraordinary impact of the Covid-19 pandemic.
Net working capital: it is Inventories plus Right of return assets and Trade receivables net of Trade 
payables and Refund Liabilities. 
Net invested capital: it is the total amount of Non current assets, Current assets and Assets held 
for sale, excluding financial assets (Other current financial assets and Cash and cash equivalents) net 
of Non current liabilities, Current liabilities and Liabilities held for sale, excluding financial liabilities 
(Current and non current interest-bearing loans & borrowings, Other current and non current financial 
liabilities, and Current and non current lease liabilities).
Net financial debt/(surplus): it is calculated as Current and non current interest-bearing loans & 
borrowings plus Current and non current lease liabilities and Other current and non current financial 
liabilities including the negative fair value of derivatives (non-hedge component), net of Cash and cash 
equivalents and Other current financial assets, including the positive fair value of derivatives (non-
hedge component).
Adjusted net financial debt/ (surplus): it is Net financial debt/(surplus) net of Current and non 
current lease liabilities.
Adjusted cash flow from (used in) operating activities: it is Net cash from (used in) operating 
activities net of Repayment of lease liabilities (classified as Cash flow from financing activities).
The alternative performance indicators EBITDA excluding IFRS16, Operating Profit/(Loss) excluding 
IFRS16, Net profit/(loss) for the period excluding IFRS16, and Adjusted net invested capital, presented 
in the Annual Report as at 31 December 2019 to provide a better understanding of the Group’s 
performance following the introduction of the accounting standard IFRS16 effective 1 January 2019, 
are no longer presented in this Annual Report, as the amounts for both comparison periods (2020 and 
2019) have been reported in accordance with the accounting standard IFRS16.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
15
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

1. The Group’s main income and 
financial results for the year 2020
(In millions of Euro) 
2020
2019
% change 2020 
vs 2019
Revenues 
915.8
1,377.3
(33.5%)
Gross profit
565.5 
893.5
(36.7%)
Gross profit %
61.8%
64.9%
 
EBITDA
160.2
335.5
(52.2%)
EBITDA %
17.5%
24.4%
 
Operating profit/(loss)
(61.5)
149.7
na
Operating profit/(loss) %
(6.7%)
10.9%
 
Adjusted operating profit/(loss)
(26.9)
149.7
na
Adjusted operating profit/(loss) %
(2.9%)
10.9%
 
Net profit/(loss) for the period
(71.7)
87.4
na
Net profit/(loss) – Group
(66.4)
87.3
na
Net profit/(loss) – minority interests
(5.3)
0.1
 
Revenue by geographic area 
as at 31 December 2020 (%)
Revenue by distribution channel 
as at 31 December 2020 (%)
Revenue by product category 
as at 31 December 2020 (%)
5.8
21.0
21.8
9.8
41.6
69.6
0.8
0.2
29.4
5.6
4.6
0.8
40.9
0.2
42.4
5.5
Europe
Asia Pacific
Central and 
South America
North America
Japan
 Retail
Rental income investment 
properties
Wholesale
Licenses 
and services
Footwear
Licenses and services
Leather goods
Apparel
Accessories
Fragrances
Rental income 
investment properties
Salvatore Ferragamo Group Board of Directors’ report 
16 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

(In millions of Euro) 
31 December 
2020
31 December 
2019
Investments in tangible/intangible assets*
29.4
59.0
Net working capital
314.6
334.6
Shareholders’ equity
709.7
785.3
Adjusted net financial debt/(surplus)
(138.7)
(171.9)
Adjusted cash flow from (used in) operating activities
(5.2)
135.6
* To provide a better presentation, investments in tangible/intangible assets are presented excluding the costs for the restoration of premises 
leased from third parties, recognized as fixed assets pursuant to the relevant contractual obligations, restating the comparative information from 
2019 accordingly.
31 December 
2020
31 December 
2019
Staff as at the reporting date
3,855
4,277
Number of DOS
395
393
Number of TPOS
249
261
Geographical distribution of monobrand stores (31 December 2020) 
No. of stores:
644 Ferragamo monobrand stores
Europe
156
Asia Pacific
262
Latin America
62
Japan
68
North America
96
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
17
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Disclaimer
This document contains forward-looking statements, in particular in the sections headed “Macroeconomic situation 
and outlook”, “Significant events occurred after 31 December 2020”, and “Consolidated Non-Financial Statement 
pursuant to Italian Legislative Decree 254/2016” relating to future events and the operating, income, financial, 
social, and environmental results of the Salvatore Ferragamo Group. These statements are based on the Group’s 
current expectations and forecasts regarding future events and, by their nature, involve risks and uncertainties, 
since they refer to events and depend on circumstances which may, or may not, happen or occur in the future. 
As such, they must not be unduly relied upon. The actual results could differ significantly from those contained 
in these statements due to a variety of factors, including the volatility and deterioration in the performance of 
securities and financial markets, changes in raw material prices, changes in macroeconomic conditions and in 
economic growth, and other changes in business conditions, in the legal and institutional framework (both in Italy 
and abroad), and many other factors, most of which are beyond the Group’s control.
2. Introduction
The Parent company Salvatore Ferragamo S.p.A. is a legal entity set up under Italian law and, 
pursuant to art. 40, paragraph 2 bis, of Legislative Decree 127/91, it prepares the Directors’ 
report on operations of both the Separate Financial Statements and the Consolidated Financial 
Statements in a single document.
The Directors’ report on operations, in addition to the indicators required for financial statements, in 
compliance with International Financial Reporting Standards (IFRS), also includes some alternative 
performance measures used by management to monitor and assess the Group’s performance, 
as detailed in a specific section. In addition, this Directors’ report on operations includes the 
Consolidated Non-Financial Statement as required by Legislative Decree no. 254/2016 on non-
financial statements about the following: environmental, social and employee-related matters, 
respect for human rights, and anti-corruption and bribery matters.
3. The Salvatore Ferragamo Group’s 
activities
The Group is active in the creation, production and sale of luxury goods for men and women: 
footwear, leather goods, apparel, silk goods, jewels, other accessories and fragrances. The product 
range also includes eyewear and watches manufactured under license by third parties. The product 
range stands out for its uniqueness, which is the result of the combination of creative and innovative 
style with the quality and craftsmanship that are the hallmark of luxury goods made in Italy.
The Salvatore Ferragamo Group is present in over 90 countries worldwide and sells its products 
mainly through:
1. a network of single Salvatore Ferragamo brand stores, managed both directly (DOS) and by third parties 
(TPOS);
2. a significant and well-established presence in department stores and multibrand specialty stores. 
As for the fragrances product category, which involves the creation, development and production 
(completely outsourced) of fragrances and related products under the Salvatore Ferragamo brand and, 
on license, the Ungaro brand, sales are handled by both the company Ferragamo Parfums S.p.A. and 
third-party distributors which serve a network of selected mainly multibrand stores belonging to the 
specific fragrances channel. The Group is also active in the licensing of the Salvatore Ferragamo brand 
and in real estate management.
Salvatore Ferragamo Group Board of Directors’ report 
18 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

History of the Group
1898
Salvatore Ferragamo is born in Bonito, 
in the province of Avellino.
1923
After joining his siblings in America, 
Salvatore Ferragamo opens the 
Hollywood Boot Shop marking the 
start of his career as "shoemaker to 
the stars".
1927
Salvatore Ferragamo Italia is set up, 
producing women’s shoes.The first 
laboratory is opened in Florence.
1936
Salvatore Ferragamo transfers the 
shoe laboratory to Palazzo Spini 
Feroni, which he then bought in 1938 
and is still the registered office of the 
Group.
1938
Salvatore Ferragamo makes the 
famous Rainbow model for Judy 
Garland, the year after having invented 
and patented the cork wedge heel.
1947
In 
Dallas, 
Salvatore 
Ferragamo 
receives the Neiman Marcus Prize for 
his “Invisibile” sandal.
1950s
Launch of the Women’s Leather Goods 
and Women’s Ready-To-Wear lines. 
The success is now international 
and the shop in Florence is visited by 
celebrities such as Audrey Hepburn 
and the Dukes of Windsor.
1960s
After the death of the Founder, his 
widow Wanda took over the reins of 
the Company. In 1965 the production 
of bags starts.
1970s
Launch of the first men’s RTW 
collections, men’s footwear, silk and 
accessories.
1978
Creation of Vara, one of the most 
famous shoes by Salvatore Ferragamo.
1986
Opening of the first DOS in Asia (Hong 
Kong) and entry into the Asian market.
1990
Creation of the bag with the famous 
Gancini decorative symbol.
1995
Inauguration 
of 
the 
Salvatore 
Ferragamo Museum at Palazzo Spini 
Feroni, dedicated to the shoes and 
history of the Company.
1998
Launch of the Salvatore Ferragamo 
Fragrances and Eyewear lines.
2003
Realization of the first Salvatore 
Ferragamo watches.
2006
Launch of the Ferragamo's Creations 
collection: limited production run 
of some of the most famous shoes 
made by Salvatore.
2011
Salvatore Ferragamo S.p.A. is listed 
on the Mercato Telematico Azionario 
(screen-based 
stock 
exchange) 
organized and managed by Borsa 
Italiana S.p.A.
2019
Appointment of Paul Andrew as 
Salvatore 
Ferragamo's 
Creative 
Director.
2020
“Salvatore, shoemaker of Dream”, 
directed 
by 
Luca 
Guadagnino, 
premieres Out of Competition at the 
77th Venice Film Festival. 
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
19
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Distinctive features of the Parent company and the 
Group
The main factors which have enabled the development and consolidation of the Group’s competitive 
positioning can be summarized as follows:
Brand heritage as a synonym of glamour, elegance, craftsmanship, 
creativity and innovation
• the legendary status of the founder Salvatore Ferragamo which is inseparably linked to the world of 
luxury footwear;
• over 80 years’ history associated with high quality, classic luxury products which have always been 
known for their “Made in Italy” excellence;
• continuous product innovation with a high level of customization and use of rare and high-quality 
materials, often incorporating particular and unusual details;
• abundant archive of designs and models to draw on as inspiration for new collections;
• use of Ferragamo products by leading personalities from the world of cinema, theatre and 
entertainment.
Global brand awareness
• high and consolidated level of brand awareness;
• worldwide distribution of products and presence, through tailored single brand stores, in the key 
shopping streets and prestigious locations for the luxury sector;
• significant and consolidated presence in Europe, America and Asia.
Sustainable Thinking
• incorporation of sustainability throughout the value chain, in keeping with the core values of creativity, 
innovation, and world-class craftsmanship; governance model mindful of the context and the need 
to balance/mitigate ESG risks;
• development of initiatives to engage stakeholders and promote partnerships at all levels to gradually 
transform the industry in the direction of more sustainable models inspired by the circular economy.
Salvatore Ferragamo Group Board of Directors’ report 
20 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Ongoing search for quality applied to the whole product range
• “Made in Italy” production process realized through a number of expert and carefully selected 
manufacturers which have been working with the Group for several years;
• particular attention to quality control, both in choosing and processing materials, and on the finished 
product;
• introduction of new product categories (with particular attention to the development of those with 
high growth and profit potential), while maintaining the integrity and identity of the brand over time;
• RTW products and accessories (especially in silk) made with sophisticated and prestigious materials 
in order to enhance the footwear and leather product ranges;
• granting of a limited number of licenses solely to highly qualified and prestigious companies.
Consolidated, extended distribution network that is diversified across 
different channels 
Consolidated, extended distribution network that is diversified across different channels (DOS-TPOS-
multibrand channel):
• consolidated presence of Ferragamo single brand stores in the main luxury sector locations around 
the world;
• presence in the digital channel (Internet) with a website (www.ferragamo.com) in seven languages 
(Italian, French, Spanish, English, Chinese, Korean and Japanese) and e-commerce functions (directly 
managed by the Group) for various European countries (Eurozone and United Kingdom), United 
States, South Korea, Japan, Mexico, People’s Republic of China and Australia;
• significant presence in the travel retail channel with Ferragamo single brand stores in the main 
airports around the globe.
Geographically balanced distribution with a significant historic presence both in developed and developing 
markets thanks to the Group’s pioneering attitude which has driven it to enter new markets timely:
• significant and consolidated presence in markets with high growth rates, such as, in particular, Asia 
(China and Asia Pacific) and Latin America. 
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
21
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Strategy
The Group’s strategy, in line with its commitment to pursuing sustainable growth, aims to enhance 
its competitive position among the leaders in the global luxury market, by leveraging its creativity, 
glamour, Italian craftsmanship, and standing in the footwear and accessories sector, in order to create 
value for shareholders through sustainable and profitable growth. For more information on the main 
ESG topics, please refer to the Consolidated non-financial statement pursuant to Legislative Decree 
254/2016, where they are discussed in detail. 
The main guidelines can be summarized as follows: 
Consolidation of its position in the luxury market, enhancing its 
classical elegance and glamour with a contemporary style that keeps 
pace with the times
The Group aims to maintain its position in the high-end luxury segment at global level, by emphasizing 
the specific and central role played in its product range by the excellent quality of Italian products, 
also thanks to the adequate support of marketing, communication, and sustainable thinking activities.
Expansion of the distribution network in emerging markets and 
optimization of retail and wholesale performance at global level
The Group intends to leverage its distribution network, which is strategically well balanced in terms of 
channels and geographic areas, in order to take advantage of the opportunities offered by high growth 
countries and to improve the effectiveness of each distribution channel, through:
• further expansion of its commercial presence in emerging countries, above all in Asia Pacific;
• improvement in the performance of the retail channel, which is to be achieved through more effective 
management of product categories in stores, the renovation of stores improving their layout, the 
opening of stores dedicated exclusively to men or women’s products as well as, above all in historic 
luxury markets, renewal of the stores’ image;
• constant control of the wholesale channel, consolidating its presence in the most prestigious 
department stores in historic luxury markets and continuing to exploit this channel to penetrate 
emerging countries; particular importance is also attached to the travel retail segment;
• development of the e-commerce channel. 2020 saw the launch of the new e-commerce website in 
Canada, the United States, Mexico, South Korea, Australia, the People’s Republic of China, Japan, and 
several European countries (Eurozone and United Kingdom).
Salvatore Ferragamo Group Board of Directors’ report 
22 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Optimization of the product range and the collection structure
The Group believes that it can increase revenues and operating profits also by making changes to the 
product range and the collection structure:
• by supplementing the collections so as not only to satisfy new purchasing opportunities, including 
with a specific focus on younger customers and the needs of specific geographic areas/markets, but 
also to optimize the price structure and profits from the collection; 
• by increasing the focus on the Group’s core product categories (men and women’s footwear and 
leather goods) and which, at the same time, are among those with the highest profits and forecast 
growth.
Ongoing modernization of the supply chain and the organizational 
structure to allow Salvatore Ferragamo S.p.A. and the Group to 
achieve its objectives 
The Group intends to continue leveraging the Italian spirit, sustainability, and flexibility of its production 
structure, based on integration with the external manufacturing workshops with which it maintains 
consolidated and long-standing relations.
In order to achieve the strategic objectives, the Group intends to focus even more on the development 
of its human resources who have always been one of the company’s main assets, through a series 
of initiatives to train and develop in-house staff, as well as on the ability to recruit new, expert 
professionals. The Group intends to strengthen its IT and logistics infrastructure. 
Specifically, please note that in 2018 the “New Logistics Hub” at Osmannoro - Sesto Fiorentino became 
operational, featuring innovative systems and a high level of automation. The main benefits the Group 
expects from this major investment are: bringing the reception/storing/shipping of the Parent’s 
products together into a single logistics site; being able to handle much larger product volumes than 
currently possible; boosting the productivity, quality, and efficiency of the logistics process, so as to 
meet market demands in a more flexible and faster manner; improving overall working conditions by 
installing ergonomic workstations. 
The strategic/organizational model
The success of the Salvatore Ferragamo Group is based on pursuing a coherent strategy over 
time, centered on constant monitoring of the value chain through the adoption of a shared Group 
organizational model for the various product categories. In particular, the Salvatore Ferragamo Group 
has always operated with the aim of offering its customers products that are characterized by a 
high quality level, based on a solid tradition of craftsmanship, exclusive design and a style aimed at 
preserving the brand’s strong identity. This approach has been applied in the choice of materials, in the 
design phase, in production processes and in the design and architecture of stores.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
23
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

The production system
The organizational model adopted by the Group entrusts the production process entirely to expert 
staff in external workshops, although keeping in-house the management and organization of the most 
important stages in the value chain.
The Group’s operating model ensures flexibility and efficiency in the production and logistics cycle through 
the use of a broad network of selected and expert Italian manufacturers which have been working with 
the Group for many years. This strong integration between the Parent company Salvatore Ferragamo S.p.A. 
(the only manufacturing company in the Group) and the network of suppliers has enabled broad control to 
be maintained over the critical stages of the value chain in the production process.
With reference to production, the Group directly manages the product development and industrialization 
stage and usually undertakes quality controls, both during the production process and on 100% of the 
finished products.
The distribution system
The organization of distribution and sales is one of the Group’s strengths, thanks to its extensive and 
consolidated presence both in so-called traditional markets (Europe, United States and Japan) and 
in emerging markets (such as Asia Pacific and Latin America), as well as thanks to its store locations.
The Group attributes great importance to monitoring distribution, which is done through:
• a network of directly operated Ferragamo single brand stores (DOS), which as at 31 December 2020 
numbered 395 (the so-called retail channel);
• a network of tailored single brand stores and/or stores-in-stores operated by third parties (TPOS), 
which as at 31 December 2020 numbered 249, as well as through a multibrand channel (taken as a 
whole the so-called wholesale channel).
Therefore, the total number of tailored Ferragamo single brand stores (DOS and TPOS) as at 31 December 
2020 was 644. 
Through the retail channel, the Group directly markets all product lines to end customers. Directly 
operated stores (DOS) are spread across all the main markets served by the Group in exclusive and 
strategic locations, both from a reputational and commercial point of view. 
Wholesale sales are targeted exclusively at retailers and, to a lesser extent, distributors. Wholesale 
customers consist of:
• department stores and luxury specialist retailers, in order to strengthen the presence in countries 
where the Group has its own network of directly operated stores. The business in the United States 
is of particular importance;
• franchisees, which ensure the presence in markets that are still not sufficiently large or developed to 
justify a direct retail presence, for example in some areas of the People’s Republic of China;
• travel retail/duty free stores opened inside airports.
Stores are selected on the basis of their coherence with the positioning of the “Salvatore Ferragamo” 
brand, their location, and the visibility which they can guarantee the brand.
Salvatore Ferragamo Group Board of Directors’ report 
24 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Changes to the Group structure
In 2020, the Salvatore Ferragamo Group’s structure underwent the following change: on 27 April 2020, 
Salvatore Ferragamo S.p.A. finalized the agreement to acquire, directly and indirectly, 100% of Arts S.r.l. 
and 100% of Aura 1 S.r.l., a sub-holding company owning 50.8% of Arts S.r.l.. In order to streamline 
the ownership structure, allowing for more flexible internal processes – and therefore optimize the 
management of resources and intercompany financial flows arising from the operations currently 
divided between Aura 1 S.r.l. and Arts S.r.l. – the Group deemed it appropriate to merge said entities 
into Salvatore Ferragamo S.p.A.. The merger was finalized on 25 November 2020 by filing the deed of 
merger authorized by a notary public with the relevant Company Register. The merger is effective for 
legal purposes as of 1 December 2020 and for accounting and tax purposes as of 1 January 2020. For 
more details, please refer to “Significant events occurred during the year” as well as note 5 “Business 
Combinations” in the Consolidated Financial Statements.
Effect of exchange rate changes on operations
The Ferragamo Group has a strong presence in international markets, including through commercial 
companies located in countries with currencies other than the Euro, mainly the US dollar, the Chinese 
renminbi, the Japanese yen, the South Korean won, and the Mexican peso. Therefore, the Group is 
exposed to both settlement and translation risk. 
Financial markets saw significant volatility in 2020. The events that influenced currency markets the 
most were the Covid-19 pandemic, which prompted central banks to implement major expansionary 
monetary policy measures and Governments to deploy massive fiscal stimulus packages, trade relations 
between the United States and China, and the US presidential election. 
The Euro gradually appreciated against the dollar throughout the year as the Fed engaged in greater 
quantitative easing than the European Central Bank and Joe Biden won the presidential election in the 
United States. In the first two months of the year, the EUR/USD exchange rate swung from 1.12 to a low 
of 1.07 in March, when Covid-19 started negatively affecting the world economy and revived interest in 
the dollar as a safe haven. In the following months, the monetary and fiscal response from central banks 
caused the EUR/USD pair to gradually weaken and eventually end the year at approximately 1.22.
The Euro performed similarly relative to the Japanese yen, which early in the year benefited from the 
significant risk aversion associated with the pandemic’s impact across the world, swinging from 122 to 
a low of about 115. Starting from May, as economic data improved, the currency depreciated, eventually 
hitting 127 at the end of the year. 
The USD/CNY, after strengthening at first to 6.85 in January following the signing of the US-China phase 
1 trade deal, depreciated due to the slump in domestic and global demand, hitting 7.16 in May.In the 
second half of the year, the economic recovery and the weak dollar fueled an appreciation in the yuan, 
which ended 2020 at 6.54 against the greenback. The Chinese currency saw a more pronounced decline 
against the Euro early in the year: EUR/CNY went from 7.55 in February to 8.26 in July as the renminbi 
weakened and the Euro gained strength – also thanks to the European Central Bank’s monetary policy. 
The yuan then appreciated against the Euro in the final months of 2020, ending at 8.02. 
The South Korean Won performed similarly against the dollar, swinging from 1,160 at the start of the 
year to 1,263 in March before ending at around 1,089. Similarly, the EUR/KRW exchange rate went 
from 1,298 to 1,336. 
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
25
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Early in the year, the Mexican peso sharply depreciated against both the dollar and the Euro as OPEC+ 
members failed to agree on production cuts and the epidemic spread across the globe. The USD/MXN 
exchange rate went from 19.0 in January to 25.1 in April, and the EUR/MXN pair from 21.1 in January to 
27.1 in April. As oil prices rebounded and the dollar weakened in the second half of the year, the Mexican 
peso gained strength and ended 2020 at 19.9 against the dollar and 24.4 against the Euro.
4. The Group’s operating performance
The results for 2020 were significantly influenced by the outbreak of the pandemic caused by the 
novel coronavirus, known as Covid-19, which gradually spread from China to the rest of the world. 
This situation has led Governments across the world to restrict and suspend business operations, the 
movement of people, and international traffic (so-called lockdown). This had an especially negative 
impact on tourist flows across the globe, causing most of the Group’s distribution network to shut 
down and the remaining part to suffer from significantly diminished traffic, especially in the first half 
of 2020 and part of the fourth quarter of the year. Against this backdrop, the Group saw revenues 
decline by 33.5% at current exchange rates (-33.4% at constant exchange rates), which caused 
margins and profits to contract. The Group promptly took a series of steps and actions to contain costs, 
maintaining only the investments considered to be essential or top priority. In 2020, gross operating 
profit amounted to 61.8% as a proportion of Revenues, down from 64.9% in the prior year largely 
because of the write-down of inventory.
Adjusted operating profit/(loss) (Operating profit/(loss) adjusted for the impairment losses resulting 
from impairment tests performed in 2020) was down from 149.7 million Euro in profit in 2019 to a 
26.9 million Euro loss in 2020. In 2020, the Group reported 34.6 million Euro in impairment losses on 
tangible and intangible assets after testing these for impairment to measure their recoverable amount 
in light of the new scenario determined by the Covid-19 pandemic emergency. 
The Group posted a 71.7 million Euro net loss for the period, compared to 87.4 million Euro in net profit 
for the prior year. 
The Group’s financial situation remained robust and positive: the adjusted net financial position 
amounted to a positive 138.7 million Euro, down from 171.9 million Euro as at 31 December 2019 but 
up from 75.1 million Euro as at 30 September 2020, largely because of the adjusted cash flow from 
operating activities for the fourth quarter of 2020.
Salvatore Ferragamo Group Board of Directors’ report 
26 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

The following table shows the main income statement data.
(In thousands of Euro)
2020
% of Revenues 
2019
% of Revenues 
% change
Revenues 
915,825
100.0%
1,377,261
100.0%
(33.5%)
Gross profit
565,541
61.8%
893,494
64.9%
(36.7%)
Style, product development and logistics costs
(35,868)
(3.9%)
(50,292)
(3.7%)
(28.7%)
Sales & distribution costs
(414,906)
(45.3%)
(482,315)
(35.0%)
(14.0%)
Marketing & communication costs
(54,246)
(5.9%)
(79,676)
(5.8%)
(31.9%)
General and administrative costs
(122,154)
(13.3%)
(127,837)
(9.3%)
(4.4%)
Other operating costs
(23,264)
(2.5%)
(24,467)
(1.8%)
(4.9%)
Other income and revenues
23,356
2.6%
20,791
1.5%
12.3%
Total operating costs (net of other income)
(627,082)
(68.5%)
(743,796)
(54.0%)
(15.7%)
Operating profit/(loss)
(61,541)
(6.7%)
149,698
10.9%
na
Net financial income and charges
(18,284)
(2.0%)
(32,564)
(2.4%)
(43.9%)
Profit/(loss) before taxes
(79,825)
(8.7%)
117,134
8.5%
na
Income Taxes
8,129
0.9%
(29,769)
(2.2%)
(127.3%)
Net profit/(loss) for the period
(71,696)
(7.8%)
87,365
6.3%
na
Net profit/(loss) – Group
(66,397)
(7.2%)
87,281
6.3%
na
Net profit/(loss) – minority interests
(5,299)
(0.6%)
84
0.0%
na
Amortization, depreciation and write-downs 
221,767
 
185,832
 
19.3%
EBITDA
160,226
17.5%
335,530
24.4%
(52.2%)
Write-downs from impairment tests in the wake of the extraordinary 
impact of the Covid-19 pandemic
34,627
3.8%
-
 - 
na
Adjusted operating profit/(loss)
(26,914)
(2.9%)
149,698
10.9%
na
In 2020, revenues reached 915,825 thousand Euro, compared to 1,377,261 thousand Euro in 2019, 
down 33.5%. The three main currencies other than the Euro in which the Group generates most of its 
revenues, i.e. the US dollar, the Chinese Renminbi, and the Japanese Yen, performed as follows in 2020 
compared to the previous year: the US dollar depreciated by 2.0% ( ), the Chinese Renminbi depreciated 
by 1.8% ( ), and the Japanese Yen slightly appreciated by 0.1% ( ) against the Euro, the currency in which 
the figures in the consolidated financial statements are expressed. Revenues were down 33.4% at 
constant exchange rates (applying the 2020 average exchange rate to the revenues for 2019 – net of 
the hedging impact). With reference to the fourth quarter of 2020 only, revenues amounted to 304,599 
thousand Euro, down 20.4% compared to the prior-year period (-19.9% at constant exchange rates). 
Currency hedges of Revenues resulted in a positive 6,734 thousand Euro adjustment to revenues in 
2020, compared to a negative 8,894 thousand Euro adjustment in 2019.
(2) With reference to the average Euro/Usd exchange rate in 2020 1.142;	2019 1.119
(3) With reference to the average Euro/Cny exchange rate in 2020 7.875;	2019 7.735
(4) With reference to the average Euro/Yen exchange rate in 2020 121.85;	 2019 122.01
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
27
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

In 2020, gross profit totaled 565,541 thousand Euro, down 36.7% from 893,494 thousand Euro in 
the prior year. Gross profit amounted to 61.8% as a percentage of Revenues, compared to 64.8% 
in 2019. It was negatively affected by the contraction in sales – caused by store closures and the 
absence of tourist flows – as well as the 28,654 thousand Euro write-down of inventory, which 
were direct and indirect consequences of the Covid-19 pandemic. In the fourth quarter of 2020 
alone, the Group generated 197,915 thousand Euro in gross profit, down 20.6% from 249,330 
thousand Euro in the prior-year period and essentially unchanged as a percentage of Revenues 
(65.0% compared to 65.1% in the fourth quarter of 2019).
Total operating costs (net of other income) totaled 627,082 thousand Euro for 2020. They were 
down 15.7% from 743,796 thousand Euro in 2019 and amounted to 68.5% as a percentage of 
Revenues, largely because of the sharp contraction in revenues (resulting from the so-called 
lockdown). They included impairment losses on Property, plant and equipment (33,011 thousand 
Euro) and Intangible assets with a finite useful life (1,616 thousand Euro), totaling a combined 
34,627 thousand Euro, resulting from the impairment tests conducted in 2020 to measure 
the recoverable amount of these assets. For more details, see note 11 Impairment of Property, 
Plant and Equipment, Right-of-use Assets, and Intangible Assets with a Finite Useful Life in the 
Consolidated Financial Statements. The decline in operating costs benefited from the steps that 
the Group’s management promptly took to mitigate the negative impact of the crisis triggered by 
the Covid-19 coronavirus pandemic. Specifically, the Group entered into important negotiations 
to revise the terms and conditions of the leases of its distribution network, resulting in a 19,729 
thousand Euro positive variable lease payment in 2020; it also launched a plan to streamline the 
organization as well as applied for and received government aid in the various countries where 
it operates, where available. The contraction in variable operating costs was also partly driven by 
the decline in revenues seen in 2020. In the fourth quarter of 2020, total net operating costs were 
down 7.6% year-on-year from 204,865 thousand Euro to 189,380 thousand Euro; as a percentage 
of Revenues, they rose from 53.5% in 2019 to 62.2% in 2020. 
Despite the steps taken to contain fixed costs, EBITDA declined from 335,530 thousand Euro 
in 2019 to 160,226 thousand Euro (-52.2%), and from 24.4% in 2019 to 17.5% as a percentage 
of Revenues. In the fourth quarter of 2020, EBITDA totaled 82,433 thousand Euro, compared to 
92,812 thousand Euro in the prior-year period, and accounted for 27.1% of Revenues, compared to 
24.2% in the fourth quarter of 2019. 
The Group reported an Adjusted operating loss (Operating profit/(loss) adjusted for the 
impairment losses resulting from impairment tests performed in 2020) of 26,914 thousand Euro, 
compared to 149,698 thousand Euro in profit for 2019. In the fourth quarter of 2020, the Group 
reported an adjusted operating profit of 33,894 thousand Euro, compared to 44,465 thousand 
Euro in the fourth quarter of 2019 (-23.8%), accounting for 11.1% of Revenues compared to 11.6% 
in the same period last year. 
Net financial income and charges swung from 32,564 thousand Euro in charges in 2019 to 
18,284 thousand Euro in charges in 2020, largely thanks to 7,530 thousand Euro in interest 
income received by Ferragamo USA Inc. for the refund of excess import duties paid between 1995 
and 1997, as the request filed in 1999 was fully granted; the refund of import duties, amounting 
to 1,816 thousand Euro net of the relevant legal fees, was recognized under net operating costs. 
In the fourth quarter of 2020, the Group posted 7,352 thousand Euro in net financial income, 
compared to 10,305 thousand Euro in net financial charges in the prior-year period, largely 
because of the recognition of interest income on the refund of import duties that Ferragamo USA 
Inc. received in the fourth quarter of 2020, as detailed above. 
Salvatore Ferragamo Group Board of Directors’ report 
28 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

The 79,825 thousand Euro loss before taxes gave rise to a positive 8,129 thousand Euro in 
income taxes, mainly because of the positive impact of deferred tax assets. These were largely 
attributable to the deferred tax assets recognized on tax losses by Salvatore Ferragamo S.p.A. 
and other entities of the Groups as well as on the provision for obsolete inventory. The Group’s 
tax rate had been 25.4% in 2019. In 2019, the direct tax expense of the Parent company Salvatore 
Ferragamo S.p.A. had declined thanks to the benefit known as “Patent box” by approximately 
10,218 thousand Euro; in 2020, the Company notified the Inland Revenue Office that it would 
withdraw its application for an extension, thus intending to enter into the “Patent Box” self-
assessment regime and assess the amount of the benefit on its own. No reduction in direct tax 
expense is expected for 2020, as Salvatore Ferragamo S.p.A. reported a tax loss for the year. 
For more details, please refer to “Significant events occurred during the year - Patent Box and 
Research and Development, Design, and Innovation Credits”.
The Group reported a 71,696 thousand Euro consolidated net loss for 2020, compared to 87,365 
thousand Euro in net profit for 2019. The Group share amounted to a consolidated loss of 66,397 
thousand Euro, compared to 87,281 thousand Euro in profit in the prior year. With reference to the 
fourth quarter of 2020, net profit totaled 24,360 thousand Euro, compared to 25,939 thousand 
Euro in the fourth quarter of 2019.
The Group ended 2020 with an adjusted positive net financial position (surplus) of 138,743 
thousand Euro, down from a 171,896 thousand Euro surplus as at 31 December 2019. In the 
fourth quarter of 2020, the adjusted net financial position increased from a 75,140 thousand Euro 
surplus as at 30 September 2020 to 138,743 thousand Euro at the end of the year, up 63,603 
thousand Euro thanks to 78.2 million Euro in adjusted cash flows from operating activities for the 
period net of 14.3 million Euro in cash flows used for investments in the fourth quarter.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
29
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Revenues 
The following table shows revenues by geographic area and the change over the previous year:
(In thousands of Euro)
2020
% of 
Revenues
2019
% of 
Revenues
% change 
at constant 
exchange 
rates % 
change
Europe
199,715
21.8%
347,243
25.2%
(42.5%)
(41.9%)
North America
192,636
21.0%
317,880
23.1%
(39.4%)
(41.4%)
Japan
89,453
9.8%
118,453
8.6%
(24.5%)
(25.0%)
Asia Pacific
380,993
41.6%
511,313
37.1%
(25.5%)
(25.0%)
Central and South America
53,028
5.8%
82,372
6.0%
(35.6%)
(29.5%)
Total
915,825
100.0%
1,377,261
100.0%
(33.5%)
(33.4%)
In Europe, revenues declined by 42.5% at current exchange rates and 41.9% at constant exchange 
rates year-on-year (-34.0% at constant exchange rates in the fourth quarter alone), as they were still 
significantly weighed down in both sales channels by the restrictions on business operations and 
international traffic (so-called lockdown) enacted in most European countries. 
In North America, revenues fell by 39.4% at current exchange rates (-41.4% at constant exchange 
rates), and by 26.6% in the fourth quarter of 2020 alone (-27.5% at constant exchange rates), because 
of both the restrictions on business operations and international traffic (so-called lockdown) as well as, 
to a lesser extent, the protests in the United States.
Japan saw revenues fall by 24.5% at current exchange rates and 25.0% at constant exchange rates, 
largely because of the dramatic slowdown in international traffic. 
The Asia-Pacific region, which was the first to face the Covid-19 outbreak in 2020 and the ensuing 
social distancing measures, reported a 25.5% fall at current exchange rates (-25.0% at constant 
exchange rates), with the recovery continuing into the fourth quarter of 2020 thanks to the strong 
performance of directly operated stores in China and Taiwan. Asia Pacific contributed once again the 
most to Group revenues, accounting for 41.6% of the total compared to 37.1% as at 31 December 2019.
The Central and South American market was down 35.6% at current exchange rates and 29.5% at 
constant exchange rates. The revenues generated in 2020 and 2019 by Ferragamo Argentina S.A. 
(which operates in a country classified as a hyperinflationary economy since 1 July 2018) were adjusted 
in accordance with the relevant international accounting standards (see note 2 “Basis of presentation” 
in the Explanatory Notes to the Consolidated Financial Statements), resulting in a positive impact of 153 
thousand Euro in 2020 and 294 thousand Euro in 2019.
Salvatore Ferragamo Group Board of Directors’ report 
30 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

The breakdown of Revenues by distribution channel was as follows:
(In thousands of Euro)
2020
% of 
Revenues
2019
% of 
Revenues 
% change 
at constant 
exchange 
rates % 
change
Retail
637,083
69.6%
899,485
65.3%
(29.2%)
(28.6%)
Wholesale
269,100
29.4%
461,372
33.5%
(41.7%)
(42.2%)
Licenses and services
7,389
0.8%
11,592
0.8%
(36.3%)
(36.3%)
Rental income investment 
properties
2,253
0.2%
4,812
0.4%
(53.2%)
(52.2%)
Total
915,825
100.0%
1,377,261
100.0%
(33.5%)
(33.4%)
In 2020, retail sales were severely affected by the gradual closure of most of the Group’s distribution 
network and the significant reduction in traffic (so-called lockdown), falling by 29.2% at current 
exchange rates and 28.6% at constant exchange rates across all the Group’s geographies. The retail 
channel accounted for 65.3% of total revenues in 2019 and 69.6% in 2020. 
Compared to the situation as at 31 December 2019, the number of directly operated stores (DOS) rose 
by 2 units from 393 to 395.
The wholesale channel saw sales decline by 41.7% at current exchange rates and 42.2% at constant 
exchange rates across all the main markets – largely because of the slowdown in the Travel Retail 
channel.
In 2020, revenues from licenses and services declined by 36.3% (at both current and constant 
exchange rates); this item mainly consists of royalties for the licensing of the Salvatore Ferragamo 
brand to the Marchon group in the eyewear industry and the Timex group in the watch industry. 
Revenues from rental income investment properties refer solely to property located in the United 
States and leased/sub-leased to third parties; they declined by 53.2% at current exchange rates and 
52.2% at constant exchange rates following the termination of real estate leases during the period.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
31
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

The following table shows revenues by product category and the change over the previous year:
(In thousands of Euro)
2020
% of 
Revenues 
2019
% of 
Revenues 
% change 
at constant 
exchange 
rates % 
change
Footwear
374,728
40.9%
575,571
41.8%
(34.9%)
(35.0%)
Leather goods
388,643
42.4%
540,818
39.3%
(28.1%)
(27.9%)
Apparel
50,218
5.5%
74,232
5.4%
(32.3%)
(31.9%)
Accessories
50,802
5.6%
82,472
6.0%
(38.4%)
(37.6%)
Fragrances
41,792
4.6%
87,764
6.3%
(52.4%)
(52.2%)
Licenses and services
7,389
0.8%
11,592
0.8%
(36.3%)
(36.3%)
Rental income investment 
properties
2,253
0.2%
4,812
0.4%
(53.2%)
(52.2%)
Total
915,825
100.0%
1,377,261
100.0%
(33.5%)
(33.4%)
All product categories were down for the reasons already discussed in the previous two sections.
Cost of goods sold and gross profit
(In thousands of Euro)
2020
% of 
Revenues 
2019
% of 
Revenues 
% change 
Consumables 
(197,594)
(21.6%)
(250,283)
(18.2%)
(21.1%)
Services
(145,284)
(15.9%)
(224,450)
(16.3%)
(35.3%)
Personnel
(6,367)
(0.7%)
(8,023)
(0.6%)
(20.6%)
Depreciation and amortization
(1,039)
(0.1%)
(1,011)
(0.1%)
2.8%
Cost of goods sold
(350,284)
(38.2%)
(483,767)
(35.1%)
(27.6%)
Gross profit
565,541
61.8%
893,494
64.9%
(36.7%)
In 2020, the cost of goods sold amounted to 350,284 thousand Euro, down 27.6% compared to 
2019. Gross profit amounted to 61.8% as a percentage of Revenues in 2020, compared to 64.9% 
in 2019. This was largely because of the contraction in sales – caused by store closures and the 
absence of tourist flows – as well as the 28,654 thousand Euro write-down of inventory, which were 
direct and indirect consequences of the Covid-19 pandemic. 
Salvatore Ferragamo Group Board of Directors’ report 
32 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Style, product development and logistics costs
(In thousands of Euro)
2020
% of 
Revenues 
2019
% of 
Revenues 
% change 
Purchases
(3,576)
(0.4%)
(5,558)
(0.4%)
(35.7%)
Services
(9,840)
(1.1%)
(19,289)
(1.4%)
(49.0%)
Personnel
(19,487)
(2.1%)
(23,800)
(1.7%)
(18.1%)
Depreciation and amortization
(2,965)
(0.3%)
(1,645)
(0.1%)
80.2%
Total 
(35,868)
(3.9%)
(50,292)
(3.7%)
(28.7%)
These costs, which include the expenses of the creative departments and for the freight to deliver 
the products to their sales markets, were down 28.7% compared to 2019, largely because variable 
costs fell proportionately to the contraction in revenues and the Group’s management took steps to 
mitigate the negative impact of the crisis triggered by the Covid-19 coronavirus pandemic. 
Sales & distribution costs
(In thousands of Euro)
2020
% of 
Revenues 
2019
% of 
Revenues 
% change 
Retail
(379,254)
(41.4%)
(431,529)
(31.3%)
(12.1%)
Wholesale
(27,864)
(3.0%)
(41,631)
(3.0%)
(33.1%)
Distribution logistics
(7,788)
(0.9%)
(9,155)
(0.7%)
(14.9%)
Total 
(414,906)
(45.3%)
(482,315)
(35.0%)
(14.0%)
The costs relating to the network of directly operated stores (DOS) were down 12.1% from 431,529 
thousand Euro to 379,254 thousand Euro. This was mainly because, on the one hand, the Group 
entered into important negotiations to revise the terms and conditions of the leases of its distribution 
network, resulting in a 19,471 thousand Euro positive variable lease payment in 2020 that was directly 
recognized through profit or loss within the line item Sales and distribution costs, and variable costs 
fell proportionately to the contraction in revenues; on the other hand, the costs of the retail network 
included 30,666 thousand Euro in impairment losses on tangible and intangible assets resulting from 
the impairment tests conducted in 2020 to measure the recoverable amount of these assets. For more 
details, see note 11 Impairment of Property, Plant and Equipment, Right-of-use Assets, and Intangible 
Assets with a Finite Useful Life in the Consolidated Financial Statements.
The impact of these costs on total sales and distribution costs increased from 89.5% in 2019 to 91.4% 
in 2020. 
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
33
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Below is a breakdown by nature of sales and distribution costs:
(In thousands of Euro)
2020
% of 
Revenues 
2019
% of 
Revenues 
% change 
Purchases
(4,536)
(0.5%)
(6,344)
(0.5%)
(28.5%)
Services
(118,113)
(12.9%)
(178,575)
(13.0%)
(33.9%)
Personnel
(116,017)
(12.7%)
(150,214)
(10.9%)
(22.8%)
Depreciation and amortization
(145,261)
(15.9%)
(146,963)
(10.7%)
(1.2%)
Write-downs of tangible/intangible assets
(30,979)
(3.4%)
(219)
(0.0%)
na
Total 
(414,906)
(45.3%)
(482,315)
(35.0%)
(14.0%)
Marketing & communication costs
(In thousands of Euro)
2020
% of 
Revenues 
2019
% of 
Revenues 
% change 
Purchases
(1,348)
(0.1%)
(2,365)
(0.2%)
(43.0%)
Services
(42,741)
(4.7%)
(64,772)
(4.7%)
(34.0%)
Personnel
(9,915)
(1.1%)
(12,277)
(0.9%)
(19.2%)
Depreciation and amortization
(240)
(0.0%)
(262)
(0.0%)
(8.4%)
Write-downs of tangible/intangible assets
(2)
(0.0%)
 - 
 - 
na
Total 
(54,246)
(5.9%)
(79,676)
(5.8%)
(31.9%)
Total marketing and communication costs fell by 31.9% year-on-year, from 79,676 thousand Euro to 
54,246 thousand Euro, and rose from 5.8% to 5.9% as a proportion of Revenues. 
Salvatore Ferragamo Group Board of Directors’ report 
34 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

General and administrative costs
(In thousands of Euro)
2020
% of 
Revenues 
2019
% of 
Revenues 
% change 
Purchases
(1,495)
(0.2%)
(2,120)
(0.2%)
(29.5%)
Services
(43,924)
(4.8%)
(49,868)
(3.6%)
(11.9%)
Personnel
(35,454)
(3.9%)
(40,117)
(2.9%)
(11.6%)
Depreciation and amortization
(37,192)
(4.1%)
(35,731)
(2.6%)
4.1%
Write-downs of tangible/intangible assets
(4,089)
(0.4%)
(1)
(0.0%)
na
Total 
(122,154)
(13.3%)
(127,837)
(9.3%)
(4.4%)
General and administrative costs declined by 4.4% and increased from 9.3% in 2019 to 13.3% in 2020 
as a proportion of Revenues. Costs for services include, among others, the fees paid to the Board of 
Directors as well as other amounts accrued by the Managing Director and Deputy Chairman. The item 
Write-downs of tangible/intangible assets included 3,961 thousand Euro in impairment losses on tangible 
and intangible assets resulting from the impairment tests conducted in 2020 to measure the recoverable 
amount of these assets. For more details, see note 11 Impairment of Property, Plant and Equipment, Right-
of-use Assets, and Intangible Assets with a Finite Useful Life in the Consolidated Financial Statements.
Other operating costs 
(In thousands of Euro)
2020
% of 
Revenues 
2019
% of 
Revenues 
% change 
Losses on disposal of tangible and 
intangible assets
(1,477)
(0.2%)
(2,305)
(0.2%)
(35.9%)
Windfall losses
(653)
(0.1%)
(890)
(0.1%)
(26.6%)
Provisions for risks and charges
(1,787)
(0.2%)
(647)
(0.0%)
176.2%
Write-down of current assets
(989)
(0.1%)
(921)
(0.1%)
7.4%
Other operating costs
(18,358)
(2.0%)
(19,704)
(1.4%)
(6.8%)
Total 
(23,264)
(2.5%)
(24,467)
(1.8%)
(4.9%)
Other operating costs were down 4.9% and rose from 1.8% in 2019 to 2.5% as a proportion of Revenues. 
Other operating costs included 15,427 thousand Euro in Other non-income taxes (15,552 thousand Euro 
in 2019), largely related to the real estate tax on the Ferragamo Usa Group’s properties. The write-down of 
current assets was essentially in line with the prior year (+7.4%). Provisions for risks and charges increased 
by 1,140 thousand Euro year-on-year. They mainly refer to labor and legal disputes related to ongoing legal 
proceedings as well as the estimated potential outflows from the Group companies required to reach a 
pre-litigation settlement.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
35
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Other income and revenues
(In thousands of Euro)
2020
% of 
Revenues 
2019
% of 
Revenues 
% change 
Other income and revenues 
17,154
1.9%
17,509
1.3%
(2.0%)
Gains on disposal of tangible/intangible 
assets 
8
0.0%
83
0.0%
(90.4%)
Windfall profit 
6,194
0.7%
3,199
0.2%
93.6%
Total 
23,356
2.6%
20,791
1.5%
12.3%
Other income and revenues rose by 2,565 thousand Euro compared to 2019, climbing from 1.5% to 
2.6% as a proportion of total revenues. 
“Other income and revenues” included the Research and Development, design and aesthetic 
conception, and technological innovation tax credits (replacing the former R&D Credit as per art. 1, 
paragraphs 198-209 of Italian Law no. 160 of 27 December 2019 (so-called 2020 Budget Law), as 
amended by art. 1 paragraph 1064 of Italian Law no. 178 of 30 December 2020 (so-called 2021 Budget 
Law)), which both the Parent company and Ferragamo Parfums S.p.A. were eligible for, and the “Art 
Bonus” tax credit to promote donations in support of cultural activities (Italian Law Decree no. 83 
of 31 May 2014) in favor of the Parent company – as well as other benefits provided by the various 
Governments in the countries where the Group operates to help businesses and the economy deal with 
the economic crisis triggered by the Covid-19 pandemic. In addition, this line item largely comprised 
the recovery and reimbursement of expenses, advertising contributions, insurance claims payments, 
and grants received from lessors for leasehold improvements recognized on a straight-line basis over 
the lease term. 
Windfall profit included the 4.1 million Euro refund that Ferragamo USA Inc. received for excess import 
duties paid between 1995 and 1997, as the request filed in 1999 was fully granted.
Net financial income and charges
For ease of reference, financial income and charges are shown net; reference should be made to the 
Explanatory notes to the consolidated financial statements for separate and detailed information on 
charges and income.
(In thousands of Euro)
2020
2019
% change
Net interest
7,217
(764)
(1044.6%)
Other net income/(charges)
(1,411)
(1,438)
(1.9%)
Net interest and expenses on lease liabilities
(14,374)
(17,752)
(19.0%)
Net gains/(losses) on exchange rate differences
(19,693)
5,459
(460.7%)
Net financial income/(charges) for fair value adjustment of derivatives
9,977
(18,069)
(155.2%)
Total
(18,284)
(32,564)
(43.9%)
Salvatore Ferragamo Group Board of Directors’ report 
36 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Total net financial income and charges amounted to 18,284 thousand Euro in charges, improving 
by 14,280 thousand Euro compared to 2019, largely thanks to 7,530 thousand Euro in interest 
income received by Ferragamo USA Inc. for the refund of excess import duties paid between 1995 
and 1997, as the request filed in 1999 was fully granted; the refund of import duties, amounting 
to 1,816 thousand Euro net of the relevant legal fees, was recognized under net operating costs. 
Net interest and expenses on lease liabilities were down from 17,752 thousand Euro in 2019 to 
14,374 thousand Euro in 2020.
Net gains and losses on exchange rate differences mainly reflect the impact of commercial 
transactions in foreign currency. Changes in net gains and losses should be correlated with the 
item “Net financial income/(charges) for fair value adjustment of derivatives”, which refers to 
the premium or discount on transactions to hedge the exchange rate risk undertaken by the 
Parent company and the changes in the fair value of non-hedging derivatives. The net impact of 
these two line items, Net gains/(losses) on exchange rate differences and Net financial income/
(charges) for fair value adjustment of derivatives, shifted from a negative 12,610 thousand Euro in 
2019 to a negative 9,716 thousand Euro. 
Income Taxes
The change in income taxes was as follows:
(In thousands of Euro)
2020
2019
Profit/(loss) before taxes
(79,825)
117,134
Current and deferred taxes
9,645
(27,176)
Use/(Provision) for taxes from previous years
(2,844)
6,704
Taxes from previous years
1,328
(9,297)
Tax rate
na
25.4%
In 2020, income taxes had an 8,129 thousand Euro net positive impact – the result of 18,387 
thousand Euro in current taxes and 28,032 thousand Euro in net deferred tax assets, which were 
largely attributable to the deferred tax assets recognized on tax losses by the Parent company 
Salvatore Ferragamo S.p.A. and some subsidiaries, and on the provision for obsolete inventory; in 
2019, the Group paid a 25.4% tax rate. The direct tax expense of the Parent company Salvatore 
Ferragamo S.p.A. had declined in 2019 thanks to the benefit known as “Patent box” by approximately 
10.2 million Euro; in 2020, the Company notified the Inland Revenue Office that it would withdraw its 
application for an extension, thus intending to enter into the “Patent Box” self-assessment regime 
and assess the amount of the benefit on its own. No reduction in direct tax expense is expected for 
2020, as Salvatore Ferragamo S.p.A. reported a tax loss for the year. For more details, please refer to 
“Significant events occurred during the year - Patent Box and Research and Development, Design, 
and Innovation Credits”. 
In 2020, the Provision for taxes from previous years included 2,870 thousand Euro set aside by 
Ferragamo France S.A.S. for the tax audit relating to the tax years 2008-2010 that started in 2011; for 
more details, see “Significant events occurred during the year - Tax and customs disputes and audits”.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
37
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Net profit/(loss), minority interests and Group net 
profit/(loss)
(In thousands of Euro)
2020
% of 
Revenues 
2019
% of 
Revenues 
Net profit/(loss) for the period
(71,696)
(7.8%)
87,365
6.3%
Net profit/(loss) – Group
(66,397)
(7.2%)
87,281
6.3%
Net profit/(loss) – minority interests
(5,299)
(0.6%)
84
0.0%
The net loss for the period amounted to 71,696 thousand Euro and the Group reported a 66,397 
thousand Euro loss, compared to 87,281 thousand Euro in profit in 2019.
Salvatore Ferragamo Group Board of Directors’ report 
38 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Statement of financial position and Investments
Below is the statement of financial position as at 31 December 2020 reclassified by sources and uses, 
compared to the position as at 31 December 2019.
(In thousands of Euro)
31 December
2020
31 December
2019
% change 
Property, plant and equipment, investment property, intangible assets 
with a finite useful life and goodwill
260,515
333,380
(21.9%)
Right-of-use assets
475,240
576,455
(17.6%)
Net working capital
314,552
334,552
(6.0%)
Other non current assets/(liabilities), net
91,973
73,032
25.9%
Other current assets/(liabilities), net
(3,418)
(27,721)
(87.7%)
Net invested capital
1,138,862
1,289,698
(11.7%)
Group shareholders’ equity
693,582
763,647
(9.2%)
Minority interests
16,114
21,618
(25.5%)
Shareholders’ equity (A)
709,696
785,265
(9.6%)
Net financial debt/(surplus) (B)
429,166
504,433
(14.9%)
Total sources of financing (A+B)
1,138,862
1,289,698
(11.7%)
Net financial debt/(surplus) (B)
429,166
504,433
(14.9%)
Lease liabilities (C)
567,909
676,329
(16.0%)
Adjusted net financial debt/(surplus) (B-C)
(138,743)
(171,896)
(19.3%)
Adjusted net financial debt(surplus)/ 
Shareholders’ equity 
(19.5%)
(21.9%)
 
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
39
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Property, plant and equipment, Investment property, Goodwill,  
and Intangible assets with a finite useful life
(In thousands of Euro)
31 December
2020
31 December
2019
% change 
Property, plant and equipment
183,121
251,805
(27.3%)
Investment property
31,824
39,091
(18.6%)
Goodwill
6,679
 - 
-
Intangible assets with a finite useful life 
38,891
42,484
(8.5%)
Total
260,515
333,380
(21.9%)
The item “Property, plant and equipment” as at 31 December 2020 consisted of:
• the Sesto Fiorentino industrial complex, as well as adjacent plots of land and the logistics hub that 
became operational in 2018, the portions of the American properties used in operating activities, and 
the property owned in Seoul, for a total net value of 87,863 thousand Euro;
• furnishings and renovation work for the chain of directly operated stores as well as the molds for the 
fragrances product category, for 57,595 thousand Euro;
• other assets, mainly for IT equipment, plant and equipment and tangible assets in progress for a total 
net value of 37,663 thousand Euro.
Investment property represents the part of the American properties which is not used for operations 
and producing income through rental. As at 31 December 2020, following the introduction of the 
accounting standard IFRS16, this item included also Right-of-use assets relating to lease contracts for 
property leased in the United States, amounting to 26,765 thousand Euro.
The amount of Goodwill was entirely acquired in 2020 through the business combination of Arts 
S.r.l. and Aura 1 S.r.l.: for details, see note 5 Business Combinations and the paragraph Significant 
events occurred during the year in this Directors’ report on operations. To allocate the consideration 
for the transaction in accordance with IFRS 3 Business Combinations, Salvatore Ferragamo S.p.A. 
identified and measured the fair value of the assets acquired and liabilities assumed with the help of 
an independent consultant. The analysis estimated the value of know-how at 6,380 thousand Euro. 
Arts S.r.l. has been collaborating with Salvatore Ferragamo S.p.A. since its inception in 1984, helping 
with the prototyping, industrialization, and quality control of products as well as the monitoring 
of the Group’s network of suppliers with respect to men’s footwear. Net of the fair value of the 
assets acquired and liabilities assumed, the residual amount allocated to goodwill arising from the 
acquisition totaled 6,679 thousand Euro. The amount of goodwill is attributable to the synergies and 
other economic benefits arising from the combination of the assets of the acquirees with those of 
Salvatore Ferragamo S.p.A..
Intangible assets with a finite useful life largely consist of capitalized costs for the development of 
business software applications (SAP, ERP, reporting systems, shipping system, e-commerce platform), 
the know-how acquired in the business combination with Arts S.r.l. and Aura1 S.r.l., finalized in 2020 
(for a net residual value of 5,782 thousand Euro as at 31 December 2020), and the costs incurred to 
acquire the right to enter into shop rental contracts (the so-called key money, for a net residual value 
of 953 thousand Euro as at 31 December 2020). The remainder refers to registration expenses for 
Salvatore Ferragamo Group Board of Directors’ report 
40 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

trademarks, industrial patents and intellectual property rights (software licenses) and intangible assets 
with a finite useful life in progress.
Investments in fixed assets
In 2020, the Group made investments in tangible and intangible assets (excluding the costs for the 
restoration of premises leased from third parties, recognized as fixed assets pursuant to the relevant 
contractual obligations) totaling 29,369 thousand Euro, including 23,260 thousand Euro in tangible 
assets and 6,109 thousand Euro in intangible assets, compared to a total of 59,002 thousand Euro in 
the prior year (excluding the costs for the restoration of premises leased from third parties, recognized 
as fixed assets pursuant to the relevant contractual obligations). The reduction in investments in 
2020 compared with the prior year was closely associated with the Group’s decision to deal with 
the emergency triggered by Covid-19 by postponing non-essential projects, so as to mitigate future 
economic-financial impacts and protect the financial soundness of the Group.
The most important investments in tangible assets were made in the opening and refurbishment of 
stores (16.4 million Euro, accounting for 71% of total investments in tangible assets). 
The main investments in intangible assets referred to the “Project Life Cycle Management-PLM” (for 
the integrated management of the product’s life cycle: as part of this initiative, product development 
– a high value-added process within the luxury industry – is optimized in terms of time and synergies 
with the Merchandising and Production functions, integrating and enhancing all in-house activities 
such as design, research, costing, and industrialization), which was all but completed in early 2020; 
the Enterprise Business Intelligence project, aimed at rationalizing corporate reporting and analytics 
systems by establishing a single shared “Data Warehouse”; the development of the e-commerce 
platform; and the purchase of software licenses (totaling 2.8 million Euro, i.e. 46% of the investments 
in intangible assets made in 2020). 
Investments in tangible assets under construction, amounting to 5.7 million Euro, mainly concerned the 
investments made for the refurbishment and opening of new stores which were not yet operational as 
at the reporting date. Investments in intangible assets under development totaled approximately 2.8 
million Euro and largely consisted of investments in the development of software to support business 
processes, including the RIO “Regional Inventory Optimization” project, intended to optimize the 
regional retail stock as part of the new distribution model, and the so-called “Marlin Project” aimed at 
standardizing the Group’s retail information systems relying on SAP.
During 2020, the Group did not make any investments in financial assets. 
Amortization and depreciation (excluding depreciation of the Right-of-use assets) totaled 67,085 thousand 
Euro as at 31 December 2020, in line with 67,278 thousand Euro as at 31 December 2019 (-0.3%).
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
41
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Right-of-use assets
The item, totaling 475,240 thousand Euro as at 31 December 2020, refers to the recognition of “Right-
of-use assets” against “Lease liabilities” following the application of the accounting standard IFRS16.
Right-of-use assets relating to lease contracts for property leased in the United States are included 
under Investment property.
Net working capital
Below is the breakdown and change in net working capital as at 31 December 2020 compared with 31 
December 2019.
(In thousands of Euro)
31 December
2020
31 December
2019
% change 
Inventories and Right of return assets
346,181
395,004
(12.4%)
Trade receivables
113,909
147,202
(22.6%)
Trade payables and Refund Liabilities
(145,538)
(207,654)
(29.9%)
Total
314,552
334,552
(6.0%)
Net working capital was down 6.0% from 31 December 2019, largely because of the decline in 
Trade Receivables (-22.6%) as well as Inventories and Right of return assets (-12.4%), offset by 
the decrease in Trade Payables and Refund Liabilities (-29.9%). Specifically, inventories of finished 
products were down 28,745 thousand Euro from 31 December 2019 (-8.6%), also because of the 
greater write-downs recognized in 2020. Raw materials for production were down 35.7% or 19,150 
thousand Euro compared to 31 December 2019, and depend on production volumes for the period. 
Trade receivables declined by 33,293 thousand Euro from 31 December 2019 (-22.6%) and essentially 
referred to sales in the wholesale channel.
Trade payables mainly refer to purchases of production materials (raw materials and accessories), 
finished products, and costs relating to outsourced manufacturing.
Salvatore Ferragamo Group Board of Directors’ report 
42 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Other non current assets/(liabilities), net
(In thousands of Euro)
31 December
2020
31 December
2019
% change 
Other non current assets
2,518
2,642
(4.7%)
Other non current financial assets
15,574
16,939
(8.1%)
Deferred tax assets
119,656
96,736
23.7%
Total other non current assets
137,748
116,317
18.4%
Provisions for risks and charges
(14,401)
(13,921)
3.4%
Employee benefit liabilities
(11,867)
(11,901)
(0.3%)
Other non current liabilities
(12,564)
(11,893)
5.6%
Deferred tax liabilities
(6,943)
(5,570)
24.6%
Total other non current liabilities
(45,775)
(43,285)
5.8%
Other non current assets/(liabilities), net
91,973
73,032
25.9%
“Other non current assets” mainly consist of:
• the straight lining of rental income from the American real estate business for 792 thousand Euro 
(1,156 thousand Euro in 2019);
• the portion of receivables due after more than 12 months relating to the advance on fees for Ungaro 
fragrances, amounting to 650 thousand Euro and paid at the time of the sale of the Ungaro brand and 
the partial renewal of the license contract in July 2017. 
“Other non current financial assets” mainly consist of guarantee deposits relating to existing lease 
contracts.
“Deferred tax assets” largely refer to taxes calculated on the reversal of unrealized intragroup profits 
in inventories and to temporary differences between the profit/(loss) for the period and the taxable 
income of the Group companies; the increase over 31 December 2019 was largely attributable to the 
deferred tax assets recognized on tax losses by Salvatore Ferragamo S.p.A. and other entities of the 
Groups as well as on the provision for obsolete inventory. 
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
43
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

“Other non-current liabilities”, up 671 thousand Euro from 31 December 2019, largely refer to the 
straight-lining of the amounts received from lessors for the costs incurred to fit out the stores (12,256 
thousand Euro as at 31 December 2020). 
Other current assets/(liabilities), net 
(In thousands of Euro) 
31 December
2020
31 December
2019
% change 
Tax receivables
15,974
20,107
(20.6%)
Other current assets
35,944
32,980
9.0%
Total other current assets
51,918
53,087
(2.2%)
Tax payables
(25,974)
(26,491)
(2.0%)
Other current liabilities
(29,362)
(54,317)
(45.9%)
Total other current liabilities
(55,336)
(80,808)
(31.5%)
Other current assets/(liabilities), net
(3,418)
(27,721)
(87.7%)
“Other current assets” mainly consist of:
• receivables due from credit card management companies for retail sales (6,213 thousand Euro), 
accrued income and prepaid expenses (13,270 thousand Euro), and advances to suppliers (2,708 
thousand Euro);
• the 2,690 thousand Euro IRES receivable due from the Holding company Ferragamo Finanziaria 
S.p.A. of Salvatore Ferragamo S.p.A and Ferragamo Parfums S.p.A. under the domestic fiscal unity;
• the fair value measurement of hedging derivative contracts for 6,878 thousand Euro (1,466 
thousand Euro in 2019) entered into by the Parent company to manage exchange rate risk on sales 
in currencies other than the Euro.
“Other current liabilities” mainly consist of:
• the fair value measurement of hedging derivative contracts for 1,653 thousand Euro (5,554 
thousand Euro in 2019) entered into by the Parent company to manage exchange rate risk on sales 
in currencies other than the Euro;
• payables to employees for amounts accrued but not yet paid, payables to social security institutions 
for contributions to be paid in the period immediately after the reporting date, provisions at the 
end of the reporting period for other payables to suppliers, accrued expenses and deferred income.
Salvatore Ferragamo Group Board of Directors’ report 
44 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Shareholders’ equity
(In thousands of Euro)
31 December
2020
31 December
2019
% change 
Group shareholders’ equity
693,582
763,647
(9.2%)
Minority interests
16,114
21,618
(25.5%)
Total
709,696
785,265
(9.6%)
The changes in the Group’s share of shareholders’ equity are due to the combined effect of the following:
• the 66,397 thousand Euro decrease in profit/(loss) for the period; 
• the 9,366 thousand Euro decrease attributable to the translation into Euro of the financial statements 
of subsidiaries denominated in other currencies, and the 1,267 thousand Euro decrease resulting 
from other translation effects; 
• the 1,484 thousand Euro increase arising mainly from changes in the fair value of the put options 
assigned to pre-existing minority shareholders;
• the 5,622 thousand Euro increase resulting from the measurement of hedging derivatives net of the 
relevant tax effect;
• the 80 thousand Euro increase in the Stock Grant Reserve, relating to the 2016-2020 Stock Grant 
Plan, which came to an end in 2020 without granting shares in Salvatore Ferragamo S.p.A.;
• in addition to minor negative effects for 221 thousand Euro. 
Net financial debt
Net financial debt as at 31 December 2020 and 31 December 2019 was as follows:
(In thousands of Euro)
31 December
2020
31 December
2019
% change 
Cash and cash equivalents (A)
327,880
222,332
47.5%
Other current financial assets (B)
566
101
460.4%
Interest-bearing loans and borrowings (C)
186,000
48,060
287.0%
Other financial liabilities (D)
3,703
2,477
49.5%
Lease liabilities (E)
567,909
676,329
(16.0%)
Net financial debt/(surplus) (C + D +E – A – B)
429,166
504,433
(14.9%)
Net financial debt as at 31 December 2020, including lease liabilities, amounted to 429,166 thousand 
Euro, of which 567,909 thousand Euro in current and non-current lease liabilities.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
45
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Net financial debt, excluding lease liabilities, as at 31 December 2020 and 2019 was restated as follows:
(In thousands of Euro)
31 December
2020
31 December
2019
Change 
2020 vs 
2019
Net financial debt/(surplus) (a)
429,166
504,433
(75,267)
Non current lease liabilities
464,400
559,267
(94,867)
Current lease liabilities
103,509
117,062
(13,553)
Lease liabilities (b)
567,909
676,329
(108,420)
Adjusted net financial debt/(surplus) (a-b)
(138,743)
(171,896)
33,153
The Group ended 2020 with a positive adjusted net financial position of 138,743 thousand Euro, down 
33,153 thousand Euro from the prior year. This was largely due to the adjusted cash flows used in 
operating activities (negative 5,242 thousand Euro and severely affected by the decline in revenues 
caused by the closure of part of the Group’s distribution network as well as international traffic 
restrictions, so-called lockdown), the cash flows used for the purposes of investing in tangible and 
intangible assets during 2020 (29,810 thousand Euro), and the acquisition of Arts S.r.l. and Aura 1 S.r.l., 
net of the cash acquired (7,581 thousand Euro), in April 2020. 
Salvatore Ferragamo Group Board of Directors’ report 
46 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Income and financial indicators
The tables below set out the trend in the main income and financial indicators for the years ended 31 
December 2020 and 2019.
These indicators are based on the data from the consolidated financial statements. To better 
understand them, they should be read in conjunction with the alternative performance measures and 
financial statements prepared in accordance with the relevant accounting standards (IFRS) described 
in this document.
Profitability ratios
2020
2019
ROE
(Group net profit/(loss) for the period/average Group shareholders’ equity)
(9.1%)
11.5%
ROI
(Operating profit/(loss) / Net average invested capital)
(5.1%)
15.7%
ROS
(Operating profit/(loss) / Revenues)
(6.7%)
 
10.9%
 
Financial ratios
2020
2019
Coverage of shareholders’ equity ratio
(Shareholders’ equity / Non current assets)
81.2%
76.5%
Liquidity ratio 
(Current assets excluding inventories/Current liabilities)
136.7%
93.9%
Turnover ratios expressed in days
2020
2019
Turnover of trade receivables  
(Average value of Trade receivables in the period / Revenues x days)
52
38
Turnover of Trade payables  
(Average value of Trade payables in the period / Purchases of goods and services x days)
108
93
Inventory turnover  
(Average value of Inventories in the period / Cost of goods sold x days)
381
284
Turnover of Average invested capital  
(Average value of Net invested capital / Revenues x days)
484
252
Average value means the simple arithmetic average of the closing balances of the period and of the 
previous period.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
47
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

5. Operating performance of the Parent 
company Salvatore Ferragamo S.p.A.
The tables set out below and the relevant comments have been prepared on the basis of the separate 
financial statements as at 31 December 2020, to which reference should be made. They have been 
prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the 
International Accounting Standard Board (IASB) and endorsed by the European Union, as well as in 
compliance with the provisions issued in implementation of art. 9 of Legislative Decree no. 38/2005.
The following table shows the main income statement indicators.
(In thousands of Euro) 
2020
% of Revenues
2019
% of Revenues
% change
Revenues from sales (wholesale, retail, e-commerce)
538,075
95.9%
807,556
96.5%
(33.4%)
Revenues from royalties
7,112
1.3%
9,637
1.2%
(26.2%)
Other income and services
15,871
2.8%
19,754
2.4%
(19.7%)
Revenues from contracts with customers
 561,058 
100.0%
 836,947 
100.0%
(33.0%)
Change in inventories of finished products
(13,492)
(2.4%)
5,996
0.7%
na
Costs for raw materials, goods and consumables 
(158,819)
(28.3%)
(237,462)
(28.4%)
(33.1%)
Costs for services
(202,628)
(36.1%)
(305,678)
(36.5%)
(33.7%)
Personnel costs
(58,910)
(10.5%)
(72,412)
(8.7%)
(18.6%)
Amortization, depreciation and write-downs
(44,309)
(7.9%)
(40,573)
(4.8%)
9.2%
Other operating costs
(131,133)
(23.4%)
(52,964)
(6.3%)
147.6%
Other income and revenues
9,105
1.6%
14,266
1.7%
(36.2%)
Total costs (net of other income and revenues)
(600,186)
(107.0%)
(688,827)
(82.3%)
(12.9%)
Operating profit/(loss)
(39,128)
(7.0%)
148,120
17.7%
(126.4%)
Net financial (charges)/income
(12,572)
(2.2%)
5,096
0.6%
na
Profit/(loss) before taxes
(51,700)
(9.2%)
153,216
18.3%
na
Income Taxes
17,630
3.1%
(29,005)
(3.5%)
na
Tax rate
34.1%
 
18.9%
 
 
Net profit/(loss) for the period
(34,070)
(6.1%)
124,211
14.8%
(127.4%)
EBITDA
5,181
0.9%
188,693
22.5%
(97.3%)
The 2020 results were significantly influenced by the outbreak of the pandemic caused by 
the novel coronavirus, known as Covid-19. This situation has led to restrictions and bans on 
business operations, the movement of people, and international traffic (so-called lockdown). 
Salvatore Ferragamo Group Board of Directors’ report 
48 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

This had an especially negative impact on tourist flows across the globe, severely affecting the 
Company’s wholesale channel; in addition, starting from March 2020, the closure of most of the 
Group’s distribution network, with intermittent partial reopenings, negatively affected also the 
performance of the retail channel. The Company’s revenues totaled 561,058 thousand Euro, down 
33.0% from 836,947 thousand Euro in 2019. 
The Company promptly took a series of steps and actions to contain costs, maintaining only the 
investments considered to be essential or top priority; however, it reported a 39,128 thousand Euro 
operating loss, compared to a 148,120 thousand Euro profit in 2019. This result was influenced 
by the Advance Pricing Agreement for EBIT adjustments, recognized under Other operating costs 
and totaling 125,925 thousand Euro (47,896 thousand Euro in 2019), that Salvatore Ferragamo 
S.p.A. applies to its foreign subsidiaries that perform distribution operations. 
EBITDA was down 97.3% from 188,693 thousand Euro to 5,181 thousand Euro and from 22.5% in 
2019 to 0.9% in 2020 as a percentage of Revenues. 
Total Financial income (charges) swung from 5,096 thousand Euro in income to 12,572 thousand 
Euro in charges, largely because of the greater write-down of the investments recognized as at 31 
December 2020 compared to 2019, also in light of the different scenario created by the pandemic.
The following table shows net financial income and charges and the change on the previous year. 
For ease of reference, financial income and charges are shown net; reference should be made to 
the Explanatory notes to the separate financial statements for separate and detailed information 
on charges and income.
(In thousands of Euro)
2020
2019
% change 
Dividends from investments
 49,365 
 32,523 
51.8%
Net financial income/(charges) for fair value adjustment of derivatives
 11,332 
 (17,732)
na
Restatement value/(write-downs) of investments
 (46,158)
 (11,668)
295.6%
Net gains/(losses) on exchange rate differences
 (24,503)
 5,808 
na
Net interest expense on lease liabilities
 (3,159)
 (3,296)
(4.2%)
Other net income/(charges)
 (1,050)
 (593)
77.1%
Net interest
 1,601 
 54 
na
Total
 (12,572)
 5,096 
na
The 51,700 thousand Euro loss before taxes had a positive impact on income taxes, mainly because 
of the recognition of 11,080 thousand Euro in deferred tax assets on tax losses. In 2019, the Company 
had reported a 29,005 thousand Euro tax expense (with a tax rate of 18.9%), benefiting, among other 
things, from a 10,218 thousand Euro reduction in direct tax expense thanks to the benefit known 
as “Patent box”. In 2020, the Company notified the Inland Revenue Office that it would withdraw 
its application for an extension, thus intending to enter into the “Patent Box” self-assessment 
regime and assess the amount of the benefit on its own. No reduction in direct tax expense is 
expected for 2020, as the Company reported a tax loss for the year. For more details, please refer to 
“Significant events occurred during the year - Patent Box and Research and Development, Design, 
and Innovation Credits”.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
49
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

The Company reported a 34,070 thousand Euro net loss for the period, compared to a 124,211 
thousand Euro profit in 2019.
Revenues 
The following table shows revenues by distribution channel and the change over the previous year:
(In thousands of Euro)
2020
% of 
Revenues
2019
% of 
Revenues
% change 
Wholesale
508,727
90.7%
737,793
88.2%
(31.0%)
Retail+E-commerce
29,348
5.2%
69,763
8.3%
(57.9%)
Revenues from sales
538,075
95.9%
807,556
96.5%
(33.4%)
Revenues from royalties
7,112
1.3%
9,637
1.1%
(26.2%)
Other income and services
15,871
2.8%
19,754
2.4%
(19.7%)
Revenues 
561,058
100.0%
836,947
100.0%
(33.0%)
Wholesale revenues refer mainly to sales to Group companies and, to a lesser extent, sales to retailers. 
They were down 31.0% year-on-year; this channel was severely affected by the global outbreak of 
Covid-19 and the ensuing social distancing restrictions imposed in various countries around the world, 
which negatively impacted also the Travel Retail channel.
In 2020, Retail + e-commerce sales, referring to the revenues generated from directly operated stores 
(DOS) in Italy and e-commerce sales in Europe, were severely affected by the gradual closure of the 
Group’s distribution network and the significant reduction in traffic (-64.9% compared to 2019); this 
was only partly offset by rising e-commerce sales (+40.6%).
Revenues from royalties refer mainly to revenues from the licensing of the Salvatore Ferragamo brand 
with reference to the eyewear, watches, and fragrances product categories.
The item “Other income and services” mainly includes other revenues from Group companies and the 
recovery of freight and packaging costs.
The following table shows the revenues from sales by geographic area and the change over the 
previous year.
Salvatore Ferragamo Group Board of Directors’ report 
50 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

(In thousands of Euro)
2020
% of 
Revenues 
from sales
2019
% of 
Revenues 
from sales
% change 
Italy
 81,120 
15.1%
 122,700 
15.2%
(33.9%)
Europe (excluding Italy)
81,623
15.2%
121,191
15.0%
(32.6%)
North America
127,161
23.6%
201,409
24.9%
(36.9%)
Asia Pacific
177,259
32.9%
263,839
32.7%
(32.8%)
Japan
40,298
7.5%
48,564
6.0%
(17.0%)
Central and South America
30,614
5.7%
49,853
6.2%
(38.6%)
Revenues from sales
538,075
100.0%
807,556
100.0%
(33.4%)
In 2020, the Italian market saw revenues from sales fall by 33.9%, whereas Europe registered a 32.6% 
decrease, with the retail and e-commerce channel down 57.9% year-on-year and the wholesale 
business contracting by 23.4%. Both areas were severely affected by the restrictions on business 
operations and international traffic enacted in most European countries.
The other geographies were also severely affected by the restrictions and bans on business operations 
resulting from the global outbreak of the pandemic.
Specifically, the North American market was down 36.9%; meanwhile, the Asia-Pacific area made once 
again the largest contribution to the Company’s revenues, accounting for 32.9% of the total, but saw 
revenues decline by 32.8% from 2019.
Revenues fell by 17.0% in Japan and 38.6% in Central and South America. 
The following table shows the revenues from sales by product category and the change over the 
previous year.
 (In thousands of Euro)
2020
% of 
Revenues 
from sales
2019
% of 
Revenues 
from sales
% change 
Footwear
233,365
43.4%
369,076
45.7%
(36.8%)
Leather goods
233,316
43.4%
338,819
42.0%
(31.1%)
Apparel
43,159
8.0%
53,043
6.5%
(18.6%)
Accessories and other products
28,235
5.2%
46,618
5.8%
(39.4%)
Revenues from sales
538,075
100.0%
807,556
100.0%
(33.4%)
All product categories were down year-on-year; footwear and leather goods accounted for 86.8% of 
total revenues from sales.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
51
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Statement of financial position and Investments
Below is the statement of financial position as at 31 December 2020 reclassified by sources and uses, 
compared to the position as at 31 December 2019.
 (In thousands of Euro)
31 December 
2020
31 December 
2019
% change 
Property, plant and equipment, intangible assets with a finite useful 
life, and goodwill
 147,050 
 151,143 
(2.7%)
Right-of-use assets
 95,735 
 110,878 
(13.7%)
Net working capital
 113,621 
 162,018 
(29.9%)
Other non current assets/(liabilities), net 
 146,624 
 179,607 
(18.4%)
Other current assets/(liabilities), net
 4,596 
(23,118)
na
Net invested capital
507,626
580,528
(12.6%)
Shareholders’ equity (A)
656,730
686,684
(4.4%)
Net financial debt/(surplus) (B)
(149,104)
(106,156)
40.5%
Total sources of financing (A+B)
507,626
580,528
(12.6%)
Net financial debt/(surplus) (B)
(149,104)
(106,156)
40.5%
Lease liabilities (C)
101,700
113,636
na
Adjusted net financial debt/(surplus) (B-C)
(250,804)
(219,792)
14.1%
Adjusted net financial debt/Shareholders’ equity
(38.2%)
(32.0%)
 
Investments in fixed assets
In 2020, Salvatore Ferragamo S.p.A. acquired control over Arts S.r.l. and Aura1 S.r.l., which were 
subsequently merged into the Company. For details, see the paragraph Significant events occurred 
during the year and note 5 Business Combinations in the explanatory notes to the Separate Financial 
Statements. To allocate the consideration for the transaction in accordance with IFRS3 Business 
Combinations, Salvatore Ferragamo S.p.A. identified and measured the fair value of the assets 
acquired and liabilities assumed with the help of an independent consultant. The analysis estimated 
the value of know-how at 6,380 thousand Euro. Arts S.r.l. has been collaborating with Salvatore 
Ferragamo S.p.A. since its inception in 1984, helping with the prototyping, industrialization, and 
quality control of products as well as the monitoring of the Parent company’s network of suppliers 
with respect to men’s footwear. Net of the fair value of the assets acquired and liabilities assumed, 
the residual amount allocated to goodwill arising from the acquisition totaled 6,679 thousand Euro. 
The amount of goodwill is attributable to the synergies and other economic benefits arising from 
the combination of the assets and industrial operations of the acquirees with those of Salvatore 
Ferragamo S.p.A..
During 2020, the Company made investments in tangible and intangible assets for a total amount 
of 8,224 thousand Euro, of which 2,656 thousand Euro in tangible assets and 5,568 thousand Euro 
in intangible assets, compared to a total of 28,139 thousand Euro in the previous year. The reduction 
in investments compared to 2019 was closely associated with the Company’s decision to deal with 
Salvatore Ferragamo Group Board of Directors’ report 
52 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

the emergency triggered by Covid-19 by postponing non-essential projects, so as to mitigate future 
economic-financial impacts and protect the financial soundness of the Company. 
The most important investments in tangible assets referred to the works carried out at the Osmannoro-
Sesto Fiorentino facility as well as the refurbishment of stores of the Italian network.
The main investments in intangible assets referred to the “Project Life Cycle Management-PLM” (for 
the integrated management of the product’s life cycle: as part of this initiative, product development 
– a high value-added process within the luxury industry – is optimized in terms of time and synergies 
with the Merchandising and Production functions, integrating and enhancing all in-house activities 
such as design, research, costing, and industrialization), which was all but completed in early 2020; 
the Enterprise Business Intelligence project (aimed at rationalizing corporate reporting and analytics 
systems by establishing a single shared “Data Warehouse”); the development of the e-commerce 
platform; and the purchase of software licenses.
Investments in tangible assets under construction amounted to 0.4 million Euro and mainly concerned 
works yet to be completed at the Osmannoro-Sesto Fiorentino facility.
Investments in intangible assets under development totaled approximately 2.8 million Euro and largely 
consisted of investments in the development of software to support business processes, including the 
RIO “Regional Inventory Optimization” project, intended to optimize the regional retail stock as part of 
the new distribution model, and the so-called “Marlin Project” aimed at standardizing the Group’s retail 
information systems relying on SAP. 
Amortization and depreciation (excluding depreciation of the Right-of-use assets) totaled 25,257 
thousand Euro as at 31 December 2020, compared to 23,510 thousand Euro as at 31 December 2019. 
During 2020, the Company did not make any investments in financial assets.
Net working capital
Below is the breakdown and change in net working capital as at 31 December 2020 compared with 
31 December 2019.
(In thousands of Euro)
31 December 
2020
31 December
 2019
% change 
Inventories and Right of return assets 
101,039
133,938
(24.6%)
Trade receivables
144,139
194,186
(25.8%)
Trade payables and Refund Liabilities 
(131,557)
(166,106)
(20.8%)
Total
113,621
162,018
(29.9%)
Net working capital decreased by 29.9%. Inventories and right of return assets were down 32,899 
thousand Euro overall, i.e. 24.6%: the inventories of raw materials for production declined by 19,407 
thousand Euro, while the inventories of finished products and right of return assets fell by 13,492 
thousand Euro (including 3,799 thousand Euro referring to the change in right of return assets, totaling 
9,688 thousand Euro as at 31 December 2020). 
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
53
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Trade receivables totaled 144,139 thousand Euro, down 25.8% from 2019 as a direct consequence 
of the contraction in revenues seen in 2020, and included 112,179 thousand Euro in receivables from 
subsidiaries (-30.5% compared to 2019) and 31,960 thousand Euro in receivables from third parties 
(-2.6% compared to 2019). 
Trade payables and Refund Liabilities amounted to 131,557 thousand Euro (including 16,098 thousand 
Euro in refund liabilities), down 20.8% from 2019. They largely referred to purchases of production 
materials, outsourcing costs, and purchases of finished goods.
Net financial debt/(surplus)
Net financial debt/(surplus) as at 31 December 2020 and 31 December 2019 was as follows:
(In thousands of Euro) 
31 December
2020
31 December
2019
% Change 
Cash and cash equivalents (A)
212,453
120,088
76.9%
Other current financial assets (B)
166,939
99,875
67.1%
Interest-bearing loans and borrowings (C)
 124,919 
 - 
na
Other current financial liabilities (D)
3,669
171
2045.6%
Lease liabilities (E)
101,700
113,636
(10.5%)
Net financial debt/(surplus) (C + D +E – A – B)
(149,104)
(106,156)
40.5%
As at 31 December 2020, the net financial surplus amounted to 149,104 thousand Euro, including 
101,700 thousand Euro in current and non-current lease liabilities.
Salvatore Ferragamo Group Board of Directors’ report 
54 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Net financial debt/(surplus), excluding lease liabilities, as at 31 December 2020 and 31 December 2019 
was restated as follows:
(In thousands of Euro)
31 December
2020
31 December
2019
Change 
2020 vs 
2019
Net financial debt/(surplus) (a)
(149,104)
(106,156)
 (42,948)
Non current lease liabilities
85,908
96,181
 (10,273)
Current lease liabilities
15,792
17,455
 (1,663)
Lease liabilities (b)
101,700
113,636
 (11,936)
Adjusted net financial debt/(surplus) (a-b)
(250,804)
(219,792)
 (31,012)
2020 ended with a positive adjusted net financial position amounting to 250,804 thousand Euro, up 
from 219,792 thousand Euro as at 31 December 2019. The Company’s net financial position remains 
very positive, thanks to 50,550 thousand Euro in adjusted cash flows from operating activities (even 
though 2020 was affected by the decline in revenues caused by the closure of the distribution 
network and international traffic restrictions), net of 8,665 thousand Euro in cash flows used for 
the purposes of investing in tangible and intangible assets during 2020as well as the acquisition 
and subsequent merger of Arts S.r.l. and Aura 1 S.r.l., net of the cash acquired (7,581 thousand Euro). 
Please note that, in order to support the financial soundness of the Group and maintain significant 
investment capacity, the Shareholders’ Meeting of Salvatore Ferragamo that approved the 2019 
separate financial statements resolved not to distribute dividends and to allocate instead the profit 
for the year 2019 entirely to the extraordinary reserve.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
55
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Income and financial indicators 
The tables below set out the trend in the main income and financial indicators of the Parent company 
for the years ended 31 December 2020 and 2019.
These indicators are based on the data from the separate financial statements. To better understand 
them, they should be read in conjunction with the alternative performance measures and financial 
statements prepared in accordance with the relevant accounting standards (IFRS) described in this 
document.
 Profitability ratios
2020
2019
ROE 
(Net profit/(loss) for the period / Average shareholders’ equity)
(5.1%)
19.0%
ROI 
(Operating profit/(loss) / Net average invested capital)
(7.2%)
28.0%
ROS 
(Operating profit/(loss) / Revenues from sales and services)
(7.0%)
17.7%
 Financial ratios
2020
2019
Coverage of shareholders’ equity ratio  
(Shareholders’ equity / Non current assets)
149.5%
147.0%
Liquidity ratio  
(Current assets excluding inventories/Current liabilities)
313.0%
197.6%
 Turnover ratios expressed in days
2020
2019
Turnover of trade receivables 
Average value of Trade receivables in the period / Revenues from sales and services 
x days
 110
 80
Turnover of Trade payables 
Average value of Trade payables in the period / Costs for raw materials, goods and 
consumables and Costs for services x days
132
99
Inventory turnover 
Average value of Inventories in the period / cost of goods sold x days
 126 
 102 
Turnover of average invested capital 
Average value of invested capital / Revenues from sales and services x days
354
230
Average value means the simple arithmetic average of the closing balances of the period and of the 
previous period.
Salvatore Ferragamo Group Board of Directors’ report 
56 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

6. Reconciliation between the Parent 
company’s net profit/(loss) for the 
period and shareholders’ equity 
and the consolidated values of the 
Group
The reconciliation statement between the Parent company’s net profit/(loss) for the period and 
shareholders’ equity, and the corresponding consolidated amounts, is provided below:
(In thousands of Euro)
31 December 2020
Shareholders’ 
equity
Net profit/
(loss) for the 
period
Salvatore Ferragamo S.p.A. data
656,730
(34,070)
Elimination of consolidated investments
202,609
(24,145)
Dividends distributed among Group companies
 - 
(49,365)
Elimination of write-downs / (restatement value) on consolidated investments
 - 
46,158
Elimination of unrealized profits, deriving from transactions between Group compa-
nies, relating to inventories, net of the deferred tax effect
(157,087)
(6,456)
Effect of IAS 39 – cash flow hedge reserve, net of the deferred tax effect
 - 
(1,372)
Other consolidation adjustments
7,444
(2,446)
Total shareholders' equity and net profit/(loss)
709,696
(71,696)
Minority interests – shareholders’ equity and net profit/(loss)
16,114
(5,299)
Group – shareholders’ equity and net profit/(loss)
693,582
(66,397)
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
57
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

7. Results of Group companies
The main highlights of subsidiaries are shown in the table below.
 
2020 
2019 
Company
(In thousands)
Currency
Revenues
Shareholders’ 
equity
Revenues
Shareholders’ 
equity
Ferragamo Australia Pty Ltd.
AUD
20,110
21,979
30,741
22,093
Ferragamo Japan K.K.
JPY
10,426,130
(2,474,038)
13,450,746
84,290
Ferragamo Korea Ltd.
KRW
105,606,624
82,060,002
150,303,572
78,558,176
Ferragamo Espana S.L. 
EURO
4,461
3,732
12,932
3,827
Ferrimag Limited
HKD
-
125,726
-
124,786
Ferragamo Retail HK Limited
HKD
170,509
(72,822)
388,030
104,657
Ferragamo Retail Taiwan Limited
TWD
590,730
299,370
596,271
264,649
Ferragamo Mexico S. de R.L. de C.V.
MXN
910,960
652,873
1,277,966
626,041
Ferragamo Retail Nederland B.V.
EURO
2,538
1,185
5,602
1,323
Ferragamo Fashion Trading (Shanghai) 
Co. Ltd.
CNY
1,346,174
582,964
1,185,003
423,767
Ferragamo (Singapore) Pte. Ltd.
SGD
12,471
(26,957)
29,701
(18,474)
Ferragamo (Thailand) Limited
THB
135,597
(110,759)
170,988
(32,784)
Ferragamo (Malaysia) Sdn Bhd
MYR
26,758
18,695
44,232
24,247
Ferragamo Hong Kong Ltd.
USD
164,093
125,527
233,190
178,882
Ferragamo USA Group
USD
211,796
85,269
352,163
81,579
Ferragamo Deutschland GmbH
EURO
6,309
4,647
13,540
6,052
Ferragamo Belgique SA
EURO
921
669
1,540
672
Ferragamo Monte-Carlo S.A.M.
EURO
293
(74)
905
285
Ferragamo (Suisse) SA
CHF
4,872
1,546
8,246
1,500
Ferragamo U.K. Limited
GBP
10,347
5,142
24,288
8,845
Ferragamo France S.A.S.
EURO
9,409
10,625
23,114
9,121
Ferragamo Parfums S.p.A.
EURO
39,739
21,562
85,281
25,546
Ferragamo Chile S.A.
CLP
440,210
(710,201)
518,082
(466,311)
Ferragamo Austria GmbH
EURO
1,442
3,983
3,824
3,907
Ferragamo Retail India Private Limited
INR
-
(446,037)
-
(433,333)
Ferragamo Retail Macau Limited
MOP
55,624
69,541
138,047
84,176
Ferragamo Moda (Shanghai) Co.Ltd.
CNY
306,581
(10,215)
303,977
(38,720)
Ferragamo Brasil Roupas e Acessorios 
Ltda.
BRL
25,988
21,101
28,970
21,055
Ferragamo Argentina S.A.
ARS
121,023
(9,629)
98,830
36,611
Ferragamo Denmark ApS*
DKK
-
-
2,348
-
*company which ceased operations on 16 December 2019 and was struck off the Copenhagen Company Register on 7 January 2020.
Salvatore Ferragamo Group Board of Directors’ report 
58 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

8. Significant events occurred during 
the year 
Ordinary Shareholders’ Meeting 
Considering the epidemiological emergency caused by the Covid-19 virus, at the meeting held 
on 6 April 2020 the Board of Directors resolved to postpone the Shareholders’ Meeting originally 
convened for 21 April 2020 in single call to 8 May 2020, once again in single call, without any 
changes to the agenda.
On 8 May 2020, the Shareholders’ Meeting of the Parent company Salvatore Ferragamo S.p.A. approved 
the separate financial statements for the year ended 31 December 2019 and the allocation of the 
124,211,203 profit for the year 2019 to the extraordinary reserve, as detailed in the specific section 
“Dividends” of the explanatory notes.
On the same date, the Shareholders’ Meeting also: 
• elected the members of the Board of Statutory Auditors for the 2020 - 2022 period based on a slate-
voting system. The members, who shall remain in office until the Meeting convened to approve the 
financial statements at 31 December 2022, are: Andrea Balelli, elected from the slate submitted by 
a group of minority shareholders in the Company and subsequently appointed as Chairman of the 
Board; Paola Caramella and Giovanni Crostarosa Guicciardi, Acting Statutory Auditors elected from 
the majority slate submitted by Ferragamo Finanziaria S.p.A.; Antonella Andrei and Roberto Coccia, 
Substitute Statutory Auditors elected from the majority and minority slates, respectively. Finally, the 
Meeting fixed the gross annual fee of the Chairman of the Board of Statutory Auditors at 64,000 Euro 
and the gross annual fee of each Acting Statutory Auditor at 48,000 Euro;
• authorized the Board of Directors to buy, including in multiple rounds, ordinary shares in Salvatore 
Ferragamo with a par value of 0.10 Euro each, up to a maximum amount that, considering the ordinary 
shares in Salvatore Ferragamo held from time to time by the Companies or its subsidiaries, shall not 
exceed 1% (i.e. 1,687,900 ordinary shares) of the Company’s share capital in accordance with article 
2357, paragraph 3 of the Italian Civil Code;
• approved the Company’s policy concerning the remuneration of the members of the governing bodies, 
general managers, managers with strategic responsibilities, and the members of control bodies for 
the year 2020, as well as the procedures used to adopt and implement said policy, as described in 
Section I of the report on remuneration policy and fees paid;
• voted in favor of Section II of the report on remuneration policy and fees paid, which includes, among 
other things, a list of the fees paid to said individuals in any capacity and in any form for the year 
ended 31 December 2019.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
59
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Board of Directors
At the meeting held on 10 March 2020, the Company’s Board of Directors approved, (i) the draft separate 
financial statements for 2019, the Directors’ report on operations for 2019 and the consolidated 
financial statements as at 31 December 2019, (ii) the Report on corporate governance and ownership 
structure, (iii) the Report on remuneration policy and fees paid, (iv) the consolidated Non-Financial 
Statement for 2019, containing non-financial information pursuant to Legislative Decree no. 254 of 30 
December 2016, as a separate document from the Directors’ report on operations, and convened the 
ordinary Shareholders’ Meeting for 21 April 2020.
At the same meeting on 10 March 2020, Salvatore Ferragamo S.p.A.’s Board of Directors also:
• resolved to propose that the Shareholders’ Meeting convened for 21 April 2020 distribute a dividend 
of 0.34 Euro per ordinary share; this proposal was subsequently withdrawn with the resolution of the 
Board of Directors dated 6 April 2020;
• appointed the CFO Alessandro Corsi as Manager charged with preparing Company’s Financial 
Reports, after consulting with the Nomination and Remuneration Committee as well as the Board of 
Statutory Auditors, pursuant to art. 154 bis of Italian Legislative Decree no. 58 of 24 February 1998. 
The appointment is effective as from 1 April 2020;
• approved an agreement to acquire 100% of Arts S.r.l..
On 6 April 2020, considering the epidemiological emergency caused by the Covid-19 virus and the 
restrictions enacted by the Italian Government, the Company’s Board of Directors resolved to postpone 
the Shareholders’ Meeting originally convened for 21 April 2020 to 8 May 2020, once again in single call. 
At the same meeting on 6 April 2020 the Board of Directors, having confirmed all the powers 
previously granted to the Chairman and Managing Director upon their appointment, established an 
Executive Committee within the Board, vesting it with the powers to monitor, oversee and support the 
implementation of the initiatives launched by the Company to address the emergency caused by the 
Covid-19 pandemic. At the meeting on 10 November 2020, the Executive Committee was terminated 
effective 15 December 2020. 
On 27 May 2020, the Board of Directors co-opted Michele Norsa, pursuant to art. 2386, paragraph 1 
of the Italian Civil Code, with the favorable opinion of the Nomination and Remuneration Committee as 
well as the Board of Statutory Auditors, as Director as well as Executive Deputy Chairman, vesting him 
with the executive powers previously exercised by the Chairman Ferruccio Ferragamo. To allow this 
appointment, the Company’s Director and Deputy Chairman Giacomo Ferragamo resigned from all his 
positions. On the same date, the Board of Directors appointed Michele Norsa also as Chairman of the 
Executive Committee as well as the Brand and Product Strategy Committee.
Salvatore Ferragamo Group Board of Directors’ report 
60 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Acquisition of Arts S.r.l. and Aura1 S.r.l. and merger
On 27 April 2020, Salvatore Ferragamo S.p.A acquired 100% of Aura 1 S.r.l., a subholding company 
owning 50.8% of Arts S.r.l, and 49.2% of Arts S.r.l., thus owning, directly and indirectly, 100% of 
Arts S.r.l.. Arts S.r.l. has been collaborating with Salvatore Ferragamo S.p.A. since its inception in 
1984, helping with the prototyping, industrialization, and quality control of products as well as the 
monitoring of the Group’s network of suppliers with respect to men’s footwear. The Group pursued 
this deal to strengthen its control over its supply chain and acquire strategic capabilities in one of 
its key product categories. Based on the agreed economic conditions, Salvatore Ferragamo S.p.A. 
paid a total of 11.3 million Euro, and then an additional 3,629 thousand Euro (amount agreed on 
the basis of the net cash on hand as at 31 March 2020) in February 2021, as agreed by the parties. 
In order to streamline the ownership structure, allowing for more flexible internal processes – 
and therefore optimize the management of resources and intercompany financial flows arising 
from the operations currently divided between Aura 1 S.r.l. and Arts S.r.l. – the Group deemed it 
appropriate to merge said entities into Salvatore Ferragamo S.p.A.. 
On 25 June 2020, the Company’s Board of Directors approved the draft terms of the merger of the 
wholly-owned subsidiaries Arts S.r.l. and Aura1 S.r.l. into Salvatore Ferragamo S.p.A.. On 28 July 
2020, the Board of Directors approved the merger in accordance with art. 2505, paragraph 2 of 
the Italian Civil Code, and the two merging entities passed similar resolutions on the same date.
On 24 November 2020, Salvatore Ferragamo S.p.A. and the two merging entities executed the 
deed of Merger authorized by a notary public in accordance with the resolution passed by the 
Company’s Board of Directors and the resolutions passed by the Shareholders’ Meetings of the 
merging entities on 28 July 2020.
The deed of merger was then filed with the relevant Company Register on 25 November 2020. 
The surviving entity did not carry out any rights issue as part of the transaction. 
The ownership interests in Aura 1 S.r.l. and Arts S.r.l. were canceled without assigning or swapping 
shares. In addition, no changes were made to Salvatore Ferragamo S.p.A.’s Bylaws. As the relevant 
conditions were met, in accordance with article 2501-quater, paragraph 2 of the Italian Civil 
Code, for the purposes of the merger the statements of financial position were replaced with 
the financial statements for the year ended 31 December 2019 of the three entities involved. The 
merger is effective retroactively to 1 January 2020 for accounting and tax purposes and effective 
1 December 2020 for legal purposes.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
61
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Merger of Ferragamo Parfums S.p.A. (single-member 
company)
On 10 November 2020, the Board of Directors of Salvatore Ferragamo S.p.A. and the Board of Directors 
of Ferragamo Parfums S.p.A. approved the draft terms of the merger of the wholly-owned subsidiary 
Ferragamo Parfums S.p.A. (single-member company) into Salvatore Ferragamo S.p.A. The merger 
was born out of the need to streamline the Salvatore Ferragamo Group’s corporate structure in Italy, 
optimizing the management of resources and making structures more efficient. Following the merger, 
Salvatore Ferragamo S.p.A. will take over the operations of Ferragamo Parfums S.p.A., resulting in 
greater synergies and support to the growth of the business. Salvatore Ferragamo S.p.A. will not carry 
out any rights issue. The 10,000,000 ordinary shares with a nominal amount of 1 Euro each representing 
100% of Ferragamo Parfums S.p.A. (single-member company) owned by Salvatore Ferragamo S.p.A. will 
be canceled without assigning or swapping shares. No changes will be made to Salvatore Ferragamo 
S.p.A.’s Bylaws.
Medium-term credit lines
On 24 July 2020, the Company entered into a loan agreement with Intesa Sanpaolo S.p.A. as initial 
lender, which also acted as “global coordinator”, “bookrunner”, and “sustainability coordinator” 
through the IMI Corporate & Investment Banking Division for an overall amount of up to 250 million 
Euro. The credit facility consists of a term loan with a five-year maturity in 2025 and a revolving credit 
line with maturity in 2024 that can be extended for a year, each amounting to 125 million Euro. The 
loan was granted to support specific ESG (Environmental, Social and Governance) targets of Salvatore 
Ferragamo S.p.A. and meet the Company’s general cash needs, with an incentive mechanism linked 
to agreed sustainability targets. Specifically, the interest rate on both lines involves a margin, to be 
applied to the benchmark Euribor rate, that varies based on whether the Company achieves targets 
linked to ESG KPIs in full or in part.
Proceedings settled with the Inland Revenue Office
On 9 May 2017, Salvatore Ferragamo S.p.A. claimed a refund of 7,297,871 Euro relating to the estimated 
tax payments made in 2015 for the purposes of separate taxation calculated under the Controlled 
Foreign Companies (CFC) rules. Salvatore Ferragamo S.p.A. calculated said estimated tax payments 
using the “historical” method, i.e. by reference to the tax paid in 2014: this method allowed avoiding 
penalties for the underpayment of estimated taxes, a risk that in 2015 appeared to be especially 
material in light of the regulatory changes concerning controlled foreign companies as per art. 167 
of Italian Presidential Decree no. 917 of 22 December 1986 (“TUIR”). After the Inland Revenue Office 
provided clarification on the new rules (circ. no. 35/E of 4 August 2016), the Company concluded that 
in 2015 Ferragamo Hong Kong Ltd., Ferragamo Retail HK Ltd., Ferragamo (Singapore) Pte Ltd, and 
Ferragamo (Malaysia) Sdn. Bhd. were not subject to CFC rules and, therefore, pass-through taxation 
in Italy. In July 2020, the Inland Revenue Office approved the refund and returned the 7.3 million Euro 
paid by Salvatore Ferragamo S.p.A. in 2015 plus approximately 0.4 million Euro in interest, with only the 
latter recognized through profit or loss.
On 21 November 2019, the Company finalized the settlement relating to the general tax audit carried 
out by the Regional Unit of the Tuscany Inland Revenue Office for the tax years 2015 and, concerning 
exclusively transfer pricing, 2014 (as disclosed in the 2019 Annual Report). As a result of the settlement, 
the Advance Pricing Agreement (so-called “roll back”) between Salvatore Ferragamo S.p.A. and the 
Salvatore Ferragamo Group Board of Directors’ report 
62 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Inland Revenue Office was applied retroactively to the years 2014 and 2015; the overall income for 
IRES and IRAP purposes for the year 2015 was increased by 19,512 thousand Euro. On 26 May 2020, 
the Company asked the Inland Revenue Office for permission to reassess the income eligible for the 
Patent Box with respect to the tax year 2015, so as to benefit from the greater revenues assessed and 
agreed with the Tuscany Regional Unit. In December 2020, the Inland Revenue Office granted the 
greater Patent Box benefit arising from the restatement of taxable income assessed and agreed under 
the settlement, requiring the Company to file a supplementary tax return for the year 2015. As a result, 
the Patent Box benefit for 2015 rose from 43,156 thousand Euro to 47,132 thousand Euro, reducing the 
IRAP tax expense by approximately 157 thousand Euro and the IRES tax expense under the domestic 
fiscal unity by 1,089 thousand Euro. Both amounts were recognized under the line item Taxes from 
previous years.
Covid-19 Update
At the end of 2019, a new coronavirus, known as Covid-19, was found in Wuhan, China. The Covid-19 
Coronavirus has spread gradually from China to the rest of the world—to the point that on 11 
March 2020 the World Health Organization declared a pandemic due to the speed and extent of 
the epidemic. In order to contain the outbreak and protect public health, Governments all over the 
world have gradually put in place containment and social distancing measures, shutting down non-
essential retail and manufacturing operations as well as limiting international and domestic travel. 
In certain areas, including Europe, these measures were eased in the third quarter of 2020 and then 
gradually tightened once again in the fourth quarter to stem a second wave of the virus.
These events significantly impacted the various business areas of the Salvatore Ferragamo Group, 
causing both revenues and margins to decline.
In 2020, the Group saw a 33.5% drop in revenues at current exchange rates and, therefore, 
a deterioration in its margins and financial performance, as detailed in the Group’s operating 
performance section. The Group incurred direct costs to address this emergency, and specifically the 
expenses associated with the measures taken to protect the health of employees at both offices and 
directly operated stores: it also received, where possible, government grants and subsidies, such 
as the different kinds of aid aimed at supporting employment. Personnel costs were down 20.1% 
in 2020 compared to the prior-year period, in part thanks to government benefits and subsidies, 
such as employment support measures, and in part due to the effects of a newly launched plan to 
streamline the organization.
In addition, the Group started, successfully concluded, and continues important negotiations to 
reduce operating costs, especially with lessors, in order to revise the terms and conditions of the 
leases of its distribution network, resulting in a 19,729 thousand Euro positive variable lease payment 
in 2020 that was directly recognized through profit or loss (largely within the line item “Sales and 
distribution costs”). 
In addition, the Group wrote down inventories, net of uses, by 28,654 thousand Euro, mainly to 
account for the potential risk of obsolescence in light of the lower sales of certain products, because 
of the current situation (see note 14 Inventories in the Explanatory Notes to the Consolidated 
Financial Statements). The provision for bad debt, to which the Group allocated 528 thousand Euro 
in 2020, was adjusted in accordance with the risk assessments relating to the current situation (see 
note 16 Trade receivables in the Explanatory Notes to the Consolidated Financial Statements). As for 
the analysis of liquidity and credit risks, see note 3 Management of financial risks in the Explanatory 
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
63
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Notes to the Consolidated Financial Statements. Specifically, in order to bolster its financial structure 
and soundness, the Group has seen it fit to increase the amount of committed lines outstanding 
with diversified banking counterparties, promptly opening additional short- and medium/long-term 
lines of credit. For more details, see note 28 Interest-bearing loans & borrowings in the Consolidated 
Financial Statements.
Considering the continued severity of the current situation associated with the impact of the 
Covid-19 pandemic and the uncertainty about how long this will last, only partly mitigated in recent 
months by the discovery and authorization of the first Covid-19 vaccines in various countries, it is 
hard to forecast future impacts and the recoverable amounts of the Group’s assets, except for the 
information reported in the following paragraph.
Impairment test
The economic crisis associated with the Covid-19 emergency qualifies as an impairment indicator. 
Therefore, the Group considered this aspect in making its estimates and assumptions: for more 
details, see note 11 Impairment of Property, Plant and Equipment, Right-of-use Assets, and Intangible 
Assets with a Finite Useful Life in the Consolidated Financial Statements.
As in the past, impairment tests were carried out by considering the individual geographic areas 
in which the Group operates as CGUs (Cash Generating Units). Said areas usually coincide with the 
Group’s individual legal entities, except where multiple legal entities of the Group operate in the same 
country or in neighboring territories or markets with a shared and homogeneous customer base. 
The impairment tests resulted in a 34,627 thousand Euro impairment loss, including 33,011 thousand 
Euro relating to Property, plant and equipment and 1,616 thousand Euro to Intangible assets with a 
finite useful life. For more details, see note 6 Property, Plant and Equipment, 10 Intangible Assets 
with a Finite Useful Life in the Explanatory Notes to the Consolidated Financial Statements, and 11 
Impairment of Property, Plant and Equipment, Right-of-use Assets, and Intangible Assets with a 
Finite Useful Life.
The sensitivity analysis of the above assumptions (WACC and g) used to measure the recoverable 
amount, conducted on the CGUs tested for impairment, found that negative changes in key 
assumptions could lead to an additional impairment loss. 
Costs and investments
The Group has continued investing mainly in the restructuring of its distribution network and the 
growth of the E-commerce channel: in 2020, it launched the new e-commerce website in Canada, 
the United States, Mexico, South Korea, Australia, the People’s Republic of China, Japan, and several 
European countries (Eurozone and United Kingdom). Some projects and investments considered 
low-priority or deferrable have been postponed. 
Salvatore Ferragamo Group Board of Directors’ report 
64 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Personnel
Throughout 2020, in response to the Covid-19 pandemic, human resource management heavily 
focused on measures to protect the health of employees at both offices and directly operated 
stores. In this regard, the Group has defined specific safety protocols that include stringent safety 
measures and, finally, put in place a supplemental health insurance policy for Italian employees 
covering symptoms associated with Covid-19. Where allowed by law, the Group offered free, 
voluntary antibody testing. It defined global guidelines for stores in the following areas: staff safety 
tools, client service, store cleaning & maintenance, and HR emergency.
Starting from February, in order to protect the health of employees, Salvatore Ferragamo has 
extended the use of smart-working, introduced as an experiment during 2019, to the Italian and 
international offices of the Group, allowing operations to continue where possible and in line 
with regulatory requirements. It has provided training to optimize the use of remote work tools 
and bolstered internal communication, creating accounts dedicated to answering all health- and 
business-related questions of the Group’s employees. 
Throughout 2020, the Group applied for state aid in the various countries in which it operates, 
where available, and these applications were successful. In addition, the Group’s management has 
voluntarily decided to forgo part of their remuneration for the current year.
Directors’ Fees
Considering the Covid-19 pandemic and its impact on the business, the Managing Director and some 
Directors notified Salvatore Ferragamo S.p.A. that they would forgo all or part of their remuneration 
for the current year.
Dividend
In order to support the financial soundness of the Group and maintain significant investment capacity, 
the Shareholders’ Meeting held on 8 May 2020 approved the 2019 Separate Financial Statements of 
Salvatore Ferragamo S.p.A. and the allocation of all profits to the extraordinary reserve, as proposed 
in the resolution passed on 6 April 2020 by the Board of Directors. 
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
65
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

Tax and customs disputes and audits
Tax disputes settled during the year
- On 14 March 2018, the Florence Economic-Financial Department of the Italian Tax Police started 
a tax audit of Ferragamo Parfums S.p.A., concerning direct income taxes, VAT and other taxes for 
the 2015 tax year and costs incurred with entities resident in blacklisted countries in 2013 and 
2014. The audit was then expanded to include the years 2013, 2014, 2016, and 2017 as far as 
the assessment of the intellectual property rights over the “Salvatore Ferragamo” brand and the 
relevant tax implications are concerned, and, eventually, the years 2013, 2014, 2016, and 2017 
concerning the assessment of the line item “Other intercompany consulting services” in the 
income statement. The Italian tax police served the company with a Tax assessment report on 30 
July 2018, raising several objections that Ferragamo Parfums S.p.A. considers to be completely 
baseless in fact and in law. However, on 29 November 2018, exclusively for the purposes of 
settling the dispute, Ferragamo Parfums S.p.A. reached a settlement over the years 2013 and 
2014 with the Regional Unit of the Tuscany Inland Revenue Office (which has jurisdiction over the 
years concerned), paying 207 thousand Euro’s worth of additional taxes as well as 91 thousand 
Euro in interest and penalties; these amounts are significantly lower than those claimed in the 
tax assessment report. In September 2019, the Inland Revenue Office’s Florence Provincial Unit 
(which has jurisdiction over the tax years 2015, 2016, and 2017) formally initiated the dispute over 
such years, during which the outcome of the dispute with the Regional Unit was reviewed and 
the company reiterated its stance on the objection concerning the year 2015 (compensation for 
the Mexican distributor). The dispute ended with a settlement under which the Provincial Unit i) 
acknowledged the same arguments accepted by the Regional Unit of the Tuscany Inland Revenue 
Office and ii) accepted the arguments presented by Ferragamo Parfums S.p.A. about the objection 
concerning the compensation for the Mexican distributor. As for the objections concerning IRES 
(years 2015, 2016, and 2017) and IRAP taxes for the year 2015, a settlement was finalized on 22 
November 2019, resulting in approximately 420 thousand Euro in additional taxes, interest and 
penalties. With respect to the objections over the 2016 and 2017 IRAP taxes, on 28 February 2020 
the Company entered into a settlement under which it would pay 35 thousand Euro in IRAP, interest 
and penalties. On 23 December 2020, the Company requested a refund of 21 thousand Euro’s 
worth of excess taxes from the Inland Revenue Office as agreed under the settlement. The request 
is still pending. 
Updates on ongoing audits
- With reference to the tax audit carried out on Salvatore Ferragamo S.p.A. relating to the pass-
through mechanism for CFCs for the years 2012, 2013, and 2014, we report the following. As for 
the year 2012, Florence’s Provincial Tax Commission had upheld in full the Company’s appeal in a 
ruling filed on 24 January 2019. The Office filed an appeal against said ruling that the Company 
challenged in accordance with the law. A hearing had been scheduled for 19 November 2020, 
but was then postponed until further notice due to the Covid-19 pandemic. As for 2013, on 17 
May 2019 the Company appealed against the notice assessing an additional 65 thousand Euro 
corporate income tax liability plus nearly 30 thousand Euro in interest and penalties. Florence’s 
Provincial Tax Commission rejected the Company’s appeal and reimbursed the legal fees in a 
ruling filed on 14 January 2020, which the Company has not challenged as this would have 
been uneconomic. The dispute was settled in April 2020 with the Company paying all amounts 
due. As for 2014, the Company settled the dispute with the Regional Unit of the Tuscany Inland 
Revenue Office on 29 November 2019 alongside the dispute over the roll back (discussed in the 
2019 Annual Report), paying 17 thousand Euro in additional taxes as well as 8 thousand Euro in 
penalties and interest.
Salvatore Ferragamo Group Board of Directors’ report 
66 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

- With reference to the tax audit carried out on Ferragamo France S.A.S., relating to the tax years 
2008-2010 and that was started in 2011, as already disclosed in previous years, the audit ended 
with an objection to the transfer pricing policy applied by the Parent company Salvatore Ferragamo 
S.p.A.. On 12 December 2012, after declining to change their position in order to reach a settlement, 
French tax authorities served the company with two assessment notices, confirming their claims 
as redetermined during the proceeding. For Ferragamo France S.A.S. these claims would entail the 
payment of around 900 thousand Euro in additional corporate income tax, penalties and interest 
for 2009 and 2010, as well as the redetermination of the taxable income for the years from 2011 
to 2014 as a consequence of the cancellation of previous tax losses (amounting to around 8,925 
thousand Euro), with a higher tax of 2,135 thousand Euro. After the administrative appeal was 
rejected, Ferragamo France S.A.S. filed an appeal with the administrative tax court. The ruling 
issued on 28 March 2017 dismissed all claims by French tax authorities, canceling the assessment 
notices for the years 2009 and 2010 and ordering them to pay 1,500 Euro in legal costs. On 26 
July 2017, French tax authorities appealed against the decision to the Paris Administrative Court of 
Appeal, which on 27 September 2018 upheld the first-instance ruling. French tax authorities filed a 
final appeal against the ruling with the Council of State. At a public hearing in May 2020, the judge-
rapporteur found in favor of the company and asked the Council of State to reject the appeal and 
order French Tax Authorities to pay the legal fees. Considering the legal complexity of the case, the 
court deferred a decision to the Council of State in plenary session, which on 23 November 2020 
tossed the ruling of the Court of Appeal that had found in favor of the company and returned the 
case to the Court of Appeal for further proceedings. With this reversal, the Council of State affirmed 
a legal principle contrary to the one issued in the ruling concerned and remanded the case, which 
is still pending. The Company has set aside 2,870 thousand Euro under income taxes from previous 
years, recognizing a corresponding amount under tax payables. On 27 September 2018, French tax 
authorities launched a new audit into Ferragamo France S.A.S. concerning the income tax and VAT 
for the fiscal years from 2015 to 2017. The audit ended in November 2019 with the issue of a final 
audit report that, for the purposes of the transfer pricing applied by the Parent company Salvatore 
Ferragamo S.p.A. for 2016, required applying the pricing method under the International standard 
ruling on transfer pricing that the Parent company entered into with Italian taxation authorities in 
2017, assessing an additional 688 thousand Euro in taxable income. Ferragamo France S.A.S. paid 
the amount due and, therefore, on 18 December 2020 the Parent company applied for a unilateral 
downward adjustment pursuant to art. 31-quater, paragraph 1, lett. c) of Italian Presidential Decree 
no. 600 of 29 September 1973, as well as the Decision dated 30 May 2018, paragraph 2.3. If the 
request is granted, the Parent company will be entitled to recovering the taxes paid in Italy on the 
income corresponding to the amount adjusted to Ferragamo France S.A.S..
- As for the ongoing tax audit involving Ferragamo Deutschland GmbH, relating to the tax years 
2011-2014, that was started in 2016, on 7 March 2019 German tax authorities served the final 
audit report, confirming the approach communicated during the meeting on 28 November 2018. 
In particular, German tax authorities assessed, on a provisional basis, additional corporate income 
taxes and interest for the years 2011-2014 for a total amount of 2,523 thousand Euro, resulting in the 
elimination of previous tax losses. These amounts were confirmed by the payment orders served 
on Ferragamo Deutschland GmbH on 31 May 2019. Firmly convinced that its actions were lawful 
(in compliance with the official communication issued by German tax authorities), the Company 
filed an administrative appeal and requested suspension of payment to the competent authorities. 
This request was approved. Meanwhile, in December 2020 German tax authorities served similar 
payment orders on Ferragamo Deutschland GmbH for the fiscal year 2015, claiming 234 thousand 
Euro in additional taxes. The Company promptly appealed and requested suspension of payment 
to the competent authorities. With respect to both objections, German tax authorities have taken a 
position that is at odds with precedent and lacks a strong legal basis.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
67
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

- On 23 March 2017, the Regional Unit of the Tuscany Inland Revenue Office requested Salvatore 
Ferragamo S.p.A. to file documents concerning 4 separate export transactions that were canceled, 
and the company replied on 12 April 2017. The Regional Unit of the Tuscany Inland Revenue Office 
served an assessment notice on Salvatore Ferragamo S.p.A. concerning one of the transactions, 
assessing an additional 67 thousand Euro VAT liability for the year 2013 plus interest and penalties. 
The Company previously received another assessment notice from the Regional Unit of the Tuscany 
Inland Revenue Office for a similar case dating back to 2006 and appealed against it. The first- 
and second-instance courts have sided with Salvatore Ferragamo S.p.A., and the case is currently 
pending with the Court of Cassation. Therefore, on 21 March 2018, Salvatore Ferragamo S.p.A. 
also appealed against this assessment notice, making reference to the outcome of the previous 
dispute. The first-instance ruling issued on 29 January 2019 upheld the Company’s appeal and 
ordered the reimbursement of legal costs. On 11 May 2020, the Regional Unit of the Tuscany Inland 
Revenue Office appealed against the ruling. Once again convinced that its actions were lawful, on 
19 June 2020 Salvatore Ferragamo S.p.A. filed counterclaims and an appearance. A date for the 
hearing of the appeal is yet to be scheduled.
In addition to the above, concerning such disputes, the Group believes that, at present, the risk of 
defeat is no more than possible. 
Tax and customs audits commenced during the period
On 17 June 2020, the Seoul Customs Office commenced a customs audit of Ferragamo Korea Ltd. 
with respect to duties, VAT, and other local taxes for the period from 1 June 2015 through 31 May 
2020. The audit at the company’s office was completed on 23 July 2020 without any objections with 
respect to compliance. The investigation phase of the audit continues with the examination of the 
Group’s transfer pricing policy, the implementation of the Italian Advance Pricing Agreement (“APA”), 
and other intercompany relationships (chief among them the services rendered by Ferragamo Hong 
Kong Ltd. to the South Korean company between 2015 and June 2017). The audit will formally be 
completed in early 2021, and the auditors have informed the company in advance that they will not 
raise any objections.
Patent Box and Research and Development, Design, and Innovation 
Credits
With respect to the R&D Tax Credit, please note that, starting from the tax year 2020, the tax credit for 
investments in research and development as per art. 3 of Italian Law Decree no. 145 of 23 December 
2013 (in force until 2019) has been replaced by three separate tax credits, for R&D, design and 
aesthetic conception, and technological innovation, introduced by art. 1 paragraph 198-209 of Italian 
Law no. 160 of 27 December 2019 (so-called 2020 Budget Law) as amended by art. 1, paragraph 
1064 of Italian Law no. 178 of 30 December 2020 (so-called 2021 Budget Law). Salvatore Ferragamo 
S.p.A. will benefit from one or more of these credits, with eligibility to be confirmed in 2021 – also in 
light of important clarifications that have not yet been issued.
With respect to the Patent Box, on 16 November 2020 the Company notified the Inland Revenue 
Office that it would withdraw the application filed on 25 September 2019 for an extension of the 
advance agreement entered into with the Italian Inland Revenue Office for Advance Agreements 
on 29 December 2016 to determine the economic contribution in case of direct use of intangible 
assets. By doing so, the Company intended to enter into the Patent Box self-assessment regime, 
introduced by article 4 of Italian Law Decree no. 34 of 30 April 2019 (so-called Growth Decree), 
and assess the amount of the benefit on its own. Please note that, starting from the tax year 2020, 
Salvatore Ferragamo Group Board of Directors’ report 
68 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Salvatore Ferragamo S.p.A. will be able to benefit from the Patent Box only with respect to designs 
and models, as this option can no longer be renewed for trademarks in accordance with Italian Law 
Decree 50/2017, which made trademarks not eligible for this benefit. No reduction in IRES and IRAP 
tax expense is expected for 2020, as Salvatore Ferragamo S.p.A. reported a tax loss for the year.
International standard ruling on transfer pricing 
As for the international standard ruling between Salvatore Ferragamo S.p.A. and the Inland Revenue 
Office – Central Assessment Department – International Ruling Office, concerning the determination 
of the transfer pricing policy Salvatore Ferragamo S.p.A. applies to its foreign subsidiaries that 
perform distribution operations, there were no new developments in 2020, except for the following. 
In the wake of the Covid-19 pandemic’s impact on the world economy, the Company notified the 
competent Office of these exceptional circumstances on 2 October 2020 and announced it was 
ready to file a dispute with the Inland Revenue Office concerning a potential amendment to the 
terms of the Advance Pricing Agreement (“APA”) for 2020 and 2021. The Company has been acting in 
line with the guidance issued by the OECD on 18 December 2020 on the transfer pricing implications 
of the Covid-19 health emergency: these require, on the one hand, to notify taxation authorities as 
soon as possible of changes in economic conditions, and, on the other hand, to refrain from taking 
any discretionary steps on existing APAs, calling instead for dialogue with taxation authorities.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
69
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

9. Information on corporate 
governance and ownership 
structure
Disclosure pursuant to art. 123-bis of Italian Legislative 
Decree no. 58/1998 (TUF)
On 10 March 2020, the Board of Directors of Salvatore Ferragamo S.p.A. approved the annual report on 
corporate governance and ownership structure (the “Report”), which was prepared pursuant to art. 
123-bis of the Consolidated Law on Finance (TUF).
The Report includes a description of the corporate governance system adopted by Salvatore Ferragamo 
S.p.A. (“Company”), information on the ownership structure and on compliance with the Corporate 
Governance Code, the main governance policies in force, as well as the characteristics of the risk 
management and internal control system in relation to the financial reporting process.
Corporate Governance
The Company is structured according to the traditional management and control model, with the 
Shareholders’ Meeting, the Board of Directors and the Board of Statutory Auditors. 
The Bylaws in force were approved by the Extraordinary Shareholders’ Meeting on 20 April 2018. The 
Bylaws establish the essential features of the Company and set the main rules for its management 
and operation, as well as provide a description of the membership of corporate bodies, their powers, 
and their relationships. The Bylaws also include the description of shareholders’ rights and how to 
exercise them.
During the year, the Company complied with the Corporate Governance Code issued by Borsa Italiana 
S.p.A., and its corporate governance model was in line with the recommendations contained therein, 
including the relevant updates. 
The main corporate governance body is the Board of Directors, which has the primary responsibility for 
determining and pursuing the strategic objectives of the Company and the Group. The current Board 
was elected by the Shareholders’ Meeting on 20 April 2018 according to the single list submitted by 
the majority shareholder Ferragamo Finanziaria S.p.A., except for: 
a) Micaela le Divelec Lemmi, already co-opted pursuant to article 2386 of the Italian Civil Code on 31 July 
2018, was appointed to the Company’s Board of Directors with the resolution of the Shareholders’ 
Meeting of 18 April 2019. On the same date, the Board of Directors confirmed Ms Micaela le Divelec 
Lemmi as the Company’s Managing Director, assigning her the powers to represent and sign on 
behalf of the Company, as well as all the powers of ordinary administration, except for those expressly 
reserved to the exclusive competence of the Board of Directors; and
b) Michele Norsa, co-opted by the Board of Directors on 27 May 2020 pursuant to article 2386 of the 
Italian Civil Code in place of the Director Giacomo Ferragamo effective 28 May 2020. On the same 
date, the Board of Directors also appointed him as Executive Deputy Chairman, vesting him with the 
executive powers previously exercised by the Chairman Ferruccio Ferragamo.
Salvatore Ferragamo Group Board of Directors’ report 
70 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

The Board of Directors currently consists of Ferruccio Ferragamo (Chairman), Michele Norsa (Executive 
Deputy Chairman), Micaela le Divelec Lemmi (Managing Director), Giovanna Ferragamo, Angelica 
Visconti, Leonardo Ferragamo, Francesco Caretti, Diego Paternò Castello di San Giuliano, Peter K. C. 
Woo, Chiara Ambrosetti (Independent Director), Lidia Fiori (Independent Director), Umberto Tombari 
(Independent Director), and Marzio Alessandro Alberto Saà (Independent Director). 
This Board of Directors will serve until the date of the Shareholders’ Meeting called to approve the 
separate financial statements as at 31 December 2020.
Members of the Board of Directors of the Parent Company - 31 December 2020
 
30- 50
>50
Tot
Men
Women
Men
Women
Men
Women
Members of the Board of Directors
8%
15%
54%
23%
62%
38%
Of which executive*
33%
67%
Of which independent
50%
50%
* Pursuant to art. 2 of the Corporate Governance Code, the directors who were also managers of the Company as at 31 December 2020 were 
considered to be executive directors.
On 6 April 2020, the Company’s Board of Directors established an Executive Committee within the 
Board, vesting it with the powers to monitor, oversee and support the implementation of the initiatives 
launched by the Company to address the emergency caused by the Covid-19 pandemic. The Executive 
Committee was not granted any other powers over the Company’s day-to-day business operations. 
The original members of the Committee were the Director Ferruccio Ferragamo (Committee Chairman), 
the Managing Director Micaela le Divelec Lemmi, and the Directors Francesco Caretti, Diego Paternò 
Castello di San Giuliano, and Marzio Alessandro Alberto Saà. On 27 May 2020, the Company’s Board of 
Directors appointed the Director Michele Norsa to the Executive Committee in place of Mr Ferruccio 
Ferragamo, electing him also as Chairman of said Committee. On 10 November 2020, the Company’s 
Board of Directors resolved to terminate the Executive Committee effective 15 December 2020.
In addition, the Company’s Board of Directors also appointed the following Board Committees:
a) the Nomination and Remuneration Committee, consisting of the Independent Directors Umberto 
Tombari (Chairman), Chiara Ambrosetti, Lidia Fiori, and Marzio Alessandro Alberto Saà; 
b) the Risk and Control Committee, responsible also for transactions with related parties as well as for 
supervising the sustainability of the Company’s operations and the relationships with stakeholders, 
consisting of the Independent Directors Marzio Alessandro Alberto Saà (Chairman), Chiara Ambrosetti, 
Lidia Fiori, and Umberto Tombari.
c) the Product and Brand Strategy Committee, consisting of the Directors Michele Norsa (Chairman), 
Micaela le Divelec Lemmi, Angelica Visconti, and Diego Paternò Castello di San Giuliano.
With respect to the Company’s governance, the Board of Directors also appointed the Director Marzio 
Alessandro Alberto Saà as Lead Independent Director and the Managing Director Micaela le Divelec 
Lemmi as Director responsible for the internal control and risk management system. The relevant 
duties and responsibilities are outlined in the Corporate Governance Code.
Finally, on 8 May 2020 the Shareholders’ Meeting elected the new members of the Board of Statutory 
Auditors for the 2020-2022 period based on a slate-voting system. The members, who shall remain 
in office until the Meeting convened to approve the financial statements at 31 December 2022, are: 
Andrea Balelli, elected from the slate submitted by a group of minority shareholders in the Company and 
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
71
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

subsequently appointed as Chairman of the Board; Paola Caramella and Giovanni Crostarosa Guicciardi, 
Acting Statutory Auditors elected from the majority slate submitted by Ferragamo Finanziaria S.p.A.; 
Antonella Andrei and Roberto Coccia, Substitute Statutory Auditors elected from the majority and 
minority slates, respectively. 
On 10 March 2020, the Board of Directors also appointed the CFO and Manager with strategic 
responsibilities Alessandro Corsi as Manager charged with preparing Company’s Financial Reports 
pursuant to art. 154 bis of Italian Legislative Decree no. 58 of 24 February 1998 (Consolidated Law on 
Finance) effective 1 April 2020.
To date, the Board of Directors has identified the following as Managers with strategic responsibilities: 
the Brand & Product and Communication Manager Giacomo (James) Ferragamo, and the CFO and 
Manager charged with preparing Company’s Financial Reports Alessandro Corsi.
Main features of the systems of risk management and 
internal control
The internal control system of Salvatore Ferragamo S.p.A. is structured so as to guarantee, through a 
process aimed at identifying and managing the main risks, the achievement of corporate objectives, 
thus helping to ensure the efficiency and effectiveness of corporate activities, the reliability of financial 
information, and compliance with the laws and regulations in force.
Salvatore Ferragamo S.p.A. establishes the general principles governing the Group’s internal control 
system, in compliance with local laws and rules, implementing operational and organizational 
procedures that are suitable for the specific context. The following must be considered as integral 
parts of the overall internal control system:
• the Code of Ethics, intended to promote and maintain an appropriate level of fairness, transparency, 
and ethical conduct in the performance of the Group’s operations;
• the risk management system in relation to the financial disclosure process adopted in compliance 
with the provisions of art. 154-bis of the Consolidated Law on Finance; 
• the organization, management and control model adopted for the purposes of preventing the crimes 
as set out in Leg. Decree 231/2001;
• the Anticorruption Policy;
• the Supplier Code of Conduct, which sets out ethical standards and rules of conduct in addition to 
legal, regulatory and procedural requirements that govern the business relationships of Salvatore 
Ferragamo S.p.A.with its supply chain; 
• the process for managing, and the activities implemented to prepare, the Non-Financial Statement 
(NFS) with the aim of collecting the information required by Italian Legislative Decree 254/2016 as 
well as on the basis and methods of reporting.
The following play a key role within the internal control and risk management system:
• the legal and compliance functions, which coordinate the prevention and management of the risk 
of non-compliance with applicable laws and regulations by providing guidance and support to the 
entire Group as well as monitoring it;
Salvatore Ferragamo Group Board of Directors’ report 
72 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

• the so-called whistleblowing system, allowing the employees of the entire Group to report any misconduct 
or potential violations of the Code of Ethics, internal procedures, as well as applicable laws and regulations. 
This system was introduced and is managed according to Italian and international best practices to provide 
a specific and confidential communication channel as well as ensure the anonymity of the whistleblower.
The Board of Directors as a whole is responsible for establishing the guidelines for the internal control 
system, assessing its adequacy and effectiveness.
Without prejudice to the responsibilities of Directors and managers, the internal control system also 
identifies specific positions with specific duties, as detailed below.
• Director responsible for the internal control and risk management system
He has the duty of overseeing the internal control and risk management system, identifying the 
main corporate risks, as well as designing, implementing and managing the internal control system 
in compliance with the Board of Directors’ guidelines, continuously verifying its adequacy and 
effectiveness and adjusting it over time. 
• Control and Risk Committee 
In its advisory and consultative role, it supports the Board of Directors on risk management and 
internal control issues and, among other duties, expresses its views on the design, implementation 
and management of the system, and, on a half-yearly basis, reports to the Board of Directors on the 
activities it has undertaken, as well as on the adequacy of the internal control system.
• ERM (Enterprise Risk management) Guidance Committee
It has the task of assisting the Director responsible for the internal control and risk management system 
in taking the main decisions concerning the design, implementation and management of the ERM 
Model. Among other things, these concern the direct assessment of “strategic” risks, the confirmation 
of assessments concerning other risks, and the approval of high-priority measures and action plans.
• Risk & Compliance Department 
It coordinates the risk management process and systematically supports the ERM Guidance Committee 
and, generally, all the management staff involved. It reports directly to the Managing Director, interacts 
with the Risk and Control Committee, and cooperates with the other functions, including the Internal 
Audit Department, the Manager charged with preparing Company’s Financial Reports, and all the other 
parties that in various ways are involved in detecting, assessing, managing, and monitoring corporate 
risks. The Group’s head of compliance reports to the Director of Risk & Compliance, who also manages 
insurance policies at Group level. 
• Internal Audit Manager 
Reporting to the Board of Directors, the manager is responsible – through the relevant department 
– for verifying the adequacy and effectiveness of the risk management and internal control system, 
liaising with the Control and Risk Committee and the Board of Statutory Auditors regarding the system 
management procedures and its suitability in order to achieve an acceptable overall risk profile.
• Manager charged with preparing Company’s Financial Reports (in accordance with art. 154-bis of the TUF)
He is responsible for defining, implementing and maintaining suitable and effective control procedures 
to manage risks entailed in financial reporting, i.e. the activities undertaken to identify and assess the 
actions or events whose occurrence or absence may hinder, in part or in whole, the achievement of the 
goals of trustworthiness, accuracy, reliability, and timeliness of financial reporting.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
73
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

• Supervisory Body pursuant to Leg. Decree no. 231/01.
It is responsible for checking the effectiveness, adequacy and compliance of the Organization, Management 
and Control Model pursuant to Leg. Decree no. 231/01 and ensuring it is constantly updated. 
For further information on corporate governance and the main features of the risk management and 
internal control systems adopted, reference should be made to the Report on corporate governance 
and ownership structure published on the Company’s website https://group.ferragamo.com, in the 
section Governance/Corporate Governance Reports.
Disclosure pursuant to art. 15 of the Markets 
Regulation
Salvatore Ferragamo S.p.A. has taken the steps required to comply with the provisions set out in article 
15 of the Markets Regulation (CONSOB resolution no. 20249 of 28 December 2017); this Regulation 
governs the requirements for listing shares of companies which control entities that have been set up 
under and are governed by the law of countries not belonging to the European Union and which are 
significant for the purposes of the consolidated financial statements. As at 31 December 2020, the 
aforementioned regulatory provision applied to the following foreign non-EU subsidiaries: Ferragamo 
USA Inc., Ferragamo Hong Kong Ltd, Ferragamo Fashion Trading (Shanghai) Co Ltd, Ferragamo Korea 
Ltd, Ferragamo Japan KK, Ferragamo Mexico S. de R.L. de C.V., Ferragamo Retail HK Limited, Ferragamo 
Retail Taiwan Limited, Ferragamo Singapore Pte. Ltd., Ferragamo Moda (Shanghai) Co. Ltd., and 
Ferragamo Australia Pty. Ltd.. 
In particular, Salvatore Ferragamo S.p.A.:
a) discloses, pursuant to the procedures and deadlines established by relevant regulations, the 
accounting records of the subsidiaries prepared for the purposes of drawing up the consolidated 
financial statements, including at least the statement of financial position and the income statement;
b) receives from the subsidiaries their bylaws and information about the structure and powers of the 
corporate bodies; 
c) verifies that the subsidiaries:
• provide the Independent Auditors with the information they need to audit the annual and interim 
financial statements of the Holding company;
• adopt an administrative and accounting system that can ensure the regular provision to the 
management and to the Independent Auditors of the Holding company of the income, equity and 
financial data needed to prepare the consolidated financial statements. 
In order to fulfill its own regulatory obligations, the Board of Statutory Auditors of the Parent company 
Salvatore Ferragamo S.p.A. has verified the suitability of the administrative and accounting system to 
duly provide management and the Independent Auditors of the Parent company Salvatore Ferragamo 
S.p.A. with the income, equity and financial data needed to prepare the consolidated financial 
statements and ensure the effective flow of information through meetings with both the Independent 
Auditors and the Manager charged with preparing Company’s Financial Reports.
Salvatore Ferragamo Group Board of Directors’ report 
74 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

10. Other information
Financial reporting and Investor relations
Salvatore Ferragamo S.p.A., in order to maintain a constant dialogue with its Shareholders, potential 
investors and financial analysts, and in compliance with the recommendation of Consob, has set up 
the Investor Relator function, which ensures a continuous exchange of information between the Group 
and financial market participants. 
Financial data, corporate presentations, interim reports, official press releases, and real-time share 
price information are available on the Group’s website http://group.ferragamo.com.
Stakes in Salvatore Ferragamo S.p.A.
As at 31 December 2020, Ferragamo Finanziaria S.p.A. held a majority stake in the share capital of 
Salvatore Ferragamo S.p.A., i.e. 54.276% as per the disclosure of Ferragamo Finanziaria S.p.A. pursuant 
to form 120/A in Attachment 4 to the Consob Issuers’ Regulation. Please note that Ferragamo Finanziaria 
S.p.A. has requested to register the Salvatore Ferragamo ordinary shares it owns in the Special List set 
up by the Company pursuant to article 127-quinquies, paragraph 2, of the Consolidated Law on Finance 
to benefit from increased voting rights, as described below:
• on 2 July 2018, 86,499,010 shares, accounting for 51.246% of the Company’s share capital; and
• on 14 January 2019, 5,112,800 shares, accounting for 3.029% of the Company’s share capital.
Pursuant to article 6 of the Bylaws and article 9 of the Company’s Rules for Increased Voting Rights, 
the increased voting rights attached to the ordinary shares held by Ferragamo Finanziaria S.p.A. and 
included in the Special List on 2 July 2018 and 14 January 2019 became effective on 7 August 2020 and 
5 February 2021, respectively, as they have met the requirements under applicable law.
Considering the above, as at the date of approval of this annual report, Ferragamo Finanziaria owned 
172,998,020 voting rights, accounting for 62.152% of the Company’s share capital, attached to the 
mentioned 86,499,010 shares, and 10,225,600 voting rights, accounting for 3.673% of the Company’s 
share capital, attached to 5,112,800 shares. Therefore, to date Ferragamo Finanziaria S.p.A. owns 
183,223,620 voting rights, accounting for 65.825% of the total.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
75
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Management and coordination
Salvatore Ferragamo S.p.A. is subject to the management and coordination of Ferragamo Finanziaria S.p.A. 
pursuant to art. 2497 and ff. of the Italian Civil Code. The Company complies with the requirements as set 
out in article 16 of the Markets Regulation for the listing of subsidiaries which are subject to management 
and coordination. In particular, it should be noted that Salvatore Ferragamo S.p.A.:
(i)has fulfilled the disclosure obligations envisaged by article 2497-bis of the Italian Civil Code;
(ii)has independent power to negotiate with customers and suppliers;
(iii) has no centralized cash management arrangement with Ferragamo Finanziaria S.p.A.; 
(iv) has an internal control committee consisting of independent directors, pursuant to art. 148, 
paragraph 3 of the TUF and the relevant provisions of the Corporate Governance Code;
(v)has a nomination and remuneration committee to appoint directors consisting of independent 
directors, pursuant to art. 148, paragraph 3 of the TUF and the relevant provisions of the Corporate 
Governance Code.
Domestic fiscal unity
Salvatore Ferragamo S.p.A. adopted the domestic fiscal unity provided for by articles 117 ff. of the TUIR-
Presidential Decree no. 117 of 22 December 1986 with the Holding company Ferragamo Finanziaria 
S.p.A. as the consolidating company and Ferragamo Parfums S.p.A..
Shares held by Directors, Statutory Auditors and 
Managers with strategic responsibilities 
For information relating to the Shares held by Directors, Statutory Auditors, and Managers with 
strategic responsibilities, reference should be made to the Report on remuneration policy and fees paid 
as per article 123-ter of the Consolidated Law on Finance, prepared in accordance with art. 84-quater 
and Annex 3A, Scheme 7-bis of CONSOB Regulation no. 11971/1999 as amended and supplemented 
(the “Issuers’ Regulation”), and article 5 of the new Corporate Governance Code for listed companies, 
available on the Company’s website https://group.ferragamo.com, Section Governance/Remuneration/
Remuneration Report.
Treasury shares and shares or stakes in parent 
companies
On 8 May 2020, the Shareholders’ Meeting of Salvatore Ferragamo S.p.A. authorized the Board of 
Directors, in accordance with and pursuant to article 2357 of the Italian Civil Code, to buy, including in 
multiple rounds, ordinary shares in Salvatore Ferragamo S.p.A. with a par value of 0.10 Euro each, up to 
a maximum amount that, considering the ordinary shares in Salvatore Ferragamo S.p.A. held from time 
to time by the Companies or its subsidiaries, shall not exceed 1% (i.e. 1,687,900 ordinary shares) of the 
Company’s share capital in accordance with article 2357, paragraph 3 of the Italian Civil Code. 
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76 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

On 8 May 2020, the Meeting also authorized the Board of Directors, in accordance with article 2357-ter 
of the Italian Civil Code, to sell, including in multiple rounds, all or part of the ordinary shares bought 
under the above authorization or otherwise held by the Company.
The Company is authorized to buy back ordinary shares in one or multiple installments for a period of 
18 months from 8 May 2020, i.e. the date of the resolution of the Shareholders’ Meeting, whereas there 
was no time limit for selling ordinary shares.
As at 31 December 2020, Salvatore Ferragamo S.p.A. held 150,000 treasury shares, equal to 0.09% of 
the Share Capital, bought throughout 2018 and 2019 for a total outlay of around 2,776 thousand Euro, 
including banking fees and other tax charges. On the same date, its subsidiaries did not hold any of its 
shares. The Group does not hold directly or indirectly shares in parent companies, and during the period 
it did not buy or sell shares in parent companies.
Transactions arising from atypical and/or unusual 
transactions
The Parent company Salvatore Ferragamo S.p.A. and the Group did not undertake atypical and/or 
unusual transactions, i.e. those transactions which, due to their importance/size, the counterparties 
involved, the subject of the transaction, the means of determining the transfer price and the timing of 
the event, may give rise to doubts about the correctness/completeness of the information provided 
in the financial statements, conflicts of interest, the safeguarding of the company’s equity and the 
protection of minority interests.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
77
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

11. Research and development
As part of its creative and production studies, the Group incurred costs for research and development 
for the study of new products and the use of new materials, which were wholly charged to the income 
statement under costs of production.
In 2020, these costs totaled 21,717 thousand Euro (of which 20,526 thousand Euro incurred by the 
Parent company), compared to 30,557 thousand Euro in 2019 (of which 29,066 thousand Euro incurred 
by the Parent company).
12. Transactions with related parties
In compliance with the provisions of the Regulation adopted by CONSOB with resolution no. 17221 of 
12 March 2010 as amended and supplemented, the Company Salvatore Ferragamo S.p.A. adopted a 
Related Party Transaction Procedure (“Related Party Procedure”) which was revised and updated by the 
Company’s Board of Directors on 31 July 2018 and is available on the website https://group.ferragamo.
com, Section Governance/Corporate Governance, Procedures.
The main body responsible for the correct application of Salvatore Ferragamo S.p.A.’s Related Party 
Procedure is the Company’s Board of Directors. 
The Related Party Procedure identifies the principles adopted by the Company in order to guarantee the 
transparency and the actual and procedural fairness of transactions with related parties undertaken by 
the Company, either directly or through its subsidiaries. 
In particular, it establishes the “larger” transactions which must be approved in advance by the 
Board of Directors on the basis of the grounded and binding opinion of the Committee responsible 
for Transactions with Related Parties – which is identified in the Control and Risk Committee, except 
for resolutions on remuneration of Directors and Managers with strategic responsibilities for which 
the Nomination and Remuneration Committee is responsible – and which entail the disclosure of an 
information document. The other transactions, unless they fall in the residual category of low value 
transactions – i.e. those worth less than 100,000.00 Euro – are defined as “minor” transactions and 
can be executed subject to a grounded and non-binding opinion of the Committee responsible for 
Transactions with Related Parties. In addition, the Related Party Procedure identifies the cases which 
are exempt from application of the procedure, including in particular ordinary transactions completed 
at market or standard conditions, transactions with or between subsidiaries and those with associated 
companies – provided that other related parties of the Company do not hold significant interests in 
these transactions – and low value transactions.
The Board of Statutory Auditors is responsible for overseeing the compliance of the Related Party 
Procedure with the principles indicated in the Consob Regulation and observance and correct 
application of the Procedure.
Transactions with related parties – as listed in the financial statements and set out in detail in the 
specific note to the consolidated and separate financial statements (to which reference should be 
made) – cannot be considered as atypical or unusual, since they form part of Group companies’ regular 
business and are regulated at market conditions.
Salvatore Ferragamo Group Board of Directors’ report 
78 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

As at the reporting date, the Company’s Related Party Procedure is being updated in accordance with 
Consob’s resolution no. 21624 of 10 December 2020. The updated version, to be approved by the Board 
of Directors with the favorable opinion of the Committee responsible for Transactions with Related 
Parties, will become effective on 1 July 2021.
13. Main risks and uncertainties
The pandemic caused by the global outbreak of Covid-19 has disrupted our society and our economy. 
It will upend conventional business models as well as entire industries. 
This new scenario has laid the foundation for a review of our risk portfolio. This was necessary to 
understand how the Group has dealt and is dealing with the global pandemic, so as to ensure that the 
emergency is handled effectively and monitor the most appropriate mitigation actions. 
Also in response to Consob’s Warning no. 8/20 of 16 July 2020, the risk management function promptly 
carried out a specific Covid Risk Assessment to identify and assess the main risks and areas affected 
by the Covid-19 emergency and monitor the relevant mitigation actions.
In identifying and assessing Covid-19 risks, the risk management function, aided by Department/
Function Heads at the Company’s Headquarters as well as the representatives of the various Regions, 
focused on ten areas (People & Society, Technology, Production & Operation, Liquidity & Profitability, 
Reputational & Ethics, Compliance, HSE, Strategy, Growth & Competition), finding 30 main risks – with 
a higher concentration in Production & Operation. 
In preparing the master plan of the actions to be taken, special emphasis was placed on the five main 
risks relating to Over Stock, Liquidity, IT Security, Strategic Planning, and Challenges for Workers.
 The Group’s assessment of the main corporate risks has been updated by considering the findings of 
the Covid Risk Assessment.
Here below are the main risk factors, and the main impacts in terms of sustainability, to which the 
Parent company and the subsidiaries (the Group) are exposed, identified by type: strategic, operating, 
financial, and compliance risks. For a description of the overall Risk management system through 
which risks are managed and controlled, reference should be made to the specific description in the 
Annual report on corporate governance and ownership structure and the specific section included in 
the Consolidated non-financial statement pursuant to Italian Legislative Decree 254/2016. 
In addition, since 2019, in line with the recommendations issued by the European Commission 
(Guidelines on reporting climate-related information) as part of the Action Plan on Sustainable 
Finance, the Salvatore Ferragamo Group began incorporating climate-related risk factors into 
its own risk map.This involved analyzing the organization’s impact on the climate as well as the 
climate’s impact on the organization in order to confirm whether or not the risk factors mapped 
to date actually exist and incorporate them if required. The main risks for which the Group has 
incorporated climate-related risk factors concern: changes in society and consumer behavior 
requiring to align collections with market needs, events impacting the brand’s image and reputation, 
natural, economic, and geopolitical events, the supply chain, the distribution model and compliance 
with quality standards, communication with stakeholders, and regulatory compliance. This process 
allowed to raise awareness as well as improve the understanding and monitoring of climate-related 
risks and opportunities within the Group.
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
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Market and strategic risks
Market risks connected to social, economic and political changes
The luxury goods market, which is the key market for the Group’s products, is highly dependent on 
disposable income and consumers’ propensity to spend as well as the general economic trend. Political 
instability and/or economic recession in a geographical market which is significant for Group sales, 
and events that can undermine the confidence of the Group’s target customers could have a negative 
impact on the income, financial and equity position of Group companies. This market is also closely 
connected to changes in consumption trends and changes in lifestyles.
Finally, the failure to transition to a “lower carbon economy” could pose significant potential risks, 
as this would magnify the company’s impact on the climate and, in turn, the climate’s impact on the 
company.
Risks connected to the definition and implementation of strategies
In formulating its strategy, the Group takes into account some assumptions on the economic trend and 
on the development in demand for luxury goods in the various geographic areas and on the prospects 
for the potential locations in which to base its stores. The Group’s ability to implement its strategy 
depends, among other things, on its ability to meet, through the development of its collections, 
the preferences of its customers—also with respect to the growing focus on product sustainability 
and transparent sourcing, including in terms of environmental and social impacts—and to launch 
communication campaigns aligned with its strategic positioning and brand awareness objectives. In 
addition, a risk factor is the competition for prestigious retail locations which could have an impact on 
fixed costs for new openings and renovation. Should the Group not be able to implement its strategy 
and/or should the underlying assumptions on which the Group has based its strategy prove not to be 
correct, the Group’s business and prospects could be negatively affected.
Risks of natural or malicious events and the connected effects on 
equity or on the business
The widespread presence of the business and, above all, of the distribution network across the 
main countries worldwide exposes the Group to a variety of risks related to natural events, such as 
earthquakes, floods, etc., or malicious events, such as acts of terrorism, or risks associated with an 
epidemic outbreak, including on a global scale, which could directly or indirectly damage the Group’s 
assets, when such events cause significant economic losses and/or social unrest in the populations 
affected, with a consequent negative impact on demand in this geographic area and/or on the 
undertaking of the Group’s activities.
Risks of events with an impact on the image and reputation of the 
brand
The Group’s success depends on the image of its brand, which is influenced not only by internal 
factors relating to its own business, i.e. by the definition and implementation of its strategies, but 
also by a variety of external factors or events which may harm or damage the business ethics and 
values associated with the reputation of the brand. Internal risk factors include, by way of example, 
the perceived service quality and the attractiveness of products to customers—including with respect 
to product transparency and sustainability—the implementation of commercial strategies and the 
excellence of the distribution service and the direct and indirect channels. Among external risk factors 
note should be taken, among others, of the increasing spread and use of easily accessible media 
channels that broaden their appeal to a large group of users, the failure to adopt more innovative 
technologies with a low environmental impact, the dissemination of information or news, and potential 
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80 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

crimes connected to the production chain (e.g. handling of greenhouse gas) which, although entrusted 
to external workshops, may have an indirect impact on the brand.
Risk connected to trade channels managed by third parties
Part of the distribution network for “Salvatore Ferragamo” branded products consists of stores 
managed by third parties with whom the Group generally has long-standing business relationships. As 
far as the wholesale channel is concerned, the Group’s sector is characterized by a limited number of 
large operators, such as major department stores, mainly from the United States, but also important 
distributors and duty free and travel retailers. The lack of commercial relations with the main indirect 
distributors, the impossibility of developing new commercial relations, or a marked fall in the related 
revenues could impact the Group’s business. In addition, the failure by indirectly managed stores to 
comply with a commercial policy that is in line with the brand’s image could damage the brand’s 
positioning, as well as the related sales.
Main impacts in terms of sustainability
As part of this category, the main impacts in terms of sustainability are connected to internal and 
external events that could impact on the Brand’s image and reputation.Risk factors include, for example, 
the product’s appeal to customers in terms of its transparency and sustainability and the failure to 
move to a lower carbon economy, as it would increase the company’s impact on climate and, in turn, 
the impact of climate on the company. Other factors include the failure to adopt new, more innovative 
and environmentally-friendly technologies, the dissemination of information or news, and possible 
breaches relating to the production chain (e.g., greenhouse gas emission management) which, albeit 
entrusted to external workers, may have an indirect impact on the Brand.
Operating risks (connected to typical processes)
Dependence on key suppliers in the production process
The organizational model adopted by the Group entrusts the production process entirely to expert 
staff in external workshops, although keeping in-house the management and organization of the most 
important stages in the value chain. The outsourcing of the production process and the consequent 
possibility of the termination of dealings with third parties, owing to bankruptcy or discontinuance, and 
also due to default or voluntary interruption of the collaboration, could represent a going-concern risk in 
particular business areas, at least in the short term. In addition, any interruption in the relationship with 
these external subjects could lead to issues relating to claims of alleged employment and operational 
dependence which such external subjects could raise, should the Group consider it advisable to 
discontinue the collaboration. 
An additional risk is that connected with price fluctuations relating to the availability of high-quality raw 
materials or supply-side competitive tensions, resulting in additional costs to the Company. 
Risks relating to the protection of intellectual property and parallel 
market rights
The risk relates to the possibility that counterfeit products are illegally marketed and the possibility 
of third parties using the trademark or the corporate name improperly or for purposes not permitted 
by current regulations on the protection of intellectual property rights. The risk of violation of the 
intellectual property rights of products and the brand held by the Group is amplified via the Internet 
through their improper use on third-party websites. This risk can take several forms: unauthorized 
e-commerce websites which sell official products; e-commerce websites which sell counterfeit 
products; and unauthorized use of the “Ferragamo” name in the website address. Finally, legal 
Board of Directors’ report
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Consolidated Financial Statements
Separate Financial Statements
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protection cannot, in any case, prevent the possibility that Salvatore Ferragamo brand products sold 
to wholesale customers are then sold on so-called parallel channels, with possible repercussions on 
the corporate image as a result of the lack of control over these retail sales by a commercial policy 
that is in line with the brand image developed by the Group, as well as a negative impact on Group 
revenues.
Risks connected to the adequacy of the governance system of 
subsidiaries and to organizational development that is in line with the 
Group’s growth
The risk is connected to the possibility that the governance system of subsidiaries, whether wholly or 
partially owned, or the instruments adopted for its implementation are not adequate or do not allow 
the activities undertaken by local managers to be maintained in line with the policies or expectations 
of the Group’s top management. The risk of an inadequate organizational model relates also to the 
possibility that the macro and micro organizational systems do not provide the best possible support 
for the company’s activities in order to achieve the defined business goals. 
Risk of loss of key resources and know-how 
The risk is connected to the significant dependence which the Group may have in regard to some 
managers who are currently considered strategic resources, since they cannot be easily or rapidly 
replaced by internal or external staff. The ending of the contribution of such staff members could lead 
to missed business opportunities, lower revenues, higher costs or cause damage to the Group’s image. 
The risk of dependence on key staff is also connected to the potential loss of “technical know-how”, 
in reference to the possibility of seeing a gradual reduction or loss of the expertise and skills needed 
to manage design, development and production activities, in particular in regard to the Group’s core 
business: the manufacture of footwear and leather goods. This risk is especially important in regard 
to the professional staff responsible for handling product development and industrial manufacture 
processes, in an external and local framework characterized by a gradual reduction in craftsmanship 
and professional skills.
IT security risks, data management and dissemination
Information Technology (IT) is today one of the key enablers for the achievement of corporate 
business goals. The IT risk is therefore connected to the significant dependence of the Group 
companies, and the relevant operational processes, on the IT component. Specifically, this means 
the risk of undergoing a financial loss or a loss of reputation and market share resulting from the 
possibility that a given threat, be it accidental or deliberate in nature, exploits a vulnerability which is 
implicit in the technology or derives from the automation of corporate business processes, causing 
events that could compromise the security of the Company’s data in terms of confidentiality, integrity 
and availability.
Main impacts in terms of sustainability
Within this category, the main impacts in terms of sustainability are associated with typical processes, 
which include both external risks, such as those relating to the abuse of intellectual property rights, 
and internal risks related to the organizational structure, processes and systems adopted by the 
Group. Specifically, safety and customer satisfaction, including product quality, the health, safety, 
and quality of workers’ professional life, and the value chain represent risk areas for the Group.
Salvatore Ferragamo Group Board of Directors’ report 
82 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Financial risks
For information relating to the management of financial risks and for the other information provided for 
by IFRS 7, reference should be made to the specific section in the Explanatory notes to the consolidated 
and separate financial statements, at the end of the paragraph on accounting standards.
Exchange rate risk
The Group operates at the international level and is therefore exposed to risks deriving from exchange 
rate fluctuations, which affect the financial position and financial performance, due to the difference 
in the value of foreign currency costs and revenues compared to the moment in which pricing 
conditions were set, as well as because of the translation of trade or financial receivables and payables 
denominated in foreign currencies. In addition, by virtue of the fact that the Company prepares its 
consolidated financial statements in Euro, fluctuations in the exchange rates used to translate the 
financial statement data of subsidiaries which were originally expressed in a foreign currency could 
have a significant impact on consolidated results, net financial position, net financial debt, and 
shareholders’ equity as expressed in Euro in the Group’s financial statements, and financial ratios.
Counterparty risk
The credit risk connected to financing, investing and operating activities in derivatives to hedge the 
exchange rate risk is represented by the inability of the counterparty or the issuer of the instruments to 
meet their obligations. The credit risk regarding the Group’s other financial assets, consisting of cash 
and cash equivalents, available-for-sale financial assets and some derivatives, has a risk equal to the 
book value of these assets in case of insolvency of the counterparty.
Credit risk 
The Group’s exposure to trade credit risk refers exclusively to wholesale sales and the receivables 
associated with licensing revenues, which combined represent nearly one-third of global turnover; 
the rest refers to retail sales, which are usually paid with cash or credit and debit cards at the time of 
purchase.
Interest rate risk
Movements in market interest rates affect the level of net financial charges and the market value of 
financial assets and liabilities. The Salvatore Ferragamo Group is mainly exposed to the risk of recording 
on the income statement an increase in financial charges due to an unfavorable change in interest 
rates. Group companies use third-party financial resources largely in the form of floating rate bank debt 
and deploy the available liquidity mainly in money market instruments. Changes in market interest rates 
only affect the cost of loans and the yield on uses and thus the level of the Group’s financial charges 
and income, and not their fair value.
Liquidity risk
Liquidity risk represents the risk that the Group cannot meet its financial obligations due to problems 
in obtaining funds at current market price conditions or in liquidating assets on the market to find the 
necessary financial resources. The first consequence is a negative impact on the income statement, 
should the Group be forced to incur additional costs to meet its commitments. The factors which 
mainly influence the Group’s liquidity are the resources generated or absorbed by current operating and 
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Consolidated Financial Statements
Separate Financial Statements
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investing activities, the possible distribution of dividends and the expiry and possibility of renewal of 
debt or the expiry and possibility of liquidation of financial investments of surplus cash.
Main impacts in terms of sustainability
The impacts in terms of sustainability are connected to the economic and financial performance and to 
the systems adopted for the reliability, timeliness and completeness of financial reporting, as well as 
to the involvement and transparency of information towards stakeholders and the market in general. 
Compliance risks
Tax risk
The Salvatore Ferragamo Group has subsidiaries in over 25 countries worldwide and, therefore, its 
tax returns and obligations are usually subject to assessments by the tax authorities of the various 
countries. In addition, due to the high number and value of transactions between Group companies, 
the compliance of the amounts envisaged for such transactions to local and international rules 
and principles on transfer pricing is subject to assessment and adjustment by tax authorities. The 
instruments adopted by the management to limit tax risk for both tax compliance and transfer pricing 
cannot completely rule out the risk of tax assessments, especially taking into account the lack of clear 
and established regulation of transfer pricing in local legal provisions and procedures. 
Risk relating to non-compliance with rules and regulations 
The Group is subject, in the various jurisdictions where it operates, to legal provisions – including tax 
provisions which are described separately – and to technical rules which are applicable to the products 
manufactured and their distribution. 
Italian and European regulations that are now applicable to the Parent company following the listing of 
Salvatore Ferragamo S.p.A.’s shares on the Mercato Telematico Azionario (an electronic stock market) 
organized and operated by Borsa Italiana S.p.A. since 29 June 2011 are especially relevant to this 
risk. There are also specific regulations that are particularly relevant to this risk, such as Regulation 
EU no. 56/2014 (MAR), the laws that protect consumers, intellectual and industrial property rights, 
competition, employee health and safety, the environment, privacy, the administrative responsibility of 
public entities as per Italian Legislative Decree 231/01, the responsibility under Law 262/05, industrial 
compliance concerning the conformity of distributed finished products and raw materials used in 
relation to the standards provided for by law, and the implementations associated with the handling 
of greenhouse gases.
Almost all products manufactured and sold by the Group are made in Italy, except for a very limited 
range of products manufactured abroad to take advantage of local traditions and quality (for example 
“Swiss Made” watches). This is considered a competitive advantage compared to rival products which 
cannot make the same claim. A change in the law on the origin of goods could, however, change 
the current identification requirements for “Made in Italy” products. It is impossible to rule out the 
risk of potential violation of the “Made in Italy” identification requirements by external workshops or 
suppliers to whom the realization of the finished products is outsourced, in particular in cases in which 
a production stage is further subcontracted. The application of new rules and regulations or changes to 
the law in force, which could lead to a delay in adjusting structures in order to ensure compliance with 
the new or subsequent requirements, result in further exposure to the risk of sanctions due to failure 
to comply with such provisions.
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84 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Main impacts in terms of sustainability
The impacts in terms of sustainability consist in potential internal and external compliance risks 
associated with the failure to comply with laws and regulations (including social and environmental 
ones) applicable to the Salvatore Ferragamo Group.
With respect to sustainability, the following safeguards should be mentioned: the adoption of an Ethical 
Code, the implementation of an Anti-Corruption Policy, the adoption of an Organization, Management 
and Control Model pursuant to Italian Legislative Decree 231/2001, and the creation and dissemination 
of a Supplier Code of Conduct. To monitor actual compliance with the principles laid out in the Supplier 
Code of Conduct, the Group has launched an audit plan for its contract manufacturers and direct 
suppliers, which complements the monitoring of sub-suppliers that the Group has been doing since 
2014, in order to assess compliance with ethical and social standards. 
In addition to the above risk categories, the Group assesses the reputational impact – which, considering 
its importance for the sector, could amplify the impact of a risk, regardless of the specific category.
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Consolidated Financial Statements
Separate Financial Statements
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14. Significant events occurred after 
31 December 2020
No significant events occurred after 31 December 2020.
15. Macroeconomic situation  
and outlook
The short-term economic outlook has suddenly deteriorated at a global level and faces considerable 
uncertainty. The Covid-19 pandemic, which began in China and then spread to the rest of the world, 
caused a significant adverse shock that is having a strong negative impact on business operations, 
at least in the short term, by affecting both supply and demand; assessing the full impact of such a 
shock is still extremely hard. Early base-case assumptions about the virus being contained by the 
end of 2020 and growth gradually returning to normal in the first half of 2021 have been replaced by 
others according to which, although financial markets have stabilized as an accommodating monetary 
policy ensures the credit system continues working as usual, the easing of global uncertainty and 
the ensuing recovery are farther away. The International Monetary Fund’s January 2021 forecasts – 
although slightly more optimistic than the ones issued in October – point to a global recession in 
2020, with GDP expected to shrink by -3.5%, and then rebound by +5.5% in 2021. With respect to the 
world’s major economies, GDP growth is expected to decline by -3.4% in 2020 and rise by +5.1% in the 
following year in the US, fall by -7.2% in 2020 and rise by +4.2% in 2021 in the Euro Area, and increase 
by +2.3% in 2020 and +8.1% in 2021 in China.
Management continues seeking to strengthen the Salvatore Ferragamo Group’s competitive position 
among the leaders of the luxury market. The market scenario remains volatile in light of the continued 
restrictions imposed by governments and the uncertainty over how the pandemic will play out. 
Management therefore believes it cannot make detailed forecasts as to how the Group will perform this 
year in the various markets, but remains committed to growing revenues in high-potential channels 
and curbing costs.
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86 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

16. Separate Financial Statements as at  
31 December 2020 of Salvatore Ferragamo S.p.A. - 
Proposal for approval 
Dear Shareholders,
relying on your approval to the structure and basis of presentation of the separate financial statements 
for the year ended 31 December 2020, we:
1. submit the 2020 Separate Financial Statements to your approval;
2. propose covering the loss for 2020, totaling 34,070,066 Euro, by using the Extraordinary Reserve. 
Florence, 9 March 2021
	
	
	
	
	
	
On behalf of the Board of Directors
	
The Chairman
	
Ferruccio Ferragamo
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Our commitment to sustainable development
“Since the introduction of the Brand, creativity, innovation, and world-class craftsmanship have always been the core 
values of the Salvatore Ferragamo Group, guiding the design and production of any creation. Over the years, the deep 
connection with the local community and its culture has made the Salvatore Ferragamo Group increasingly aware of 
the need for a strong commitment to protect the places where it operates and the people that work for the Group, 
going above and beyond the requirements of domestic and international laws, rules and regulations.”
The recent crisis caused by the Covid-19 pandemic has put a strain on the fashion industry and forced companies to 
rethink the way they do business; however, it has emphasized the central value of sustainability in the recovery phase. 
In 2020, the Group’s commitment in this area was further strengthened, by putting corporate responsibility at the 
center of the decision-making process, seeking to grow the business while considering also the positive and negative 
impact of its operations on society and the environment.
For Salvatore Ferragamo, investing in sustainable development means believing in the use of innovative materials, in 
the connection with the community and the local territory, and in the respect for the environment and its people. These 
values, handed down by the Founder, are essential not only for the success of the Company, but for all stakeholders.
The commitment to sustainability, intended as a behavioral model to be followed without compromise, has been 
structured over the years and draws inspiration from the values that underlie the very history of the Salvatore 
Ferragamo Group: a passion for world-class craftsmanship, creativity and Made in Italy innovation. Understanding 
and respecting these values translate into ethically correct behaviors, both inside and outside the Group, supporting 
it in terms of economic growth and credibility.
Consolidated Non-Financial Statement 
pursuant to Italian Legislative Decree 254/2016

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90 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
INSERIRE
INTRO
word pag 57

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
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Methodology	
92
Culture of sustainability	
100
The sustainability journey	
102
Stakeholders and materiality	
106
Sustainability Plan and SDGs	
110
Ethical business	
114
Sustainability governance and risk management	
118
Responsibility towards people	
124
Staff composition	
128
The well-being and health of people	
130
Attracting and developing talents	
134
Diversity and inclusion	
140
Responsibility towards the environment	
142
Responsible innovation and circular economy	
144
Responsible consumption	
148
Climate change and emissions monitoring	
152
Social responsibility	
156
Quality and Made in Italy	
158
Responsible and transparent procurement	
162
Customer focus	
170
Link with the community and the local territory	
176
Museo Salvatore Ferragamo and Fondazione Ferragamo	
180
Annexes	
186
Boundary of the Group’s material topics	
196
GRI content index	
200
Independent Auditor’s report	
212
Table of contents

Methodology

Salvatore Ferragamo Group Board of Directors’ report
94 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
This section of the Board of Directors’ Report 
represents the Consolidated Non-Financial 
Statement (hereinafter also referred to as 
“NFS” or “Sustainability Report”) pursuant 
to Italian Legislative Decree no. 254 of 30 
December 2016 implementing Directive 
2014/95/EU of the companies belonging to 
the group consisting of Salvatore Ferragamo 
S.p.A. and its subsidiaries (hereinafter also 
referred to as the “Group” or “Salvatore 
Ferragamo Group”) for the period from 1 
January through 31 December 2020.
The NFS, as envisaged by article 5 of Italian 
Legislative Decree 254/2016, is included 
within the Board of Directors’ Report with 
specific wording with the aim of making 
the Annual Report the reference document 
for meeting the information requirements 
of the Group’s stakeholders in a clear and 
concise manner. The document aims to 
foster the progressive integration of financial 
and non-financial information, providing the 
reader with a complete and integrated view 
of the Group’s performance, highlighting 
the link between operating, financial and 
sustainability scenarios.
The NFS was prepared to ensure the 
understanding of the Group’s operations, 
performance, results and impact, addressing 
the topics considered material and set out in 
articles 3 and 4 of Italian Legislative Decree 
254/2016. The contents being reported in 
this document have been selected based on 
Methodology

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a structured analysis of materiality, which was 
updated in 2020, downstream of a trend and 
scenario analysis, both in Italy and globally, 
and made it possible to identify the most 
important sustainability issues for the Group 
and its stakeholders, as detailed in the section 
“Stakeholders and materiality”. In addition, 
the provisions of the European Commission’s 
“Guidelines on Non-Financial Reporting” have 
also been considered for the definition of the 
contents.
To avoid duplication and promote ease 
of reading, the NFS provides integrated 
information on the issues required by Italian 
Legislative Decree 254/2016 also by referring 
to other sections of the Board of Directors’ 
Report, if the information is already contained 
therein or in case of further in-depth analysis.
The NSF is structured in 4 macro-sections:
· Approach to sustainability, which describes 
the general ESG management model adopted 
by the Group, with a special reference to 
materiality analysis, stakeholder involvement 
and business ethics;
· Responsibility 
towards 
people, 
which 
describes the management of staff-related 
aspects and performance;
· Responsibility towards the environment, which 
describes the management of environmental-
related aspects and performance;
· Social responsibility, which describes 
the management of aspects related to 
the external community, supply chain, 
customers, human rights governance and 
relevant performance.
The scope of social and environmental 
data and information is limited only to the 
subsidiaries consolidated on a line-by-line 
basis5.
Nonetheless, it should be noted that with 
reference to the information and data 
relating to environmental issues, during 
2020 an analysis was undertaken in 
order to identify the stores (DOS) which 
are considered relevant to ensure the 
necessary understanding of the Group’s 
business, its performance, results and 
environmental impact. Compared to 2019, 
the scope has been expanded in line with 
the baseline identified to meet the criteria 
for calculating the Group’s science-based 
targets, approved by the Science Based 
Targets initiative in August 2020. This 
scope excludes DOSs opened after 30 June 
of the reporting year and represents about 
70% of the Group’s headcount. In addition, 
it should be noted that, with reference to 
stores, in line with 2019, data on water 
consumption 
and 
waste 
production 
for 2020 were not calculated since not 
considered material.
The “Social responsibility” section includes 
data and information relating to the 
Fondazione Ferragamo, a related party of 
the Group, which, although not included in 
the scope of consolidation of the Salvatore 
Ferragamo Group, plays a significant role in 
the way the Group has an impact on society.
Ways of presenting quantitative data other 
than the above are expressly indicated in 
specific notes. In addition, to present fairly 
the Group’s performance and ensure data 
reliability, the use of estimates has been 
limited as much as possible. Any estimates 
in this document are made using the best 
available methods and expressly noted. 
Where possible, the information contained 
in the NFS has been provided along with a 
comparison to the year 2019. 
Finally, for the sake of understanding the 
information contained herein, please note 
that the following terms are used in the 
document:
a. “the Group” refers to the Salvatore 
Ferragamo Group (“Group” means the 
Parent Company Salvatore Ferragamo 
S.p.A. and the subsidiaries consolidated on 
a line-by-line basis);
b. “Salvatore Ferragamo”, “the Company”, 
“the Parent Company” refer to Salvatore 
Ferragamo S.p.A;
5 The list of companies consolidated on a line-by-line basis is given below: Ferragamo France SAS, Ferragamo U.K. Limited Ltd, Ferragamo Suisse SA, Ferragamo Monte-Carlo SAM, Ferragamo Belgique 
SA, Ferragamo Deutschland GmbH, Ferragamo Espana SL, Ferragamo Retail Nederland BV, Ferragamo Austria GmbH, Ferragamo USA Inc, Ferragamo Canada Inc, S Fer International Inc, Sator Realty 
Inc, Ferragamo Mexico S. de R.L. de C.V., Ferragamo Chile SA, Ferragamo Argentina SA, Ferragamo Brasil Roupas e Acessórios Ltda, Ferragamo Japan KK, Ferragamo Hong Kong LTD, Ferragamo 
Australia Pty, Ferragamo Korea Ltd., Ferragamo (Singapore) PTE. LTD., Ferragamo Retail India Private LTD, Ferragamo (Thailand) LIMITED, Ferragamo (Malaysia) Sdn Bhd, Ferrimag Limited, Ferragamo 
Retail Macau Ltd., Ferragamo Retail HK Ltd, Ferragamo Retail Taiwan Ltd, Ferragamo Moda (Shanghai) Co. Ltd, Ferragamo Fashion Trading (Shanghai) Company Ltd., Ferragamo Parfums S.p.A.Note 
that for the company Ferragamo Retail India Private LTD, only staff-related data is reported as it is a non-operating company. Although Ferrimag Limited is consolidated on a line-by-line basis, no 
non-financial data is reported as it does not exist.

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ENVIRONMENT
The Group considers the protection of the 
environment in which it operates to be of 
fundamental importance: following the 
definition of science-based targets in 2020, 
several activities aimed at reducing the 
carbon footprint have been launched. In 2020, 
Salvatore Ferragamo obtained the ISO 14067 – 
Product Carbon Footprint certification for the 
iconic Viva model, offsetting the emissions 
related to its manufacture and distribution 
through an energy efficiency project. Again 
in 2020, it also achieved an A- score in the 
climate change section of the CDP, which it 
has been compiling since 2017. In 2019, it 
obtained the ISO 14001:2015 certification 
for all its Italian offices and stores; the latter 
were also certified ISO 14064. Inaugurated 
in 2018, the Salvatore Ferragamo’s Logistics 
Hub obtained in 2019 the highest possible 
LEED certification, i.e. Platinum. In 2020, the 
new Salvatore Ferragamo Archive has been 
inaugurated in the renovated M building of the 
Osmannoro site, for which the LEED Platinum 
certification was also obtained in 2020. The 
Group intends to continue its commitment 
to environment protection, optimizing and 
making consumption and greenhouse gas 
emissions more efficient, both for the Group’s 
offices and stores, and continuing the process 
to obtain certifications.
sustainability as a model of conduct to follow 
without any compromises, and it has achieved 
significant results in this area over the years. 
In order to reinforce its commitment, in 2017 
the Group developed a Sustainability Policy 
and implemented a continuous improvement 
program through a Sustainability Plan up to 
2023, which has been most recently updated 
in 2020. Specifically, the Sustainability Plan, 
which includes four macro-areas and multiple 
objectives, defines the Salvatore Ferragamo 
Group’s strategic vision on sustainability 
and will guide the short- and medium-term 
actions of the Group. As further evidence of 
the Group’s deep commitment to integrating 
sustainability into its business operations, 
several initiatives implemented in recent 
years should be mentioned.
In 
September 
2020, 
confirming 
its 
commitment to sustainability and in line 
with the level of decarbonization required to 
prevent the most damaging effects of climate 
change, the Salvatore Ferragamo Group 
defined its science-based targets to reduce 
greenhouse gas emissions. Again in 2020, 
Salvatore Ferragamo obtained certification 
of its integral sustainability with SI Rating, 
receiving the Silver certificate. In August 
2019, Salvatore Ferragamo subscribed to 
the Fashion Pact, which brought together 
over 250 fashion and textile brands to 
set out practical and concrete targets for 
reducing the environmental impact of this 
important industry. In addition, again during 
2019, the Group undertook a process to 
integrate climate-related risk factors into 
its mapping of risks, as part of the Action 
Plan on Sustainable Finance, with the 
aim of increasing the level of awareness, 
understanding and monitoring of risks and 
opportunities connected to climate, in line 
with the recommendations provided by 
the European Commission (Guidelines on 
reporting climate-related information). In 
conclusion, an overview of the objectives 
already achieved and of those set with 
reference to the various topics deemed 
relevant is provided below:
c. “Italy” refers to the main area of business of 
Salvatore Ferragamo S.p.A. and Ferragamo 
Parfums S.p.A., unless otherwise specified;
d. “Ferragamo” refers to the Salvatore 
Ferragamo Brand. 
The NFS has been drafted in compliance with 
the “Global Reporting Initiative Sustainability 
Reporting Standards”, defined by the Global 
Reporting Initiative (GRI), based on the “in 
accordance - Core” option. At the end of 
the NFS document, the Group has included 
a table listing the reported GRI indicators, 
which provides a summary of the indicators 
and the relevant page numbers. 
For information on the Consolidated Non-
Financial Statement, please contact csr@
ferragamo.com. This document, drawn up 
annually, is also available in the sustainability 
section of the Group’s website (https://
sustainability.ferragamo.com/en). 
The NFS, pursuant to the provisions of Italian 
Legislative Decree 254/2016, is annual 
and was submitted to the Control and Risk 
Committee for examination and evaluation 
and subsequently approved by the Board of 
Directors of Salvatore Ferragamo S.p.A. on 9 
March 2021.
The cross-functional working group of 
Salvatore Ferragamo S.p.A. dedicated to 
sustainability gathered and processed data 
and information through forms sent to the 
heads of the Group’s functions concerned and 
included in the relevant scope.
The entity entrusted with the audit of this NFS 
is KPMG S.p.A., which certifies the compliance 
of the information provided herein with 
article 3, paragraph 10 of Italian Legislative 
Decree 254/2016 in a separate report. The 
audit was conducted in accordance with the 
procedures outlined in the section of this 
document “Auditor’s Report”. 
Since the very beginning, the Salvatore 
Ferragamo Group has always considered

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98 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
ATTENTION AND CARE FOR ITS HUMAN 
CAPITAL
The Group has always been committed to 
promoting and enhancing the potential of 
its human capital as well as to offering a 
stimulating work environment, in accordance 
with corporate welfare principles. The attention 
and care for employees are expressed not only 
in the Group’s Sustainability Policy, but also in 
the Parent Company’s Business Regulations. 
In addition, to confirm the importance of the 
principles of diversity and inclusion, during 
2020 the Group launched a cultural change 
process linked to the Inclusion Policy, adopted 
in 2019.
ANTI-CORRUPTION 
AND 
BRIBERY 
MATTERS
In order to ensure the utmost transparency 
in its operations, during 2017 the Group 
implemented an Anti-Corruption Policy. In 
addition, the Group relies on a whistleblowing 
system and in 2018 implemented a Group 
Whistleblowing Policy. 
For further information on the initiatives 
undertaken by the Salvatore Ferragamo Group, 
the main risks generated or faced, including 
the relevant management procedures and 
objectives, reference should be made to the 
relevant sections in this document and the 
specific references to other sections of the 
Board of Directors’ Report indicated.
SOCIAL MATTERS AND RESPECT FOR 
HUMAN RIGHTS
To provide customers with products that 
meet the highest international safety 
standards, the Group has adopted Restricted 
Substances Lists for the different product 
categories and has been conducting eco-
toxicological tests on numerous components 
and finished products for several years now. 
As regards culture and the local community, 
the Group directs significant attention 
and resources to developing artistic and 
cultural initiatives, in line with the Group 
Charity Policy. During 2020, following the 
spread of the pandemic, the Company took 
steps to support several associations and 
organizations at a local level in the fight 
against Covid-19, and organized the work 
of its employees to ensure the highest 
standards of health and safety. The Italian 
administrative offices and stores of Salvatore 
Ferragamo S.p.A. are ISO 45001 certified. 
This aspect is also important along the 
whole supply chain: during 2020, the Group 
further strengthened the audit activities 
undertaken on its suppliers and contract 
manufacturers, launching a monitoring plan 
to verify compliance with the Supplier Code 
of Conduct. Finally, the Group constantly 
strives to ensure respect for human rights 
both internally and throughout the supply 
chain. In 2019, the Parent Company obtained 
the SA8000 social responsibility certification 
for the scope of its Italian operations and 
adopted a Policy for combating child labor, 
which aims to further formalize the corporate 
commitment in this field.
Since the 
beginning, 
the Group has 
considered 
sustainability as a 
model of conduct 
to follow without 
any compromises

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Culture
of sustainability

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The sustainability
journey
The Group 
defined its 
science-based 
targets to 
reduce its 
greenhouse 
gas (GHG) 
emissions

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The Group’s path towards sustainability 
started in 2014, when, with the aim 
of transparency with respect to its 
operations, Salvatore Ferragamo undertook 
a reporting process on initiatives related 
to social responsibility, drawing up the 
first Sustainability Report according to 
international guidelines. The Report, which 
was then extended in 2016 to the entire 
Group, received several awards over the 
years, including the Business International 
Finance 
Award 
in 
the 
“Financial 
Statements, Integrated Reporting, and 
Financial Communication” category for 
the 2016 edition and the Special “Social 
Commitment” Prize, awarded by Biblioteca 
Bilancio Sociale, in 2018.
Since 2014, in order to take an integrated 
approach to managing sustainability-
related topics, a cross-functional working 
group called Green Team has been set up, 
dedicated to designing and promoting 
corporate responsibility initiatives. The 
Team, which consists of people from 
several corporate functions, allows to bring 
together cross-functional skills in order 
to promote an extensive development of 
sustainability. The main responsibility of 
the Green Team is improving the quality of 
the workplace and the internal and external 
impact of the Company’s operations, as well 
as facilitating a direct relationship with the 
local community in all its environmental 
and human facets. The specific structure of 
the Green Team enables the development 
of sustainability initiatives within the fields 
of Materials Research and Development, 
Communication, 
Packaging, 
Logistics, 
Operations, 
Environment 
and 
Safety, 
Community & Charity, Purchasing of Raw 
Materials, Human Resources, Mobility, 
Store Planning and Merchandising. In 
2019, the eCommerce and IT departments 
became part of the Green Team, as well as 
a representative from Ferragamo Parfums 
S.p.A., in order to promote sustainability 
projects related to the world of fragrances 
in line with the Brand’s creative spirit. In 
2020, the Green Team was further expanded 
to include representatives from the Finance 
and Planning & Control functions. 
In 2016, the Company, with a view 
to 
transparency 
and 
sharing 
with 
stakeholders, created on the Salvatore 
Ferragamo Group website a section entirely 
dedicated to corporate responsibility, 
which illustrates the main social and 
environmental sustainability projects that 
the Group has promoted over the years. 
The Sustainability Policy was published 
in 2017, with the aim of establishing 
a corporate culture oriented towards 
fairness and professionalism, promoting 
honesty, 
integrity 
and 
transparency, 
encouraging sustainable development, 
fostering dialogue on corporate ethics, 
and increasing stakeholder responsibility. 
Prepared in accordance with the principles 
and rules of the Group’s Code of Ethics as 
well as the United Nations’ framework 
concerning 
Sustainable 
Development 
Goals 
(SDGs), the 
Policy seeks to 
encourage the Group’s governance bodies, 
employees, and collaborators to share 
ideas and recommendations to implement 
sustainability in day-to-day operations. 
More recently, the growing importance 
of sustainability issues has led to 
environmental, social and governance 
factors playing an increasingly important 
role in medium- to long-term investment 
decisions. For this reason, the Salvatore 
Ferragamo Group decided to undergo 
corporate 
sustainability 
assessments 
in 2020 in order to better understand 
its position and performance in the 
Environmental, Social, Governance (ESG) 
area.
In 2020, Salvatore Ferragamo was the 
first company in the fashion industry to 
have obtained certification of its integral 
sustainability with SI Rating, the first 
algorithm that encompasses in a single 
platform all the internationally recognized 
tools of the ESG criteria and the 17 UN SDGs, 
to assess the sustainability management 
of organizations. As evidence of its strong 
focus on sustainability management in 
multiple ESG areas, Salvatore Ferragamo 
was awarded the Silver certificate.
Also in 2020, Salvatore Ferragamo took out 
a credit line for a total maximum amount of 
250 million Euro with Intesa Sanpaolo S.p.A.; 
the loan was granted to support specific 
ESG objectives of Salvatore Ferragamo and 
to finance general cash requirements of the 
Parent Company, with a bonus mechanism 
expected upon achievement of certain 
sustainability parameters.
In August 2020, confirming its commitment 
to sustainability and in line with the level 
of decarbonization required to prevent the 
most damaging effects of climate change, 
the Group defined its science-based 
targets to reduce its greenhouse gas (GHG) 
emissions. The Science Based Targets 
initiative approved two major targets to 
be achieved by 2029 that include a 42% 
reduction in direct emissions and some 
categories of indirect emissions for the 
Group.

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recognized worldwide. The collaboration 
aims to develop business models based 
on sharing, extending products’ useful life, 
re-using and using renewable resources. In 
November 2018, the Alliance presented a 
Position Paper with the aim of bringing the 
issue of the circular economy at the very 
heart of the political agenda and of making 
proposals for the development of Italian 
projects on circularity. In September 2020, 
a new version of the Position Paper was 
released, which identifies priority actions, 
valuable experiences and makes concrete 
proposals for the development of circularity 
in Italy. Together with the Position Paper, the 
Alliance website was also created and made 
available to the public.
Moreover, 
since 
2011 
the 
Salvatore 
Ferragamo Group has been a member of 
the Sustainability Roundtable sponsored 
by the National Chamber for Italian Fashion, 
which aims to find an Italian way to making 
fashion sustainable as well as encourage the 
adoption of responsible business models 
throughout the fashion industry’s value chain.
was awarded the Positive Change prize, an 
award given as a “celebration of individuals 
and organizations that have driven change”.
In order to implement the universal 
principles of sustainability and support the 
United Nations’ goals, in December 2018, 
the Salvatore Ferragamo Group joined the 
United Nations Global Compact, the world’s 
largest corporate sustainability initiative. The 
United Nations Global Compact provides a 
universal language for social responsibility 
and a framework for businesses of all sizes, 
complexity and location. Moreover, this 
initiative supports companies in working 
responsibly and making strategic decisions 
to promote broader social goals. Each year, 
the Company takes part in workshops and 
webinars organized by the Global Compact 
in order to provide companies with training 
and support in various areas.
In December 2018, the Salvatore Ferragamo 
Group took part in the Make Fashion Circular 
initiative promoted by the Ellen MacArthur 
Foundation. This foundation, established 
in 2010 with the aim of speeding up the 
transition 
towards 
circular 
economy, 
brought circularity on the agenda of 
the most important decision makers of 
companies, governments and universities, 
extending the principles of circularity also 
to the fashion industry. Indeed, the Make 
Fashion Circular initiative was established 
with the aim of stimulating the collaboration 
and innovation necessary to create a new 
fashion industry, in line with the principles of 
circular economy. The Salvatore Ferragamo 
Group’s participation further highlights 
the Company’s commitment towards the 
virtuous model of circular economy. 
In October 2017, the Company signed the 
Manifesto for a Circular Economy, which 
establishes an Alliance to promote innovative 
and sustainable projects. The Italian Alliance 
for the Circular Economy, promoted by Enel 
and Intesa Sanpaolo, involves various “Made 
in Italy” businesses from different sectors, 
Over the years, the Company’s commitment 
to sustainability has been strengthened 
also thanks to its membership to important 
associations and networks with a view to 
sharing experiences and best practices.
In August 2019, Salvatore Ferragamo 
subscribed to the Fashion Pact, a coalition 
that brought together over 250 leading 
fashion and textile brands to set out 
strategic and concrete targets for reducing 
the environmental impact of this important 
industry. Supported by some of the leading 
experts in scientific research and ecosystem 
preservation, the Fashion Pact has set 
concrete targets focusing on three areas: 
· Climate: implementation of science-based 
targets (SBTs) to achieve zero greenhouse 
gas emissions by 2050;
· Biodiversity: protection of key species, 
preservation and restoration of critical 
natural ecosystems;
· Oceans: reducing the negative impacts 
of the fashion industry on the oceans by 
eliminating problematic and unnecessary 
plastics in packaging.
In order to bring the knowledge of all 
members of the Pact into line and ensure the 
achievement of the set objectives, during 
2020, the Fashion Pact in collaboration 
with the delivery partners, companies with 
technical expertise on the three pillars, 
organized several activities and webinars 
and shared information documents. 
Moreover, Salvatore Ferragamo is part of 
the Steering Committee of the Fashion Pact, 
a committee made up of a number of CEOs 
of member brands, in order to maintain an 
open dialogue between company executives 
and openly share ideas, guidelines and 
progress. In October 2020, on the occasion 
of the Copenhagen Fashion Summit, the 
Fashion Pact presented its first Progress 
Report, a document describing the progress 
made in this first year towards achieving the 
identified objectives. Moreover, in December 
2020, at the Fashion Awards promoted by 
the British Fashion Council, the Fashion Pact

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In August 
2019, 
Salvatore 
Ferragamo 
subscribed to 
the Fashion 
Pact, a 
coalition 
that brings 
together over 
250 leading 
fashion and 
textile brands

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The numerous aspects of the sustainability 
path undertaken by the Salvatore Ferragamo 
Group are based on an approach focused on 
transparency, integrity, and reliability, with 
the aim of engaging stakeholders in the 
economic, social and environmental goals 
of its business. The Group does not simply 
promote social responsibility initiatives 
but recognizes the value of sustainability 
as part of its corporate strategy and 
puts forward innovative proposals for its 
stakeholders. The Salvatore Ferragamo 
Group has identified and selected its 
stakeholders based on the awareness of 
its social role and deep connection with 
the local community, which is necessarily 
related to its operations, for the purposes 
of understanding their expectations and 
translating them into actionable objectives. 
The following have been identified 
as 
internal 
stakeholders: 
employees, 
shareholders, 
investors, 
distributors, 
suppliers and contract manufacturers. The 
following have been identified as external 
stakeholders: final customers, schools and 
universities, regulatory and governmental 
bodies and the public administration, 
local 
communities, 
non-governmental 
organizations 
(NGOs) 
and 
non-profit 
organizations, media and influencers, and 
trade associations. 
Stakeholders
and materiality
TRADE 
ASSOCIATIONS
REGULATORY AND GOVERNMENTAL 
BODIES AND PUBLIC ADMINISTRATION
FINAL 
CUSTOMERS
SCHOOLS 
AND
 UNIVERSITIES
DISTRIBUTORS
INVESTORS
SHAREHOLDERS
SUPPLIERS 
AND CONTRACT
 MANUFACTURERS
EMPLOYEES
MEDIA AND 
INFLUENCERS
NGOS AND 
NON-PROFIT
LOCAL 
COMMUNITIES

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Separate Financial Statements
107
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An approach 
focused on 
transparency, 
integrity and 
reliability

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108 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
significance and relevance, should be 
included in the Non-Financial Statement. 
This questionnaire was submitted to the 
Green Team, the Top Management, the 
Group’s Regional Directors, the CEO of 
Ferragamo Parfums and a selected group 
of Ferragamo employees. Moreover, online 
dissemination enabled the Company to 
reach numerous external stakeholders, 
including suppliers, NGOs and non-profit 
organizations, schools and universities, 
and local governmental bodies. 
In parallel with the online questionnaire, 
two training sessions on the Animal 
Welfare Policy were held in October 2020, 
aimed at suppliers of raw materials and 
finished products of animal origin of the 
Group and some retail staff, in order to 
share the contents and aims of the Policy 
and collect feedback and comments 
through 
a 
stakeholder 
engagement 
activity. Thanks to a digital and interactive 
approach, both groups were able to provide 
information about the relevance of certain 
sustainability issues for their business 
and for the Group. The results reaffirmed 
the key importance of issues such as: 
Quality and Made in Italy, Responsible and 
Transparent Procurement, Sustainability 
Culture, Governance and Ethical Business.
The listening initiatives of its stakeholders 
implemented in 2020 are added to the 
several meetings organized in previous 
The 
Salvatore 
Ferragamo 
Group’s 
materiality analysis reflects the topics 
material to the Group as well as the 
concerns 
and 
expectations 
of 
its 
stakeholders. After conducting it for the 
first time in 2014 with the participation of 
the Green Team and Top Management, the 
Group updated the materiality analysis in 
2016, 2018 and 2020, in accordance with 
the Guidelines of the Global Reporting 
Initiative (GRI STANDARDS) as well as 
the AA1000 Stakeholder Engagement 
Standard 
Guidelines 
for 
identifying, 
mapping and defining stakeholders’ 
expectations as well as for processing the 
results of their engagement and prioritizing 
them. In 2020, the materiality analysis was 
updated by engaging different categories 
of stakeholders, both internal and external 
to the Group, called upon to express 
their opinion in the process of defining, 
assessing and prioritizing material topics. 
The first phase of the materiality update 
involved the identification of all potential 
material topics for the Group, thanks to 
the analysis of corporate documentation 
(Code of Ethics, Annual Report, Strategic 
Plan, etc.), external documents on scenario 
changes and assessment questionnaires 
of 
sustainability 
rating 
companies, 
and through a comparison with the 
reference sector. Subsequently, an online 
questionnaire was prepared with the aim 
of identifying, through the assignment 
of scores, those topics that, for their 
The 
materiality 
analysis 
reflects the 
topics material 
to the Group 
as well as the 
concerns and 
expectations 
of its 
stakeholders

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 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
topics. These topics are grouped into four 
macro-areas: Governance, Compliance 
and 
Anti-corruption, 
Responsibility 
towards people, Social responsibility and 
Responsibility towards the environment.
employees to explore present and future 
projects, results and goals in the field 
of social responsibility and to express 
their opinions on the latter. Over the 
years, stakeholder engagement activities 
have seen the involvement of important 
universities, Store Managers and Assistant 
Store Managers of European boutiques 
and of younger Group employees.
The result of the analysis carried out 
in 2020, represented in the materiality 
matrix, was shared with the Chairman, the 
CEO, the Green Team and the Control and 
Risk Committee. Compared to the previous 
matrices, the new topic “Safeguarding 
Biodiversity” was added in 2020, in 
line with the commitments made in the 
Fashion Pact, for a total of 21 relevant 
years, in particular with the Group’s 
suppliers. In 2019, for example, two 
workshops were organized involving 
the main contract manufacturers of the 
finished product. The aim was to delve 
deeper into the principles set out in 
the Supplier Code of Conduct adopted 
in 2018. Also in this case, stakeholder 
engagement was carried out through 
interactive training. This activity was 
organized also in 2018 with all suppliers 
involved in the Rainbow Future sandal 
value chain, in order to identify the most 
relevant sustainability issues from their 
point of view as Group stakeholders. In 
the same year, the Group launched a 
digital platform to be used by corporate 
employees of Salvatore Ferragamo S.p.A. 
and the Group’s American and European 
Relevance for stakeholders
Relevance for the Salvatore Ferragamo Group
Safeguarding 
biodiversity
Animal Welfare
Anti-corruption
Employee welfare
Diversity and inclusion
Health and safety
Responsible and transparent procurement
Support to 
the community
Responsible 
consumption
Responsible use of 
chemical products
Respect 
for and promotion 
of human rights
Responsible innovation 
and circular economy
Culture of sustainability, 
Governance and Ethical Business
Climate change
Operating and financial performance
Quality and Made in Italy
Governance, Compliance and Anti-corruption
Responsibility towards people
Social responsibility
Responsibility towards the environment
Brand image 
and reputation
Attracting and developing talents
Customer experience
Risk 
management 
system
Security and protection 
of customers’ data

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110 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Sustainability
Plan 
and SDGs

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To confirm its commitment to sustainable 
development, as from 2016, the Salvatore 
Ferragamo Group launched a procedure for 
defining its sustainability goals, starting 
from the analysis of the United Nations’ 
Sustainable Development Goals (SDGs) 
and translating them into concrete actions 
to be developed in-house. This process 
drew to a close with the identification 
of the main goals to be pursued in its 
operations and with the adoption, in 2017, 
of the first Group’s Sustainability Plan. 
After signing the Fashion Pact, in 2019 
the Group stepped up its commitment 
in the field of environmental protection 
by 
integrating three 
additional UN 
Sustainable Development Goals (SDGs) into 
the Sustainability Plan: Climate action, Life 
below water and Life on land.
As from 2017, the Group adopted a 
Sustainability Plan, which is updated 
annually. It aims to create a shared vision 
of the direction taken at Group level and 
to promote a culture of sustainability 
that respects, protects and promotes 
excellence. The plan aims to map the 
targets as they are achieved, while 
integrating new challenges for future 
development. The document is shared with 
top management and the Control and Risk 
Committee, which oversees sustainability 
issues related to the Company’s operations 
and its interaction with all stakeholders.
In 2020, the Salvatore Ferragamo Group, 
in updating its Sustainability Plan, further 
strengthened the extensive integration of 
sustainability in its business strategy and 
identified priority topics broken down into 
specific drivers: Fashion Pact, Science-
Based Targets, Diversity and Inclusion, 
Circular Economy, Sustainable Materials, 
Link with the Local Community, and Health 
and Safety.
The Sustainability Plan identifies the main 
goals to be achieved in relation to the 
framework provided by the SDGs and the 
Group’s sustainability drivers and identifies 
specific initiatives to be implemented over 
three-years to achieve the following goals:
· embedding sustainability into business 
strategies and making the relationships 
with internal and external stakeholders 
more transparent;
· promoting the Group’s sustainability 
strategy through initiatives involving 
internal and external stakeholders and 
strengthening communication;
· enhancing 
human 
capital 
and 
strengthening the sense of belonging;
· continuing to focus on the healthiness of 
the workplace;
· promoting corporate welfare initiatives;
· monitoring the production chain and 
collaborating with suppliers for the 
development of shared projects;
· promoting energy and environmental 
efficiency projects, and committing to 
mitigating the effects of climate change in 
line with the SBTs adopted by the Group;
· reducing the use of resources in 
production and consumption processes;
· monitoring chemical substances inside 
raw materials and finished products;
· promoting 
and 
using 
sustainable, 
innovative and waste materials;
· leveraging the Company’s know-how and 
heritage in the context of craftsmanship 
and Made in Italy products as well as 
promoting relevant training opportunities 
(initiatives promoted by the Museo 
Salvatore Ferragamo and the Fondazione 
Ferragamo);
· planning and implementing charitable 
initiatives aimed at protecting the health of 
women and children as well as promoting 
Italian culture around the world.

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112 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
112 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Salvatore Ferragamo Group Board of Directors’ report

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sustainability
people
environment
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annexes
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Board of Directors’ report
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 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 113
GOOD HEALTH
In line with its own Charity Policy, the 
Group is committed to promoting and 
supporting initiatives aimed at protecting 
the health of women and children.
RESPONSIBLE CONSUMPTION
The Group is committed to guaranteeing 
responsible management in its processes 
to produce and consume resources, 
raw materials and packaging materials, 
investing in quality in order to reduce 
environmental impact and extend the 
life cycle of its products, and reporting 
on its business based on the principle of 
transparency.
CLIMATE ACTION
With a view to combating climate change, 
the Group is committed to protecting and 
safeguarding the environment through 
strategies and initiatives intended to 
minimize the environmental impact of its 
operations.
LIFE BELOW WATER
The Group is committed to protecting 
the oceans, seas and marine resources 
through concrete initiatives such as 
reducing the use of single-use plastic.
LIFE ON LAND
In order to restore biodiversity, the 
Group is committed to implementing 
meaningful actions to protect species 
and promote a sustainable use of the 
terrestrial ecosystem.
RENEWABLE ENERGY
The Group is committed to protecting 
and safeguarding the environment 
through continuous improvement of 
energy efficiency in its consumption 
and by promoting the use of renewable 
sources.
DECENT 
WORK 
AND 
ECONOMIC 
GROWTH
The Group focuses its commitment on 
encouraging and enhancing people’s 
professional 
development, 
while 
respecting the community historical 
values, in order to encourage innovation 
and creativity, while also ensuring the 
healthiness of the workplace.
SUSTAINABLE CITIES AND 
COMMUNITIES
The Group is committed to directing 
significant attention and resources to 
artistic and cultural initiatives, in order to 
ensure a more responsible management 
of urban areas and promote culture in all 
its forms and expressions.
QUALITY EDUCATION
The Group, in collaboration with the 
Fondazione Ferragamo, is committed to 
investing in the education and training 
of those who intend to work in the 
fashion and design world and in the 
highest and most artistic forms of Italian 
craftsmanship, in line with the stylistic 
values and canons expressed in the work 
of its Founder.
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |

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Ethical
business

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The Salvatore Ferragamo Group promotes at 
all company levels the values of transparency, 
honesty, fairness and compliance with 
regulations. These values are contained 
in the Group’s Code of Ethics with which 
employees, suppliers and collaborators are 
required to comply when carrying out their 
activities. 
The ethical principles and the general rules 
of the Code of Ethics are also complied with 
in the tax area, knowing that the activities 
carried out are accompanied by potential 
reputational, social and environmental 
implications and that tax revenues are one of 
the sources of contribution to the economic 
and social development of the countries in 
which the Group operates. In order to ensure 
that its companies fully comply with all tax 
obligations in the jurisdictions in which it 
operates, the Group implements careful 
management of tax activities and risks 
and acts in accordance with the values 
of honesty and integrity, involving top 
management on issues of greatest impact 
and complexity and entrusting the Chief 
Financial Officer with the responsibility for 
defining and monitoring such management. 
Moreover, the Group Tax Director reports 
to the Chief Financial Officer and is 
supported by professionals with extensive 
knowledge and experience who together 
make up the Tax Management function. 
In this perspective, the Group adopted 
an integrated tax approach through 
appropriate organizational procedures and 
solutions, developed in order to define, 
inter alia, roles, responsibilities, operational 
and control activities, and information flow 
patterns. Some tax-relevant processes are 
mapped also as part of Model 262, adopted 
by Salvatore Ferragamo S.p.A. pursuant to 
Italian Law 262/2005, which envisages 
specific monitoring and control obligations 
and responsibilities for listed companies 
with regard to the preparation of accounting 
documents and financial announcements 
to the market. In order to ensure a correct, 
timely and effective approach to tax risk 
management, Salvatore Ferragamo S.p.A. 
undertakes to adopt and maintain the 
efficiency of a tax control framework that 
meets the requirements of international 
guidelines and Italian regulations, with 
the aim of joining by 2022 the cooperative 
compliance system established by Italian 
Legislative Decree no. 128 of 5 August 2015. 
Moreover, in order to efficiently manage 
tax risk and to consistently distribute the 
tax burden among the countries in which 
it operates, the Group pursues a strategy 
based on the conclusion of Advance Pricing 
Agreements, with the aim of determining in 
advance with the tax authorities the transfer 
pricing method deemed to be in line with the 
arm’s length principle. This strategy makes it 
possible to establish transparent relations 
with the tax authorities, thus enhancing 
long-term relationships. With regard to the 
reporting of quantitative tax information, 
please refer to the section called “Annexes”.
In order to facilitate the identification of 
potential tax risks or incentives, the Group 
considers it essential to increase the tax 
awareness of employees, regardless of 
their corporate function. In this perspective, 
information activities on tax matters are 
promoted, with a special focus on issues 
and regulatory changes that may affect 
business activities.
The Group takes a transparent and 
collaborative approach with all stakeholders, 
including 
shareholders, 
employees, 
institutions and trade associations, to 
support the development of effective tax 
systems in different countries. Moreover, 
since its establishment, the Group has been 
an active member of the Taxation Working 
Group of the Altagamma Foundation, which 
brings together the tax managers of many 
of its associated companies and represents 
the luxury sector before Italian and EU public 
authorities on all tax-related issues. 
Moreover, the Group maintains a cooperative 
and transparent relationship with the 
tax authorities, ensuring that they can, 
if necessary, carry out audits on Group 
companies, including acquiring a full 
understanding of the facts underlying 
the application of tax rules in a timely 
manner. Since its listing on the Milan Stock 
Exchange, the Group’s objective has been 
to use all channels of transparent and 
preventive dialogue with the tax authorities, 
also by collaborating in the definition of new 
standards in matters concerning the sector 
of reference.
The Group 
takes a 
transparent 
and 
collaborative 
approach 
with all 
stakeholders

Salvatore Ferragamo Group Board of Directors’ report
116 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
(in thousands of Euro)
31 December 2020
31 December 2019
Economic value generated by the Group
 1,000,449 
 1,429,008 
Total revenues
 915,825 
 1,377,261 
Other income
 23,356 
 20,791 
Bad debt provision
 (989)
 (921)
Financial income*
 62,257 
 31,877 
Economic value distributed by the Group
 873,779 
 1,177,263
Value distributed to suppliers
 571,448 
 809,734
Value distributed to collaborators
 187,240 
 234,431
Value distributed to lenders**
 80,541 
 64,441
Value distributed to shareholders
-
-
Value distributed to public administration
 32,486 
 67,420
Value distributed to the community
 2,064 
1,237
Economic value retained by the Group
126,670
 251,745 
Amortization, depreciations and write-downs
 221,767 
 185,832 
Provisions
 4,631
 (6,057)
Deferred taxes
 (28,032)
 (15,395)
Reserves
 (71,696)
 87,365 
*	 Including income from exchange rate differences 
**	Including financial expenses from exchange rate 
Economic 
value 
generated 
and 
distributed
The commitment to a conscious and 
correct operation is also reflected in the 
Group’s ability to efficiently evaluate and 
allocate resources, creating and distributing 
wealth among the different categories of 
stakeholders. In 2020, the economic value 
generated by the Salvatore Ferragamo Group 
amounted to approximately 1,000.45 million 
Euro. On the other hand, the distributed 
economic value decreased from 1,177.3 
million Euro in 2019 to 873.8 million Euro in 
2020. In particular, 87.3% of the economic 
value created by the Salvatore Ferragamo 
Group was distributed to internal and 
external stakeholders. The remaining 12.7% 
was retained within the Group.

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 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Suppliers
65.4%
Investments 
in the community  0.3%
Lenders
 9.2%
Collaborators
 21.4%  
Payments to public 
administration  3.7%
Economic value 
distributed in 2020 
by the Salvatore 
Ferragamo Group

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118 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
governance 
Sustainability
and risk 
management

methodology
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environment
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Salvatore Ferragamo S.p.A.’s Corporate 
Governance system complies with the 
principles of the Corporate Governance Code 
for listed Companies issued by Borsa Italiana 
S.p.A. For a more detailed description of the 
structure, composition and roles, please refer 
to the paragraph “Information on Corporate 
Governance and Ownership Structure” in the 
Board of Directors’ Report. 
Following 
the 
amendments 
to 
the 
Corporate Governance Code for Italian 
listed companies, the Board of Directors 
of Salvatore Ferragamo S.p.A. resolved to 
assign the following powers to the Group’s 
Control and Risk Committee:
· support, with suitable inquiries, the 
assessments and decisions of the Board 
of Directors relating to the management 
of risks deriving from unfavorable events 
and facts which the Board has become 
aware of, including the risks which may 
be relevant in terms of sustainability (e.g., 
reputational risks and risks connected with 
climate change) in the medium/long-term 
for the Company’s business;
· supervise sustainability issues connected 
to the exercise of the business undertaken 
by the Company and its interaction with all 
stakeholders.
Concerning risks, the Salvatore Ferragamo 
Group 
adopts 
an 
Enterprise 
Risk 
Management (ERM) model designed to 
support top management in identifying the 
main business risks and the ways in which 
they are managed, as well as organizing 
the system for monitoring and handling 
them. The system adopted envisages: the 
updating of the mapping, identification 
and assessment of risks, the measures 
taken to contain them and the definition of 
appropriate monitoring and management 
strategies. The risks identified by the Group, 
including the main effects on sustainability, 
are presented in the Board of Directors’ 
Report in the section “Main risks and 
uncertainties”, while the components of the 
internal control system and the main roles 
assigned to manage them are described in 
the section of the Board of Directors’ Report 
“Main features of the risk management 
and internal control systems”. Moreover, 
an in-depth discussion of the control units, 
mitigation and management of the issues 
identified by Italian Legislative Decree 
254/2016 is provided below.
The pandemic caused by the global spread 
of Covid-19 has laid the foundations for 
a review of the risk portfolio in order to 
understand how the Group has responded 
and is responding to the pandemic. To this 
end, the Risk Management function has 
undertaken a specific Covid Risk Assessment 
activity with the aim of identifying and 
assessing the main risks and business areas 
affected by the Covid-19 emergency and 
monitoring their treatment or containment 
actions implemented and considered most 
effective. During 2020, the Company’s Risk 
Map was supplemented with the results of 
the Covid Risk Assessment.
Specifically concerning social topics, the 
Group monitors the risks and carries out 
several control units related to the supply 
chain, the local community, occupational 
health and safety, respect for human rights 
in the supply chain and the promotion of 
integrity and ethics in business. 
In terms of occupational health and safety, 
the Group complies constantly with the 
relevant regulations and, with specific 
reference to the management of the Covid-19 
emergency, in accordance with the Decree 
of the President of the Council of Ministers 
(DPCM) of 26 April 2020 and the applicable 
Regional Orders, the Parent Company 
adopted 
appropriate 
Safety 
Protocols 
summarizing the prevention and protection 
measures envisaged to reduce the risk of 
Covid-19 contagion. These Protocols have 
been reviewed and updated in line with 
regulatory provisions, and the Global Health 
and Safety, Energy and Environmental 
Efficiency office has also provided support 
The Salvatore 
Ferragamo 
Group adopts 
an Enterprise 
Risk 
Management 
(ERM) 
model

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120 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
atmosphere, energy and water consumption, 
or over which the organization has only the 
power of influence. The Group’s commitment 
is also reflected in its Sustainability Policy, 
which promotes the protection and 
safeguarding of the environment and 
ecosystems through the development 
of strategies and initiatives intended to 
minimize the environmental impact of its 
operations.
Over the years, the Company has taken 
steps to obtain the main environmental 
standards for its sites: in 2019, the Italian 
scope obtained ISO 14001 certification, 
which 
defines 
an 
environmental 
management system, adopting the relevant 
Environmental Policy. The commitment 
taken on by obtaining this certification joins 
the many management systems linked to 
emissions monitoring and responsible use 
of energy resources, which the Company has 
adopted over the years. Moreover, as from 
2019, Salvatore Ferragamo S.p.A. has taken 
out an environmental-impairment liability 
insurance policy for the Osmannoro site 
to cover the making safe and reclamation 
expenses inside and outside the Company, 
the costs of environmental restoration and 
damages to third parties that a polluting 
event may cause.
In the broader context of the Group’s 
Compliance risk, the Group is strongly 
committed to fighting corruption and bribery. 
In fact, during 2018, the Anti-Corruption 
Policy, which had already been adopted by 
the Parent Company, was adopted by all 
the subsidiaries, through approval by the 
individual Boards, its translation into local 
languages and dissemination to all staff. In 
line with best practices and in accordance 
with the most restrictive regulations applied 
at a global level, this Policy formalizes our 
strong commitment to fighting corruption, 
rejecting it in any context or form. Indeed, it 
sets out the principles, rules of conduct and 
controls to be implemented to prevent all 
possible incidents of corruption. During 2019, 
the Group delivered a specific e-learning 
up; it is composed of a balanced number of 
representatives of workers and management 
and it oversees the implementation and 
correct application of the SA8000 Standard. 
Moreover, in line with the Group’s Code 
of Ethics, Salvatore Ferragamo adopted 
the SA8000 Policy to further confirm the 
Company’s commitment to achieving the 
highest ethical and sustainable business 
development standards, upholding and 
implementing the principles of SA8000 in 
its business activities, in line with applicable 
legal provisions and main international 
conventions on human rights and workers’ 
rights. Also in 2019, the Company adopted 
the Policy for combating child labor, 
which aims to formalize the Company’s 
commitment in this area and prevent minors 
from being exposed to situations that may 
be risky or harmful for their development 
and physical and mental health. Further 
confirming the Group’s key focus on its 
human capital and in line with the Code of 
Ethics, an Inclusion Policy was adopted, 
which enshrines the Group’s commitment to 
promoting and protecting inclusion values 
in all its business activities.
With reference to environmental risks, on the 
other hand, the Group constantly complies 
with the environmental law and the risks 
which stem from the activities, products 
or services over which the organization 
has the power of direct control, for example 
concerning emissions released into the 
to the foreign Regions in their adaptation. 
Also in the field of occupational health 
and safety, the Parent Company adopted 
an OHSAS 18001 Occupational Health and 
Safety Management System, which was 
adapted in 2020 to the new ISO 45001 
standard, valid for all the Company’s offices 
and stores in Italy. 
In order to mitigate risks related to the 
supply chain, the Group has a specific 
assessment 
procedure 
for 
contract 
manufacturers and suppliers of raw 
materials and finished products, and carries 
out audits on the production chain and, in 
2019, it disseminated and required suppliers 
of raw materials, processing services and 
finished products to sign its Supplier Code of 
Conduct. Drawn up with a view to integrating 
social responsibility and collaborating with 
its own supply chain, the Supplier Code 
of Conduct sets out ethical principles and 
rules of conduct, which supplement the 
legal, regulatory and procedural standards 
that underpin commercial relations with 
the supply chain. The rules and standards 
of conduct concern business ethics and 
integrity, labor and human rights, respect 
for ecosystems and product responsibility. 
A specific monitoring activity on the Code 
of Conduct was launched in 2020 to check 
compliance by suppliers. Moreover, during 
2020, monitoring activities of the production 
chain were intensified, also through 
periodic meetings, in order to promptly 
identify signs of difficulty and manage any 
critical situations arising from the Covid-19 
emergency.
Particular attention is also paid to employee-
related matters and the respect for human 
rights: the Group considers its human 
capital to be crucial, and is committed 
to 
maximizing 
people’s 
potential 
at 
each step of the production chain while 
constantly monitoring risk factors. Again 
in 2019, Salvatore Ferragamo obtained 
the SA8000:2014 certification for its 
management system in the area of social 
responsibility. A committee, called the 
Social Performance Team (SPT), was set 
Salvatore 
Ferragamo 
obtained 
the SA8000 
certification

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The Supplier 
Code 
of Conduct 
sets out ethical 
principles 
and rules 
of conduct

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122 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
coming into contact with the Group to abide 
by and apply the Code, also envisaging the 
application of disciplinary and contractual 
sanctions in the case of violation. Moreover, 
the Group believes it is essential to tackle 
any behavior that is at odds with the values 
and principles laid down in its Code of Ethics 
or that breaches legislation. To cement this, 
an e-learning course was provided in 2019 
to all Group employees. In 2020, a Fraud Risk 
Assessment project was also carried out to 
identify and assess the possible fraud risks 
related to the retail sales process (physical 
channel and eCommerce) at Group level 
and to identify any areas for improvement 
relating to the current structure of the 
control measures put in place to mitigate 
the identified risks. The activities will be 
concluded in the first quarter of 2021 with the 
knowledge and principles and illustrate the 
relevant aspects of updating, the Company 
undertook various information and training 
initiatives. In particular, specific workshops 
were 
organized 
for 
the 
Company’s 
management. 
The Group’s Code of Ethics, which was 
updated in 2016, outlines the standards of 
ethics and conduct, including the protection 
of employees’ health and safety, the 
environment and Made in Italy products, 
the social value of the Company, and the 
centrality of human resources. On the one 
hand, the Group encourages everyone to 
spontaneously share, comply with, and 
disseminate the Code of Ethics; on the other 
hand, it requires everyone operating on 
behalf of the Salvatore Ferragamo Group or 
course on the Anti-Corruption Policy for all 
employees. Moreover, the Anti-Corruption 
Policy is a supplement to the Organizational 
Model pursuant to Italian Legislative Decree 
231/2001, aimed at preventing the criminal 
liability of entities. A special Supervisory Body 
has been set up with the task of monitoring 
the operation of and compliance with the 
control principles and protocols contained 
in the Organizational Model. In 2020, the 
latter was subject to an updating process in 
order to incorporate in two separate Special 
Sections the new families of offences 
envisaged by the legislator - Tax offences 
and Smuggling - as well as the integration 
of further corruption offences within the 
already existing families of Offences against 
the Public Administration and Corporate 
Offences. In order to disseminate its

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and data protection issues with a special 
focus on personal data protection. The 
training program became part of the 
mandatory minimum set of training courses 
for new hires. During 2021, a multi-year 
Cybersecurity Awareness program will be 
launched with the aim of increasing users’ 
awareness of cybersecurity issues, ensuring 
growth and continuity in training on specific 
topics related to information security and 
protection from cyber threats. Moreover, at 
the time of the Covid-19 health emergency, 
as a result of a significant number of 
remote working employees, the scope of 
externally connected corporate endpoints 
increased significantly and consequently 
so did the level of risk of cyber-attacks. In 
response, the Company strengthened its 
security measures for event monitoring 
(e.g., Sanity Check, SOC) and access control 
(e.g., MFA) during 2020. In compliance with 
the provisions of the new GDPR on the 
processing of personal data, Privacy Risk 
Assessment activities were carried out in 
2020 with the aim of verifying that data 
controllers and processors adopt adequate 
technical and organizational measures to 
mitigate the risk related to personal data 
processing. The activity was carried out 
in line with the Privacy Risk Assessment 
performed in 2018, following the Risk 
Assessment method integrated with the 
ERM Framework adopted by the Company. 
The results of the Privacy Risk Assessment 
were integrated into the Company’s Risk 
Map as part of compliance risks.
definition of a master plan of interventions 
aimed at mitigating the identified risk areas 
and with the preparation of an Anti-Fraud 
Group Policy.
It is possible to report any failure to comply 
with the Code of Ethics and internal 
procedures, including for example the Anti-
Corruption Policy, as well as applicable laws 
and regulations, through dedicated channels 
such as the whistleblowing system, which 
covers the entire Group. Reports can also be 
made by external parties by contacting the 
Group Ethics Committee by email or regular 
mail. The Ethics Committee examines and 
investigates all complaints received to 
assess whether they are legitimate and take 
action as it sees fit. 
Since 2018, the Group has adopted 
Whistleblowing Policy to regulate how to 
send and handle reports of breaches of the 
Code of Ethics, laws or any other procedure 
within the Group, in line with best practices 
and Italian Law 179/2017, which introduced 
whistleblowing for the private sector in 
Italy. This policy has been provided to all 
recipients (employees, social bodies and 
collaborators working on behalf of the 
Group), while appropriate instructions have 
been disseminated to all subsidiaries to 
spread awareness of the policy. During 2019, 
the Group made available to all employees 
an e-learning course on whistleblowing. 
Furthermore, in recent years, the Group has 
intensified its efforts to ensure the security 
and protection of the data provided by its 
customers, guaranteeing compliance with 
national and international data processing 
laws and regulations. In 2020, the IT 
Security Policy and Procedure Framework 
that came into force in 2019 was extended 
to the entire Salvatore Ferragamo Group 
and now includes over 10 Policies and 
Procedures. Moreover, the Framework is 
subject to periodic reviews and updates. 
On the occasion of the entry into force 
of the new European GDPR Regulation, a 
massive training campaign was carried 
out throughout the Group on cybersecurity 
Since 2018, 
the Group 
has adopted a 
Whistleblowing 
Policy

Responsibility 
towards people

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126 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
For the Salvatore Ferragamo Group, 
its people have always been of vital 
importance, guaranteeing management 
based on the principles of fairness, integrity 
and respect. At every stage of the value 
chain, the Group’s commitment translates 
into the professional development of 
its people, the attraction of new talent 
and the promotion of work-life balance, 
guaranteeing compliance with occupational 
health and safety standards. Following the 
health emergency caused by the Covid-19 
pandemic, the Salvatore Ferragamo Group 
took steps to review the working methods 
of the more than 3,800 people with whom 
it collaborates and to ensure the highest 
standards in terms of health and safety. 
Therefore, the focus on employees was 
even more central to the organization of 
activities, and in the face of the difficulties 
imposed by the pandemic, the Ferragamo 
teams showed incredible dedication to 
their work and great resilience.
Responsibility
towards people

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Following 
the Covid-19 
pandemic, the 
Group took steps 
to review the 
working methods 
of the more than 
3,800 people 
with whom it 
collaborates

Salvatore Ferragamo Group Board of Directors’ report
128 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Staff 
composition 
Staff
The Group’s staff as at 31 December 2020 and 31 December 2019 is shown below.
No. of people
31 December 2020
31 December 2019
Men
Women
Total
Men
Women
Total
Employees
1,257
2,598
3,855
1,419
2,858
4,277
The Parent Company’s staff as at 31 December 2020 totaled 922 staff members (386 men and 536 women), down by 93 (43 men and 53 
women) compared to 31 December 2019.
31 December 2020
31 December 2019
<30
30-50
>50
Tot
<30
30-50
>50
Tot
Breakdown by occupational 
classification and age group
N°
%
N°
%
N°
%
N°
N°
%
N°
%
N°
%
N°
Managers (of which 
top managers, middle 
managers and store 
managers)
11
0.3
604
15.7
162
4.2
777
14
0.3
606
14.2
151
3.5
771
White collars
680
17.6
1,833
47.5
296
7.7
2,809
922
21.6
2,014
47.1
271
6.3
3,207
Blue collars
37
1.0
166
4.3
66
1.7
269
61
1.4
175
4.1
63
1.5
299
Total
728
18.9
2,603
67.5
524
13.6
3,855
997
23.3
2,795
65.4
485
11.3
4,277
31 December 2020
31 December 2019
Men
Women
Tot
Men
Women
Tot
Breakdown by occupational 
classification and gender
N°
%
N°
%
N°
N°
%
N°
%
N°
Managers (of which 
top managers, middle 
managers and store 
managers)
305
8
472
12
777
291
6.8
480
11.2
771
White collars
782
20
2,027
53
2,809
937
21.9
2,270
53.1
3,207
Blue collars
170
4
99
3
269
191
4.5
108
2.5
299
Total
1,257
32.6
2,598
67.4
3,855
1,419
33.2
2,858
66.8
4,277

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During 2020, the Salvatore Ferragamo 
Group recruited 589 employees (184 men 
and 405 women, of whom 15 men and 20 
women in the Parent Company), against 
an employee turnover of 27.4% for men 
and 25.6% for women. About 44% of new 
employee hires are under 30, 52% 30-
50 and the remaining 4% over 50; finally, 
about 70% of the new employee hires are 
women.
Moreover, the offer of a stable and 
long-lasting 
employment 
relationship 
is considered a prerequisite for the 
Company’s growth, as well as an important 
motivational factor. The high proportion 
of employees on permanent contracts, 
accounting for 96% of the total in 2020, 
is evidence of the Group’s commitment in 
this sense.
For more detailed information on the 
breakdown of the staff, see the “Annexes” 
section of the NFS.

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The well-being 
and health 
of people
People’s 
health and 
well-being 
were at the 
heart of 
the Group’s 
initiatives 
and policies 
during 2020

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The well-being and health of people were 
at the heart of the Group’s initiatives and 
policies during 2020. The spread of the 
pandemic has made it a priority to rethink 
company workspaces in order to guarantee 
the Group’s employees the best possible 
safety conditions in carrying out their tasks, 
while maintaining business continuity.
Following the outbreak of the Covid-19 
pandemic, the Group set up a temperature 
control service at the entrance to its 
industrial sites and stores, provided its 
employees 
with 
personal 
protection 
equipment such as masks and hand 
sanitizing gel, and provided specific 
guidelines on how to prevent contagion 
in the workplace and in personal life. In 
the various countries in which it operates, 
the Group has taken steps to ensure the 
highest safety standards and support 
employees in their work during the health 
emergency. Among other activities, a 
voluntary serological testing campaign 
was launched in Italy between May and 
September 2020, involving more than 600 
employees. With a view to sustainability, 
a partnership has been set up with the 
Social Cooperative Progetto Quid to 
purchase certified washable masks and 
make mask bags from fabric scraps in the 
warehouse. Again in Italy, with the support 
of the Occupational Health Specialist, 
supplementary protection has been put 
in place for all frail workers to minimize 
exposure to biological risk from Sars-COV2. 
The Company has also defined an internal 
contact tracing procedure, which provides 
for the extension of remote working and/
or screening by means of rapid antigen 
swabs/molecular swabs for all contacts 
considered to be most at risk, even if 
not included among the direct contacts 
mapped by the Competent Authority 
following receipt of notification of a 
Covid-19 positive person. Finally, screening 
campaigns were organized to coincide 
with events related to the Company’s 
core business, such as photo shoots and 
fashion show events, with the involvement 
of the categories of employees involved.
For Salvatore Ferragamo protecting and 
safeguarding human resources also takes 
the form of guaranteeing high occupational 
health and safety standards. For this reason, 
the Company, as its leading commitment, 
makes available human, practical and 
economic resources and assets, which are 
needed to achieve the improvement goals 
of occupational health and safety and as 
an integral part of its activity and strategic 
commitment. At corporate level, the 
Company has a dedicated Global Health and 
Safety, Energy and Environmental Efficiency 
(HSE) function, which is responsible for 
ensuring a safe and regulatory compliant 
working 
environment. 
The 
team 
is 
responsible for defining health and safety 
guidelines not only for the Italian scope, 
but also coordinating the foreign Regions. 
In this regard, during 2020, it shared with 
the foreign Regions the Management 
System Guidelines – HSE & Energy, prepared 
in 2019, with the aim of disseminating 
throughout the whole Group a significant 
level of awareness about health and safety, 
environmental 
protection 
and 
energy 
efficiency. These standards and principles 
also establish the roles and responsibilities 
of the main stakeholders involved. The 
function also manages monitoring activities 
and maintains relations with the Italian 
workers’ safety representatives.
For some years now, the Company has 
been implementing a Safety Management 
System (SMS) that defines the methods 
for identifying, within the Company’s 
organizational structure, the responsibilities, 
procedures, processes and resources for 
implementing the Company’s prevention 
policy, in compliance with current health 
and safety regulations. The aim of the 
Occupational Health and Safety Management 
System is to: 
· ensure compliance with all applicable legal 
requirements with the aim, where possible, 
of achieving improved safety standards;
· reduce or eliminate accidents and diseases 
resulting from work activities;
· improve risk management;
· promote 
continuous 
and 
effective 
communication between the Company 
and workers through specific operational 
methods, such as document sharing, 
information, training and awareness-
raising activities;
· improve monitoring of the level of control of 
residual risk in order to further minimize it 
through continuous improvement actions.

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132 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
phenomenon, in collaboration with the 
University of Florence. This collaboration 
continued in 2020. To complete the 
improvement 
actions 
envisaged 
by 
the assessment of the work-related 
stress phenomenon, the HSE function 
made available to the employees of the 
Osmannoro site the “Enhancement Course: 
Playing the Role between Prescriptiveness, 
Discretionary Power and Communicative 
Assertiveness”, aimed at enhancing the 
awareness inherent in the structure of the 
role within the organization, satisfaction, 
communicative effectiveness in behavior 
and efficiency in performance.
As part of occupational health and safety, 
the Company is also active in training 
its own people. In 2020, around 1,200 
hours of training on safety, first aid and 
fire prevention were provided in Italy, also 
involving retail staff. Employees benefit 
from training programs tailored to their 
role profiles and risk levels and receive 
general occupational safety training in 
line with legal requirements. For those 
who fall into a higher risk category, i.e., 
employees in the warehouses, Modelleria, 
Manovia etc., additional training hours are 
provided for the use of specific machinery 
and equipment. The Company has also 
decided to carry out appropriate awareness-
raising and information actions towards its 
suppliers, contractors and external visitors 
to involve them in the control and reduction 
of impacts on occupational health and 
safety. In this area, the Company prepares 
specific documents for the identification, 
assessment and control of risks related to 
the performance of activities in the Company 
by third parties (interference risks). 
In the face of the Covid-19 pandemic, 
staff management throughout 2020 was 
strongly characterized by measures to 
protect the health of employees both 
in offices and in direct stores. In this 
regard, specific safety protocols with 
stringent measures have been defined and 
task of defining the health protocol lies 
with the Occupational Health Specialist. 
The monitoring of the Company’s health 
situation is ensured by the Occupational 
Health 
Specialist 
sending 
aggregate 
health data and information on the risk of 
workers undergoing health surveillance. 
Transmission is made by means of Annex 
3B (as defined by article 40, paragraph 1 
of Italian Legislative Decree 81/2008) to 
the competent bodies. For each inspection 
carried out, the Occupational Health 
Specialist produces a report based on the 
findings. The HSO and one or more WSRs 
also participate in the inspections.
During 2020, the Salvatore Ferragamo Group 
continued its efforts to monitor employee 
accident rates. In 2020, there were 36 
accidents among employees, whereas, in 
line with 2019, there were no fatal accidents 
among either employees or contractors. All 
accident rates are monitored by the Group. 
For more detailed information, see the 
“Annexes” section of the NFS.
Also with a view to occupational well-
being, in 2019 the Company performed 
an assessment of the work-related stress 
In 2017, the Company decided to undertake 
the process of certifying its management 
system according to the internationally 
recognized OHSAS 18001 standard, which 
sets out the requirements for implementing 
an 
occupational 
health 
and 
safety 
management system. Also for 2020, the 
Company renewed the certification, valid for 
100% of Salvatore Ferragamo S.p.A. workers, 
adapting its management system to the 
new ISO 45001 standard.
Although the Company does not have any 
high-risk business activities, it has taken 
steps to ensure the highest standards 
of occupational safety by identifying and 
assessing possible emergencies that may 
occur during its activities in the various 
offices in order to ensure that the impacts 
on occupational health and safety and any 
damage to facilities are properly identified 
and addressed. In order to ensure greater 
monitoring of the level of occupational 
health and safety, control and audit activities 
are carried out periodically for Group stores. 
In relation to potential accidents and 
emergency situations, the Company has 
drawn up a Management Procedure to 
prepare for and respond to emergencies in 
order to describe the operational methods 
implemented to prevent and/or manage 
accidents in the best possible way and to 
reduce the risk of accidents resulting from 
such situations.
In Italy, the identification and assessment 
of risks related to occupational health 
and safety is part of the Risk Assessment 
Document (RAD). This document is drawn 
up by the Employer (E) in collaboration with 
the Health and Safety Officer (HSO), checked 
by the Occupational Health Specialist (OHS) 
and brought to the attention of the Workers’ 
Safety Representatives (WSR), in order to 
highlight the seriousness and probability of 
occurrence of specific risk events for each 
individual role and activity carried out by 
employees.
With regard to the functions of occupational 
health services, note that in Italy the 
The Company 
has taken 
steps to ensure 
the highest 
standards of 
occupational 
safety in the 
work place

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The Company’s attention to its people is also 
reflected in the provision of workspaces that 
are both functional and pleasant. Since 2016, 
the Company has been working together 
with the Fondazione Ferragamo on the 
renovation and decoration of workspaces. In 
2020, the new Salvatore Ferragamo Archive 
was launched at the Osmannoro site, located 
above the New Manovia, opened in 2019. 
spent on goods and services through the 
Flexible Benefits portal.
As part of company welfare and at 
corporate level, Salvatore Ferragamo S.p.A. 
also provides a series of exclusive benefits 
to its employees through agreements 
with companies operating in other 
sectors, such as health and wellness, 
banks, insurance, tourism, and sports. As 
regards supplementary healthcare offered 
to Salvatore Ferragamo’s employees, 
supplementary healthcare coverage was 
activated in 2020 to protect against 
Covid-19 and insurance coverage for 
work-related travel was updated for 
European employees. Moreover, already 
as from 2019, a series of improvements 
were implemented to extend the range 
of supplementary company healthcare 
services covered in place of the contractual 
ones, such as, for example, the inclusion 
of the employee’s whole household at 
no extra cost for middle managers and 
white-collar and blue-collar workers. In 
addition, in 2020, the project aimed at 
implementing a global management plan 
for the Group’s Benefit programs, in order 
to support the Company in achieving 
important goals in terms of compliance 
with local regulations, control of insurance 
coverage as well as cost optimization and 
uniform and efficient management of 
employee benefit plans.
Moreover, in 2020 Salvatore Ferragamo 
maintained 
for 
the 
scope 
of 
its 
Italian operations the SA8000 social 
responsibility certification, i.e., the main 
social certification standard based on the 
Universal Declaration of Human Rights, ILO 
agreements, international human rights 
laws and national labor laws. The standard 
encourages organizations to develop, 
maintain and implement practices that 
include respect for human and workers’ 
rights, protection against the exploitation 
of minors and guarantees for workplace 
health and safety.
supplementary health insurance related to 
Covid-19 symptoms has been activated for 
Italian staff. Where allowed by regulations, 
the Group offered voluntary and free 
serological testing. Global guidelines have 
been defined for the stores in the following 
areas: staff safety tools, client service, 
store cleaning & maintenance and HR 
emergency. Moreover, starting in February, 
the experimental phase on remote working, 
which had already begun in 2019, was 
greatly extended by taking advantage of 
emergency regulations in Italy, and made it 
possible to cope with the need to manage 
activities remotely, allowing business 
continuity. Thanks to the completion of the 
digitalization process and the extension 
of the allocation of IT devices, about 70% 
of the corporate population had access to 
remote working. 
In 2020, the Flexible Benefit plan 
continued in Italy, the purpose of which 
is to support workers under the footwear 
industry national collective bargaining 
employment contract (CCNL) and their 
families in social and cultural activities, 
in their development and in school 
fees and costs for their children. The 
plan consists of the possibility to use 
non-monetary goods and/or services, 
in addition to remuneration, to meet 
personal and family needs. Specifically, 
employees can select their own type 
of benefit from a vast range of options, 
including areas such as: education, sports, 
culture and leisure, travel, supplementary 
pensions, and welfare. In Italy, the new 
supplementary agreement signed for 
2019-2021 for workers benefiting from 
the footwear industry CCNL envisaged, 
among other things, an increase in the 
value of the Performance Bonus, including 
the possibility of transforming, in whole or 
part, the monetary value of the Bonus into 
welfare services for entitled employees 
on permanent contracts. Employees who 
choose to convert the Bonus will have the 
right to a further net amount that can be

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Attracting
and developing 
talents

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For Salvatore Ferragamo it is important that 
the corporate culture and sense of belonging 
are transmitted right from the start of 
the employment relationship and, for this 
reason, there is an induction program called 
“Discovering Ferragamo” for all new hires in 
Italy. The three-day Classic Induction course 
consists in a training session to introduce new 
hires to the Brand, the history of the Founder, 
and the Group’s values, as well as guided 
tours of the new Logistics Hub, Manovia, the 
Museo and the Salvatore Ferragamo Archive 
in partnership with the Fondazione Ferragamo 
and the Museo Salvatore Ferragamo. 
Moreover, this program was enriched with 
a workshop on the Company’s values and 
know-how. The Customized Induction, which 
is reserved to executives and managers, is 
instead organized so that it is tailored to the 
role that the incoming manager is required 
to fill. Induction activities were carried out 
remotely in 2020, thanks also to the virtual 
tour organized by the Museo Salvatore 
Ferragamo.
With a view to promoting the growth of 
people in the Company, in 2020 the activities 
to train and develop the talented staff and 
the project to design a Talent Management 
system at global level continued. As 
part of its own Ferragamo Excellence 
Model, the Parent Company identifies 
nine 
essential 
competencies 
divided 
into Core Competencies and Managerial 
Competencies, to be enhanced in each 
employee. Core Competencies are key for all 
employees and enable them to achieve high 
levels of performance and quality, as well as 
promptly address issues and problems as 
they arise, by working in teams and exploring 
new ideas and solutions. The Group has 
identified additional competencies for 
middle and top managers focusing on 
knowledge that is crucial in order to create 
value and improve competitiveness over 
time, inspiring enthusiasm and a passion 
for work and excellence in other people. In 
2020, an assessment was completed on 
the Global Senior Leadership Team, a group 
of about 120 resources at global level who 
are recipients of the Performance Incentive 
Plan, with the aim not only of mapping the 
existing situation but also and above all 
of identifying critical areas, development 
interventions and succession plans. Over 
the next few years, the Group will gradually 
expand the Talent Management system to 
all employees, regardless of the geography 
in which they operate, maximizing the 
potential of key resources across the entire 
Salvatore Ferragamo Group.
Training is another central element in 
Ferragamo’s staff development strategies. In 
this regard, over 15 average hours of training 
per capita were provided at corporate level 
in Italy in 2020, not including health and 
safety, retail, and compliance training. The 
courses were mainly distance learning due 
to the emergency situation and covered, 
among other topics, the strengthening of 
soft skills, the use of IT tools and languages. 
Course delivery was made more seamless 
with the launch in June 2020 of the iLearn 
platform for all corporate staff. 
Average hours of training per capita 2020 - Salvatore Ferragamo S.p.A.
No. of hours
Men
Women
Total
Managers 
15.8
14.2
15.0
White collars
16.5
16.2
16.3
Blue collars
8.6
13.6
11.1
Total
15.5
15.5
15.5

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136 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
aim of the program is to develop a customer-
centric mindset in order to strengthen the 
core skills of retail staff and contribute to 
the achievement of corporate objectives. 
Stardust’s methodology provides multiple 
levels of involvement from self-study to 
classroom training, from in-store activities 
to coaching and digital training. Due to the 
spread of the Covid-19 pandemic, the delivery 
mode of the Stardust program was rethought 
in 2020 to meet the need for social distancing 
and mobility restrictions. A number of digital 
training programs have been launched for 
retail staff with the aim of enhancing technical 
knowledge, strengthening the digital client 
journey and stimulating connection with 
the Brand and its values. During 2021, the 
Stardust program will be further strengthened 
and the digital pilot projects launched in 2020 
will continue. Training of retail staff continued 
in 2020 also on the iLearn platform with the 
publication of around 60 digital courses on 
collections available in 9 languages.
The iLearn tool, integrated in the Ferragamo 
Together platform, allows to identify training 
contents related to the competencies of the 
excellence model, to deepen the knowledge 
of the Company and the Brand, and to have 
self-development opportunities. Through 
iLearn, Knowledge Sharing sessions were 
also organized for Group staff. Among 
others, a session was organized for Italian 
employees on the definition of science-
based targets and the commitments 
undertaken by the Group with the signing of 
the Fashion Pact. The aim is to implement 
the iLearn platform globally throughout 
2021. Moreover, further training sessions 
on sustainability issues such as materials, 
animal welfare and climate change were 
organized throughout the year with the 
involvement of experts in the sector.
Specific training initiatives are also aimed 
at staff working in Ferragamo stores: 
Stardust, the training program for retail staff 
at global level, was launched in 2019. The 
Further 
training 
sessions on 
sustainability 
issues were 
organized 
throughout 
the year

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To facilitate staff development, the Group 
implemented, in continuity with previous 
years, some performance assessment 
programs, 
including 
the 
Performance 
Appraisal System for middle management. 
The program was conceived not only as 
a monetary incentive system but also 
as an instrument for development: the 
performance 
appraisal 
is 
connected 
to a position profile and the specific 
technical skills required. During 2020, 
approximately 97% of Group managers 
were subject to this type of analysis and 
the performance of approximately 92% of 
all Group staff was assessed. In Italy, the 
new supplementary agreement signed 
for 2019-2021 envisaged, among other 
things, the extension of the performance 
assessment process to all employees and 
for all levels within the organization, in 
order to increase engagement and to make 
everyone feel part of the corporate goals 
and results. In particular, an assessment 
method was introduced, based on three of 
the Brand’s distinctive elements: initiative, 
result orientation and customer orientation. 
The outcome of this assessment makes it 
possible to further increase the value of the 
bonus for the individual, while also rewarding 
individual performance. 
In 2020, in order to meet the challenges 
imposed by the pandemic, the Group 
prioritized internal mobility initiatives to fill 
vacant positions, even temporarily, thus 
promoting the professional growth and 
development of its employees. In this area, the 
Internal Job Posting tool continued to be used, 
which enables the constant updating of open 
positions, promptly informing employees of 
potential internal growth programs.
Many of the initiatives taken forward in-
house were promoted thanks to the use of 
the Ferragamo Together digital workplace, 
which became pivotal in terms of employee 
engagement. 
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announced by a jury of experts from outside 
the Company chaired by Ferragamo’s 
CEO, and the team leader was offered the 
opportunity of an internship in Ferragamo’s 
Communication Department.
In 2020, the Company continued its 
collaboration on sustainability with Domus 
Academy launching a competition to 
award scholarships for two Masters in 
Fashion Management and Luxury Brand 
Management. Finally, by virtue of its long-
standing collaboration with the Milano 
Fashion Institute, in 2020 the Company 
reserved 30 invitations for its students to 
the Salvatore Ferragamo Spring/Summer 
2021 fashion show, held in September at the 
Rotonda della Besana.
academic meetings were organized in virtual 
mode, and Salvatore Ferragamo took part in 
over 50 of these initiatives with Universities 
and Academies. With regard to specific 
agreements with universities, in 2020 the 
collaborations already underway continued 
and the partnership with Polimoda for the 
Master in “Shoe Design” was confirmed, 
with the aim of directing the training of the 
new generation of designers by combining 
Ferragamo’s creative heritage and know-
how in an innovative vision in line with 
new market trends. Also in the area of 
design, the collaboration with the Master 
in Accessories at the Accademia Costume e 
Moda was renewed: the students designed 
mini-collections of men’s leather goods 
inspired by the briefing “Hands free bags” 
and the winner, announced during a virtual 
presentation, was offered an internship 
opportunity starting in March 2021. With 
regard to collaborations with Business 
Schools, the students of the EMLUX 
Master, Executive Master in Luxury Goods 
Management at the Università Cattolica 
of Milan, worked on a field project on the 
topic of employer branding for the new 
generations, while the students of MAFED, 
Master in Fashion, Experience & Design 
Management at SDA Bocconi, were asked 
to analyze the development of retail in the 
ecosystem of the emerging phygital retail. 
Collaborations with academic institutions 
also focused on sustainability issues: 
in 
May 
2020, 
Salvatore 
Ferragamo 
participated as main sponsor in the online 
project Circularity Ideathon organized in 
collaboration with Fashion Technology 
Accelerator. The three-day event focused 
on promoting circular economy solutions. 
The young people involved worked on 
thematic proposals such as the circularity 
of raw materials and finished products. 
Students, entrepreneurs, designers and 
digital experts, all representing Generation 
Z and the millennials, were divided into 
teams and worked out innovative solutions 
with mentors from the circular economy 
and business world. The winning team was 
The innovative platform, which was 
launched in 2019 and can also be used 
via mobile application, was designed to 
facilitate collaboration and sharing of ideas, 
information and projects among all the 
Group’s employees, thus increasing the 
sense of belonging and team spirit. In 2020, 
the Forevermore process was launched 
on Ferragamo Together to spread the 
Company’s values through the publication 
of videos with the value statements and 
testimonials of value ambassadors: about 
100 colleagues representing each Region 
and each functional area gave their personal 
interpretation of the Ferragamo values. 
The Group promotes numerous initiatives 
aimed at attracting talented employees 
and valorizing them in their professional 
development. To select top young talents, 
the Parent Company has partnerships 
with several Italian Universities, Business 
Schools and Design Academies, organizing 
presentations, career days, and field 
projects. During 2020, employer branding 
activities consisting of open days and 
Salvatore 
Ferragamo has 
partnerships 
with several 
Universities, 
Business 
Schools 
and Design 
Academies

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Diversity is considered an added value for 
the Group, which is committed to ensuring 
that its employees can grow in a working 
environment where they can feel free to 
express themselves and where differences 
and individuality generate experimentation 
and positive comparisons. In 2020, the 
Group thus continued the journey already 
started in 2019 in this direction.
In particular, the cultural change journey 
focused on diversity and inclusion issues 
was activated in 2020. This program initially 
involved interviews and activities with Top 
Management and then involved the Global 
Senior Leadership Team in distance learning 
sessions aimed at raising awareness of 
the impact of diversity and inclusion in the 
business. In 2021, the process will be further 
strengthened by involving a wider portion of 
the corporate population through the launch 
of specific contents in digital learning to 
raise awareness of the culture of diversity 
and inclusion, starting with the need to 
recognize, manage and overcome bias.
Still on the subject of diversity, during 2020 
the Company joined Valore D, the first 
Diversity 
and inclusion

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business association in Italy committed 
to creating a professional world free of 
discrimination, where gender equality and 
a culture of inclusion support the growth of 
the organization. This follows the adoption 
in 2019 of the Women’s Empowerment 
Principles promoted by UN Women and 
the UN Global Compact. There are seven 
Women’s Empowerment Principles which 
aim to provide companies with a guide 
on how to promote gender equality and 
female empowerment in the workplace 
and in communities in general. In line with 
the contents of the Code of Ethics and the 
Group Inclusion Policy, by adopting these 
principles, Salvatore Ferragamo intends 
to reconfirm its commitment in terms of 
inclusion and respect of the principles of 
equality and dignity. The adoption of the 
principles was also the subject matter of a 
speech by the Chief Executive Officer at the 
GCNI Business & SDGs High-Level Meeting 
on gender equality in July 2020.
The Group’s commitment to diversity issues 
was formalized with the adoption and 
publication in 2019 of the Inclusion Policy that 
aims to support multiculturalism, considered 
essential for the development of innovative 
and distinctive elements that can increase 
the Brand’s competitiveness, and to promote 
equality and equal opportunities, fighting all 
types of discrimination and condemning any 
form of harassment. In addition, the Policy 
sets the goal of promoting meritocracy and 
fair treatment at all levels, facilitating the 
development, expression and enhancement 
of individual potential. 
During 2020, the Group received two reports 
of alleged discrimination against two 
employees in North America. The first case, 
at the end of the assessment phase, was 
not recognized as a case of discrimination, 
so the rules of good behavior at work were 
again shared, but there were no formal 
measures. In the second case, the situation 
was investigated and the parties reached a 
settlement agreement.
Special emphasis is placed also on providing 
equal opportunities, ensuring the same work 
conditions for male and female employees 
and promoting initiatives to help balance 
family and professional life through different 
types of employment agreements. More 
specifically, as at 31 December 2020 there 
were 108 male employees and 316 female 
employees who were on part-time contracts. 
The latter have always played a key role in the 
Salvatore Ferragamo Group and female talent 
underpins the Brand’s success, accounting 
for nearly 67% of its employees and 
holding around 61% of senior management 
positions. Women make up a significant 38% 
of the Parent’s Board of Directors, above and 
beyond the applicable laws. Concerning the 
employees belonging to protected classes, 
the Group complies with applicable laws 
in the Countries in which it operates. The 
Group adopts remuneration policies that 
recognize the personal contribution of each 
employee according to the principles of 
gender equality and merit. For several years 
now, the Group has been implementing 
a remuneration system differentiated for 
the various employee categories, including 
also economic incentives contingent on 
individual and company performance goals 
aimed at promoting a sense of belonging 
and teamwork. Finally, as for industrial 
relations, more than 57% of the Group’s 
employees are covered by collective 
bargaining agreements, as required by 
applicable laws and regulations in the 
countries where the Group operates. In 
addition, these agreements, together with 
the laws in force in the countries where the 
Group operates, also regulate remuneration 
as well as the minimum notice periods for 
significant operational changes.

Responsibility 
towards the 
environment

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Over the last few years, the Ferragamo Group 
has further strengthened its environmental 
protection 
strategies, 
rethinking 
its 
processes and setting concrete, challenging 
targets to reduce its impact on the planet. 
In particular, by signing the Fashion Pact 
in 2019, the Group committed to achieving 
specific targets in three priority areas: 
climate, biodiversity and oceans. 
 
With regard to climate change, in 2020, the 
Group defined its science-based targets, 
with the aim of a 42% reduction in direct 
and indirect emissions by 2029, with a 
2019 baseline. In order to achieve these 
targets, special attention was paid during 
the year to the eco-efficiency levels of its 
offices, to the use of materials with a low 
environmental impact in its collections, to 
minimizing the impact of logistics flows 
and to rethinking packaging with a view to 
gradually eliminating single-use plastics.
Again in 2020, the Group committed to 
promoting animal welfare and safeguarding 
biodiversity. As part of its responsibility towards 
nature and the planet, the Salvatore Ferragamo 
Group adopted an Animal Welfare Policy in 
order to guarantee that the whole supply chain 
acts appropriately in terms of animal welfare. 
Responsible
circular economy
innovation and

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THE FASHION PACT: 
1 COMMON 
AGENDA 
ACROSS 
3 PILLARS
CLIMATE
Implementation 
of Science 
Based Targets 
for Climate 
to achieve 
net-zero by 2050
BIODIVERSITY
Development 
and implementation 
of strategies and 
Science Based 
Targets for Nature
2020: Development 
of individual 
biodiversity blueprint
2025: Supporting zero 
deforestation 
and sustainable 
forest management
OCEANS
Reduction of negative 
impact the fashion 
industry has 
on the ocean 
environment
Ongoing implementation 
of principles of UN Fashion 
Charter for Climate Action
2025: 25% of low environmental 
impact key raw materials
2030: 100% renewable 
energy across operations
2025: Elimination of problematic 
and unnecessary plastics 
in B2C packaging by 2025, 
and in B2B by 2030
2030: Ensure that at least half of all plastic 
packaging is made from 100% 
recycled material, 
by 2025 for B2C 
and by 2030 for B2B

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ensuring that they are made with FSC 
certified paper, and inks and processes 
that do not negatively impact the 
environment, integrating this goal in the 
Sustainability Plan.
Moreover, during 2020, the Company 
launched a new Business Intelligence (EBI) 
project that uses a graphical information 
visualization tool and an analysis approach 
that allows relevant data to be highlighted 
at a glance, with the possibility of delving 
into detail where necessary. With this tool, 
analysis and reporting processes can be 
made more efficient by reducing data to 
provide immediate information and drafting 
dynamic reports in digital form. All reports 
are available via app and do not require 
printing, thus reducing the use of ink and 
printed paper for reporting.
has favored paper certified by the Forest 
Stewardship Council (FSC), which bears 
witness to correct forest management 
and the traceability of paper products. 
The FSC logo guarantees that the product 
is made of raw materials harvested from 
forests managed according to sustainable 
principles. The iconic red packaging, in 
addition to being “Made in Italy” as well as 
fully recyclable and biodegradable, is also 
post-consumer, i.e., up to 40% composed 
of recycled fibers and the remainder of ECF 
(Elementary Chlorine Free) cellulose, which 
is treated with ecological processes. These 
characteristics make it possible to use the 
related symbols on corporate and outlet 
packaging and Museum shopping bags. In 
2020, the Group enhanced its use of FSC 
and post-consumer paper and undertook, 
as part of its Sustainability Plan, to extend 
the use of such paper also to other product 
categories. 
Moreover, in selecting its packaging 
suppliers, Salvatore Ferragamo verifies that 
not only they are based locally, which is the 
main guarantee of Made in Italy quality, but 
also that they have important certifications 
such as ISO 9001, ISO 14001, SA8000, ISO 
45001, GOTS, GRS, OEKO-TEX.
As for non-packaging materials such as 
catalogs, invitations, leaflets, stationery 
and, in general, printed materials, the 
Group is placing increasing emphasis on 
To raise awareness among its teams and 
supply chain, and to explore environmental 
issues, two Animal Welfare Policy workshops 
were organized, involving key raw material 
suppliers and a selected group of global 
Retail Managers. Moreover, the Group 
strengthened its commitment to the 
environment by drafting the Manifesto for 
Biodiversity, a document that formalizes its 
commitment to safeguarding and promoting 
biodiversity by highlighting the principles 
that guide Ferragamo’s activities in this area. 
Regarding the protection of the oceans, the 
Group is strongly committed to reducing 
the consumption of materials such as 
unnecessary plastics and eliminating single-
use plastics. In this regard, following the 
release of the European “Single-Use Plastics” 
Directive, which aims to prevent and reduce 
the impact of particular plastic products on 
the environment and promote the transition 
to a circular economy, in 2019 the Company 
assessed its use of single-use plastics, in 
order to map the quantities and identify 
concrete solutions to eliminate and/or 
reduce its consumption. In this perspective, 
in order to promote a more sustainable 
luxury and to eliminate the use of single-
use plastics, in 2020 the Group started 
to progressively replace clothes hangers, 
polybags and labels with bioplastic and 
recycled and recyclable plastic alternatives. 
Moreover, the bags used for products such 
as footwear, bags and accessories, as well 
as the bags used for clothing, are Made in 
Italy and made of 100% cotton.
Innovative and low climate impact materials 
are also used for the packaging of some 
eCommerce shipments. The Company uses 
bubble wrap made from renewable plant 
sources that can be disposed of as organic 
waste together with animal and vegetable 
food scraps, since it is compostable and 
biodegradable.
As regards paper packaging for the retail 
business, the Salvatore Ferragamo Group 
Materials consumption (kg)
2020
2019
A3 paper
1,450
3,350
A4 paper 
15,578
27,818
Plastic clothing bags
1,220
3,819
Nylon clothing bags
-
1,057
Cotton clothing bags
5,334
16,455

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With a view to environmental protection, 
the Salvatore Ferragamo Group pays close 
attention to its consumption6, promoting 
several initiatives to improve efficiency. 
During 2020, Salvatore Ferragamo shared 
with the foreign Regions the Management 
System Guidelines – HSE & Energy, prepared 
in 2019, with the aim of disseminating 
throughout the whole Group a significant 
level of awareness about health and safety, 
environmental protection and increased 
energy efficiency. 
In 2020, the Salvatore Ferragamo Group 
consumed 9,004 GJ of natural gas. Electricity 
consumption stood instead at 102,005 GJ. In 
relation to the consumption of non-renewable 
fuel, i.e., diesel and petrol, this stood at 5,436 
GJ in 2020. As for the Italian scope, 100% 
of the energy used comes from renewables 
thanks to the purchase of certified energy 
through a guarantee of origin. 
Thanks also to the installation, in 2020, 
of additional photovoltaic fields at the 
Osmannoro site, which increased the 
overall installed power to 1,329.67 kWp, the 
electricity self-generated by the Company 
was 3,719 GJ, i.e., around 19% of the Parent 
Company’s total consumption. As regards 
energy efficiency, of particular importance 
is the presence in several buildings at 
the Osmannoro site of a computerized 
management 
system, 
the 
Building 
Management System (BMS), which enables 
the control and monitoring of the mechanical 
and electric systems, such as for example 
micro-climate and illumination, depending 
on the amount of natural light from outside. 
In order to improve the micro-climate in 
all the work areas, thus ensuring thermal 
comfort and a reduction in the use of fossil 
fuels and CO2 emissions, a procedure has 
been adopted to manage temperatures in 
Responsible
consumption
6 On the basis of their availably and materiality, the data for 2019 and 2020 has the following limitations: 
	 · as for energy consumption, on the basis of the scope under consideration, approximately a 3,000 headcount in 2019 and 2,700 
in 2020:
	 	 - natural gas consumption accounted for 81% and 87% of the scope in 2019 and 2020, respectively (in 2020, consumption does 
not cover Europe and South America); 
	 	 - electricity consumption accounted for 92% and 97% of the scope in 2019 and 2020, respectively (in 2020, consumption does 
not cover the offices of Ferragamo Fashion Trading (Shanghai) Co. Ltd.);
	 	 - non-renewable fuel consumption accounted for 81% and 79% of the scope in 2019 and 2020, respectively (in 2020, 
consumption does not cover the offices of Ferragamo Fashion Trading (Shanghai) Co. Ltd and Ferragamo Moda (Shanghai) Co. 
Ltd);
	 · as for water consumption and waste production, on the basis of the scope under consideration and set out in the “Methodology” 
section, approximately a 1,300 headcount in 2019 and 1,200 in 2020:
	 	 - water consumption accounted for 81% and 79% of the scope in 2019 and 2020, respectively (in 2020, consumption does not 
cover the Asian area with the exception of Ferragamo Korea Ltd., the European area and Ferragamo Mexico S. de R.L. de C.V);
	 	 - the production of waste accounted for 79% and 80% of the scope in 2019 and 2020, respectively (in 2020, consumption does 
not cover the Asian region with the exception of Ferragamo Korea Ltd. and South America).
	 The data for 2019 and 2020 is directly provided by the companies that handle waste disposal.

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the works areas at the Osmannoro site. By 
complying with the parameters indicated 
in the procedure, it is possible to obtain 
a 34-ton annual reduction in CO2. The 
procedure, which regards the management 
of temperatures in both winter and summer, 
is one of the initiatives adopted by the 
Company to improve energy efficiency 
and 
compliance 
with 
environmental 
sustainability standards. In addition, multi-
meters are present at the Osmannoro site 
in order to constantly monitor consumption.
The Group promotes a sensible and 
responsible use of the water for hygiene-
sanitary purposes, in that almost all 
production is outsourced. During 2020, 
water consumption in relation to the Group’s 
offices alone was 25.624 megaliters (of 
which 93.2% from the aqueduct and 6.8% 
from ground water)7. In addition, the Group 
is committed to reducing the production 
The consumption of the Salvatore Ferragamo Group9
2020
2019
Natural gas consumption (GJ)
9,004
14,640
Electricity consumption (GJ)
102,005
113,898
Non-renewable fuel consumption
5,436
10,682
Total energy consumption 
116,445
139,220
7 Water consumption in 2019 was 47,453 m³ (of which 51.8% from the aqueduct and 48.2% from surface water).
8 Waste production in 2019 stood at 1,386 tons (of which 99.6% was non-hazardous waste and the remaining 0.4% was hazardous waste). Of these, 10.4% was recycled, 46.3% was reused, 0.2% was 
incinerated, 40.7% was treated in landfills and the remaining 2.4% through other disposal methods.
9 The conversion coefficients published by ISPRA were used to calculate the energy consumption of petrol, diesel, natural gas and electricity in GJ.
of waste arising from its operations, 
raising awareness among its employees 
about properly managing and disposing of 
garbage, encouraging to reuse and recycle 
materials as well as minimize waste. Waste 
production in 2020 stood at 1,146.3 tons (of 
which 99.7% was non-hazardous waste and 
the remaining 0.3% was hazardous waste)8 
. Among the waste produced in the year, 
14.8% was recycled, 0.2% was incinerated, 
26.4% was treated in landfills and the 
remaining 58.6% through other disposal 
methods.

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drinking water. The electrical and mechanical 
systems have been designed to minimize 
light pollution, and the property will feature a 
BMS (Building Management System) allowing 
regulating mechanical systems as well as 
monitoring and managing electrical ones. 
The site features a photovoltaic plant with a 
peak capacity of 863.50 kWp and consisting 
of over 3,200 solar panels, resulting in a 
net 5,350 sq. m installed surface area. 
Furthermore, measures consistent with the 
LEED standard have been implemented for 
both mechanical and electrical systems, such 
as the use of lamps that reduce light pollution 
to a minimum. In addition, the construction 
work was made more sustainable through the 
use of products made of FSC certified wood 
and of products with a high level of recycled 
content and/or made locally, always in line 
with LEED standards. 
In 2020, building M, designed to meet the 
main environmental standards and located 
For the Group, an example of energy 
efficiency and optimization of consumption 
is the Osmannoro Logistics Hub. The building 
of around 20,000 sq. m, which was opened 
in 2018, obtained the LEED certification 
at its highest level, i.e., Platinum. This had 
previously been obtained in 2016 by the 
Q building at the Osmannoro site. The 
Hub project envisaged the revision of the 
access and transport system within the 
facility in accordance with the concepts of 
simplification and rationalization of routes. 
In addition to the 475 parking spaces in the 
garage, Salvatore Ferragamo designated 25 
spaces for low-emission electric vehicles and 
a few spaces are reserved for carpooling for 
commuting to promote the use of alternative 
means of transportation. In addition, thanks 
to numerous expedients in the technical 
systems, water consumption has been 
optimized, leading to a 50% reduction in 
total water consumption for irrigation and 
a 100% reduction in the consumption of

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In 2020, the Energy Management System 
certification for the Osmannoro site was 
updated in accordance with the new 
version of the ISO 50001:2018 standard, 
which specifies the requirements for 
establishing, implementing, maintaining 
and improving such systems. Through a 
systemic approach, the certification aims to 
facilitate the achievement of the objectives 
defined in the Management System, such 
as the commitment to initiatives aimed 
at improving energy performance, the 
dissemination within the Company of the 
objectives of the Energy Management 
System and the related implementation 
programs, the optimization of the use of 
energy resources and the increase in the 
use of alternative and renewable energy 
sources. The Company plans to extend the 
certification to some of its retail stores.
on the Osmannoro site, also received the 
LEED Platinum certification. In line with what 
was developed for the Logistics Hub, the 
building is equipped with a BMS (Building 
Management System) supervision system 
and multimeters. During the year, seismic 
improvement works were also carried out 
and a photovoltaic system was installed, 
which will start in 2021. 
Over the years, efforts to obtain certifications 
have also involved the retail area. The Group 
obtained LEED Gold certification for the 
following stores: Beijing China World, Canton 
Road in Hong Kong, Copley Place in Boston 
and, in 2020, for the Madrid and Hong 
Kong City Gate stores. It obtained LEED 
Silver certification for the following stores: 
Seasons Place Beijing, Pacific Place in 
Hong Kong, Troy in Michigan and the Ginza 
flagship store. The Group has undertaken, 
as confirmed in the Sustainability Plan, to 
certify other stores in the coming years. 
In 2020, also 
building M, 
designed 
to meet 
the main 
environmental 
standards, 
received 
the LEED 
Platinum 
certification

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Climate
and emissions 
change
monitoring

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Carbon footprint10 
2020
2019
SCOPE 1 – Direct emissions (t CO2 eq)
919
1,308
SCOPE 2 – Indirect emissions associated with electricity 
generation (t CO2) (location based)
11,779
13,268
SCOPE 3 – Indirect emissions attributable to purchases of raw 
materials and services (t CO2eq)11
142,761
198,339
SCOPE 3 – Indirect emissions attributable to logistics 
(t CO2 eq)
15,653
41,241
SCOPE 3 – Indirect emissions not attributable to the product 
and, in particular, linked to business travel (t CO2eq)
404
3,498
The signing of the Fashion Pact in August 
2019 further enhanced the commitment taken 
on by the Group to reduce its environmental 
impact in terms of climate change: the 
reduction and offsetting of CO2 emissions is 
thus one of the priorities established by the 
Group in its Sustainability Plan. 
To confirm this commitment and in line 
with the level of decarbonization required 
to prevent the most damaging effects of 
climate change, the Salvatore Ferragamo 
Group defined its science-based targets to 
reduce greenhouse gas emissions (GHG). 
In August 2020, the Science Based Targets 
initiative, which establishes and promotes 
best practice in defining science-based 
targets, as well as assessing companies’ 
targets, endorsed the two important targets:
· reduce by 42% absolute GHG emissions 
from Scope 1 and Scope 2 by 2029 
compared to 2019;
· reduce by 42% absolute GHG emissions 
from Scope 3 deriving from the purchase 
of goods and services and from the 
downstream transport and distribution by 
2029 compared to 2019.
10 Based on the availability and materiality of data, the scope of the analysis, including a headcount of approximately 3,000 in 2019 and nearly 2,700 in 2020, is subject to the following limitations:
	 -	the emissions from natural gas and non-renewable fuel consumption (SCOPE 1) and electricity consumption (SCOPE 2) cover the same scopes set out in note 6;
	 -	the emissions related to rail and air business travel (SCOPE 3) accounted for 81% and 74% of the scope in 2019 and 2020, respectively.
	 SCOPE 2 market-based emissions totaled 10,154 and 9,764 tons of CO2 in 2019 and 2020, respectively. 
	 The factors used in 2019 and 2020 to calculate SCOPE 1 emissions are those issued by the Department for Business, Energy & Industrial Strategy in 2020 and 2019.
	 For the calculation of SCOPE 2 emissions, the factors used are those published by Terna Confronti Internazionali referring to the year 2018 for SCOPE 2 location-based 2020, while for SCOPE 2 market-
based, the factors used for European countries are those published by AIB (Association of Issuing Bodies) in 2020 for 2020. Finally, for the SCOPE 2 market-based calculation, the emission factors 
used for non-European countries were those published by Terna Confronti Internazionali referring to the year 2018 for the year 2020. SCOPE 2 emissions are expressed in tons of CO2; however, it is 
specified that the percentage of methane and nitrous oxide has a negligible effect on total greenhouse gas emissions (CO2 equivalent), as can be seen from the technical literature. 
	 Other indirect emissions generated by other organizations and which are a consequence of the Group’s activities (known as “SCOPE 3 emissions”) have been calculated in accordance with the “GHG 
Protocol Corporate Value Chain (SCOPE 3) Accounting and Reporting Standard”.
	 For each of the SCOPE 3 categories identified as relevant, GHG emissions were quantified by multiplying the organization’s activity data by the specific emission factor. The main sources of the 
emission factors used are the UK Department for Environment, Food & Rural Affairs publication for the year 2020 and the Ecoinvent 3.7.1 database published in December 2020.
11 For the purposes of setting science-based targets, the quantification of indirect emissions attributable to purchases of raw materials and services for the year 2019 was carried out using the screening 
tool “SCOPE 3 Evaluator” issued by the GHG Protocol in collaboration with Quantis. In line with the requirements of the GHG Protocol, the method of calculation was refined in 2020 by collecting 
quantitative data on materials purchased in 2019 and 2020 and multiplying them by their specific emission factors (source: Ecoinvent database 3.7.1).

Salvatore Ferragamo Group Board of Directors’ report
154 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
standard, already implemented for the 
Osmannoro plant, the Milan offices, Palazzo 
Spini Feroni and the Museo Salvatore 
Ferragamo, Italy’s first green corporate 
museum, and extended to Italian stores 
in 2019, specifies the principles and 
requirements for quantifying and reporting 
greenhouse gas emissions related to the 
activities carried out. Obtaining the ISO 14064 
certification, as specified in the related 
Policy, allows certifying the best international 
practices in the management, measurement 
and verification of data and information 
related to greenhouse gas emissions, and 
its extension to all the Group’s Italian offices 
represented an important progress in the 
path of continuous improvement towards 
ever higher sustainability standards.
Since 2017, bearing witness to the Group’s 
commitment to reduce environmental 
impacts, Salvatore Ferragamo has voluntarily 
taken part in the CDP (former Carbon 
Disclosure Project) questionnaire to report 
on CO2 emissions. The goal of the CDP is to 
promote transparency about the emissions 
generated by businesses, cities, states, 
and regions, allowing anyone to obtain 
information on the environmental impacts 
of each of these entities. The assessment 
was conducted for the “Climate Change” 
section through a comprehensive survey 
on emissions and consumption. In 2020, 
Salvatore Ferragamo obtained, for the first 
time, a score of A-, which is higher than 
the general average for the apparel design 
sector and higher than the European and the 
general average. In this respect, the Company 
is engaged in developing new initiatives that 
can further improve performance in terms of 
transparency and reporting.
Furthermore, based on the 2020 CDP 
questionnaire, Salvatore Ferragamo entered 
the 2020 CDP Supplier Engagement 
Leaderboard, a ranking that celebrates the 
With a view to setting targets, already in 
2019, a project relating to the calculation 
of emissions attributable to the Scope 3 
“Logistics” category was started. Again in 
2020, the number of movements, the weight 
transported and the distance traveled 
were calculated for almost all12the Group’s 
upstream and downstream shipments. 
Specifically, for the upstream stage, 
information was collected relating to the 
movement from the raw material suppliers to 
the Raw Materials Warehouse at Osmannoro, 
from the Raw Materials Warehouse to the 
contract manufacturers and from the latter 
to the Finished Products Warehouse at 
Osmannoro. As for the downstream stage, 
the collection of information regarded the 
movements from the Finished Products 
Warehouse at Osmannoro to European 
customers/stores and to other warehouses/
customers/stores 
worldwide 
and 
the 
deliveries from Local Warehouses (outside 
the EU) to customers/stores worldwide. Total 
GHG emissions from the Group’s logistics 
were 15,653 tons of CO2 eq. Moreover, in line 
with the defined commitment, greenhouse 
gas (GHG) emissions were calculated for the 
category “Purchases of raw materials and 
services” of Scope 3. The category quantifies 
the emissions related to the extraction and 
production of raw materials used and the 
provision of services used by the Group 
during the year. Through the involvement 
of the relevant corporate functions, data 
on direct purchases of raw materials and 
purchases of services were collected. Total 
GHG emissions for the reporting year 2020 
were 142,761 tons of CO2 eq.
In order to facilitate the development 
and implementation of plans to manage 
greenhouse gases by the organization itself, 
in 2020 Salvatore Ferragamo updated the 
ISO 14064 certification to the new 2019 
version of the standard. The ISO 14064:2019 
12 The stretch between raw material suppliers and contract manufacturers was excluded since it accounts for less than 10% of the total deliveries of the raw materials purchased.
In 2020, 
the Salvatore 
Ferragamo 
Group 
obtained a 
score of A- 
in the CDP 
Climate 
Change

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the Company to offset the environmental 
impact generated by supporting a wind 
farm project in India, in the Satare District. 
Moreover, Salvatore Ferragamo extended 
the quantification to other environmental 
impacts of the Viva model according to the 
Life Cycle Assessment (LCA) methodology 
in compliance with the principles of ISO 
14040:2006 and 14044:2018.
The search for sustainable mobility solutions 
is another key aspect of the Group’s 
sustainability vision. In Italy, Salvatore 
Ferragamo has appointed a Mobility Manager 
to optimize employee travel and promote 
solutions allowing to curb environmental 
impacts. In 2020, many of the sustainable 
mobility initiatives, such as the company 
carpooling service, the Bici&Piedi activity 
and the company shuttle, were suspended 
due to the continuation of the Covid-19 
pandemic. The initiatives implemented 
during the year mainly concerned the 
employees of the Milan offices and stores. 
In order to organize initiatives useful for 
limiting commuting, a questionnaire was 
carried out for employees in the Milan 
office and, in November 2020, 13 bicycles 
owned by the Company were donated to 
colleagues who requested them as a tool for 
limiting the spread of Covid-19. Moreover, an 
agreement with Swapfiets was promoted to 
facilitate long-term rental of regular bikes 
and pedelecs in Milan. Finally, in 2020 the 
Group confirmed the agreements in favor 
of its employees with car and motorcycle 
manufacturers that offer hybrid or electric 
vehicles and car sharing services.
environmental impact linked to the supply 
chain, the initiative aimed at promoting 
the reuse of cardboard boxes by footwear 
manufacturers, in order to reduce CO2 
emissions from the production of cardboard, 
continued. The pilot project, which started 
in 2016 and extended to 6 of the Group’s 
main contract manufacturers, led to a saving 
of approximately 14 tons of CO2 in 2020 
thanks to the saving of emissions from the 
manufacture of new cardboard. 
The project to offset emissions from 
the iconic Viva model is also part of 
the environmental protection strategy. 
In line with the objective of making a 
positive contribution to protecting and 
safeguarding the environment, Salvatore 
Ferragamo decided to calculate the 
carbon footprint of the Viva model, which 
includes all the phases from design to 
production and delivery to stores, obtaining 
ISO 14067:2018 certification – Product 
Carbon Footprint. This calculation allows 
top 7% of companies assessed for their 
ability to engage suppliers on the issue of 
climate change. 
The reduction of the environmental 
impact and of CO2 emissions released 
into the atmosphere is a key issue also in 
the Environmental Policy formalized by 
Salvatore Ferragamo S.p.A., in line with 
the requirements of the Environmental 
Management System ISO 14001:2015, 
adopted for all the Italian premises and the 
stores. The Policy envisages action by the 
Company on its processes and products 
to keep atmospheric emissions under 
control, in order to identify and monitor the 
environmental indicators. 
Among the other initiatives, in 2020 the 
agreement with UPS was extended to offset 
all the emissions caused by deliveries in 
Europe and the United States of products 
ordered through the eCommerce. This 
offset takes place by adhering to carbon 
neutral projects and, in 2020, 65 tons of 
CO2 eq were offset. The offset programs 
continued also thanks to the partnership 
with DHL Express, which envisages the 
offset of CO2 emissions resulting from the 
deliveries for the daily replenishment of 
European stores, amounting to around 738 
kg of CO2 eq in 2020. 
In order to reduce CO2 emissions from 
the delivery of goods and products over a 
short distance, in 2020 the collaboration 
with UBM Bike Couriers, for the deliveries 
of orders placed by customers at the Milan 
stores, continued. Again for the same 
purpose, collaboration was confirmed with 
Ecopony, an express courier service by 
bike, which enables the Florence store to 
deliver in the city without releasing any CO2 
emissions into the atmosphere. 
In addition, with a view to reducing the 
The Group 
decided 
to neutralize 
the carbon 
footprint 
of the Viva 
model, 
certified 
ISO 14067

Social 
responsibility

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158 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Quality and 
Made in Italy

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For Ferragamo, quality has always represented 
a continuous and necessary challenge to 
honor its roots and maintain the high values of 
Italian craftsmanship. Right from his early days 
in the United States in the 1920s, Salvatore 
Ferragamo was a pioneer in exporting Made 
in Italy quality, craftsmanship that is not just a 
question of manual skills but also of experience, 
utmost care and attention to detail, continuous 
research into materials and technologies.
For Salvatore Ferragamo, imagination knew 
no bounds. The challenges became stimuli for 
creativity, which found its highest expression 
in materials. The Founder never set limits to 
the fields in which to research and experiment. 
The material, in the same way as the form and 
craftsmanship on which beauty, comfort and 
durability of a shoe depend, was valorized by 
Salvatore in every model, so as to leave the 
material’s qualities unchanged and, at the 
same time, to adapt it to the functionality 
of the shoe. The continuous research and 
experimentation were not only for leather and 
embroidered uppers, the heirs of a centuries-
long tradition of Italian craftsmanship, but also 
for poorer materials which had never been 
used for shoes in Ferragamo’s time: paper, 
bark, raffia, fish skin and cellophane. Many 
of the Founder’s most famous creations are 
products of his time and clearly show he was 
sensitive to the economic and manufacturing 
changes that swept Italy in the 20th century. 
To strengthen the sole of his shoes during the 
autarky of the 1930s, Salvatore Ferragamo had 
the brilliant idea of using cork and thus created 
the wedge, one of the fashion industry’s most 
revolutionary and enduring innovations. The 
change in vision, caused by unfavorable 
circumstances, becomes for the true creative 
designer a powerful stimulus to refine research 
and to find alternative solutions which maintain 
the key goals of fashion, i.e., glamour and 
innovation. This is the lesson that Ferragamo 
left us with his work: any material, even the 
most modest and apparently unsuitable for a 
luxury business, can be brilliantly and creatively 
adapted when the ideas, which are linked to 
the materials, are driven by limitless technical 
and innovative ability.
This extraordinary ability has become a 
legendary legacy today. The Patent Archive 
of the Founder has over 350 patents and 
trademarks, which at the start of the 21st 
century were collected in the patent fund 
of the Central State Archive, thus holding 
a technical and scientific knowhow of 
inestimable value. The Founder’s restless 
creativity is reflected in the massive number 
of ideas he patented over the years, such 
as the shell-shaped sole, the wedge, the 
sculpted heel, the invisible upper, the cage 
heel, and the metal sole. The Archive is still 
today a source of innovation and inspiration 
for the new generations of creative talents.
Today, the interest and drive to experiment 
remain, making the constant search for 
innovation a key value for the Brand. In 
2020, the Group further consolidated its 
tradition of experimentation by setting up 
a cross-functional work team dedicated to 
the discovery and inclusion of alternative, 
regenerated and circular materials in its 
collections: from organic cotton for the 
iconic Salvatore Ferragamo 1927 T-shirts to 
regenerated nylon yarn for the Ferragamo 
Travel and SF Nylon lines, from recycled post-
consumer silk and cashmere for scarves and 
stoles to metal-free and vegetable-tanned 
leather for some footwear. Moreover, a knitted 
version of the iconic VIVA model has been 
introduced, made from recycled polyester 
yarn and a natural rubber sole. Again in 2020, 
For Salvatore 
Ferragamo, 
imagination 
knew no 
bounds

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and soles) for the new models. It consists of 
approximately 15 people, mostly young, who 
produce 30 to 40 pairs of shoes a day. In the 
Manovia, the place where the unique know-
how of Ferragamo’s craftsmen takes shape, 
the models of the Ferragamo’s Creations 
line are manufactured in limited quantities, 
numbered and entirely handcrafted using the 
techniques, materials, and finishing details of 
the Founder. All Ferragamo’s Creations shoes 
feature the Brand’s historic logo, designed 
by Lucio Venna in 1930, and provide the 
opportunity to explore Salvatore Ferragamo’s 
creative tradition, celebrating his pioneering 
vision and know-how. In 2020, the exclusive 
line presented “Jamais Reproduits”, a capsule 
of twelve limited-edition models never to be 
reproduced: examples of creative ingenuity, 
innovation, and timeless elegance. 
Another place where the excellence of 
technique and the creativity of those who 
research the materials, create the style, and 
make the Ferragamo product is celebrated is 
the Modelleria division for Men’s and Women’s 
Leather Goods, an operational workshop 
since 2017 designed for the transmission of 
know-how from leather craftsmen to new 
talents. Staying true to its Italian tradition and 
craftsmanship, the Group wants to celebrate 
the “Ferragamo touch” in the world of leather 
goods, with infinite possibilities for testing 
innovative types of leather and materials during 
the processing stages as well as improving 
the quality and efficiency of development 
processes. Together, Manovia and Modelleria 
are key to preserving the know-how passed 
on by the Founder and carried on by the skilled 
craftsmen of the Salvatore Ferragamo Group.
from innovation and from the principles of the 
circular economy, with a view to upcycling, the 
Brand created silk hair clips using leftovers 
from the production of accessories. 
To facilitate the choice of innovative and 
responsible materials and ensure the highest 
quality, a guideline document has been drawn 
up defining characteristics, certifications, 
standards, partnerships, and preferred sources 
of procurement to respect the environment, 
people and the planet. The guidelines are 
an evolving document, designed to ensure 
constant updating as materials continue 
to innovate. Moreover, recognizing the 
importance of raising the awareness of its 
teams on these issues, in 2020 the Company 
offered its style, materials research, product 
and merchandising teams an online training 
session on the guidelines, during which the 
innovative aspects of materials and preferred 
certifications were explored. 
Aware that the quality of materials and 
processes requires continuous development, 
the Group has always been in dialogue 
with companies dedicated to research and 
experimentation. In 2020, the Company 
actively participated in several conferences 
and academies set up to stimulate a 
conversation on sustainability among Italian 
and international fashion leaders. Salvatore 
Ferragamo also participates in the Make 
Fashion Circular Initiative promoted by the 
Ellen MacArthur Foundation with the aim of 
engaging companies on the circular economy 
issue in the world of fashion starting from the 
design phases.
The quality and craftsmanship that have 
always been the hallmarks of Ferragamo’s 
footwear design and development find their 
highest expression in the Manovia, the historic 
prototyping and manufacturing unit set up 
in 1967 and comprising materials cutters, 
stitchers and fitters. Recently renovated at 
the Osmannoro site, the Manovia mainly 
creates samples and prototypes and fine-
tunes the structures (stretchers, heels, insoles 
In 2020 
a knitted 
version 
of the iconic 
VIVA model 
has been 
introduced, 
made from 
recycled 
polyester 
yarn and 
a natural 
rubber sole

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Quality and 
craftsmanship 
find their 
highest 
expression 
in the 
Manovia and 
Modelleria

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162 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Responsible and
transparent
procurement

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While respecting the values of quality and 
Made in Italy, the Group has always been 
committed to supporting the development 
of local communities, promoting Italy’s 
world-class manufacturers and carefully 
purchasing products and services almost 
exclusively from Italian suppliers13. The 
philosophy of the Founder, who remained 
deeply connected to his roots, still lives in 
the strategy of the Group, which relies on 
a wide network of carefully selected and 
qualified contract manufacturers known 
for their outstanding craftsmanship. Many 
of them have been working with Salvatore 
Ferragamo for years now. 
In order to deliver a quality product while 
making production and distribution cycles 
more efficient and flexible, the Salvatore 
Ferragamo Group pays special attention 
to the key stages of the supply chain, 
limiting subcontracting to only one tier 
to better monitor quality throughout the 
supply chain. Similarly, the Group directly 
manages the product development and 
industrialization stages, performing quality 
and safety controls, both at the start and at 
the end of the manufacturing process, on 
the whole production. 
When selecting suitable suppliers, the 
Group places special emphasis on the 
technical assessment of raw materials, 
semi-finished and finished products as well 
as the acquisition of documents concerning 
manufacturing plants – and, in some cases, it 
follows up with a visit to the premises. In order 
to ensure the essential quality of the Brand’s 
products, the Salvatore Ferragamo Group 
uses a selection process for suppliers and 
contract manufacturers, aimed at assessing 
whether the potential new partners have 
the technical and qualitative requirements, 
the economic and financial prerequisites 
and all the documentation and certification 
required to start collaborating. During 2020, 
the assessment procedure for the Group’s 
direct suppliers was updated with the aim 
of further strengthening the assessment 
of the industrial and financial capabilities of 
suppliers and contract manufacturers and 
their compliance with relevant regulations 
and laws, as well as the Group’s ethical 
principles and rules of behavior. 
Potential new partners are requested to meet 
specific requirements in order to qualify as 
suppliers and contract manufacturers of raw 
materials or finished products for the Group, 
such as: the acceptance of the Supplier Code 
13 The reported data and information in chapter Responsible and transparent procurement refer exclusively to suppliers related to production operations.
Suppliers in figures - 2020
99.8%
	 Accessories purchased 
from Italian suppliers
93.5%
	 Leather hides 
purchased from 
Italian tanneries 99.9%
	 Other raw materials 
purchased from 
Italian suppliers
99.4%
	 Textiles purchased 
from Italian suppliers

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164 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
of the RSLs by suppliers of special works 
and structures, with both direct and indirect 
relationships with the Company, was 
completed and, in 2020, all active suppliers 
and contract manufacturers have completed 
the signing of RSLs.
The Group relies on a procurement structure 
with a high level of technical preparation 
and works with historic companies, with 
which it has established an ongoing 
collaboration. This structure highlights 
the Group’s strong connection to the local 
community and, considering the geographic 
distribution, it has a high percentage of 
Italian raw material suppliers, equal to 
around 97.5% of procurement in 2020. 
Moreover, Tuscan contract manufacturers 
accounted for approximately 50% of the 
turnover of finished product processing, 
while Campanian contract manufacturers 
accounted for approximately 27%; the 
remaining part of this 2020 turnover is 
allocated to the other Italian regions.
to chemical safety is based on the REACH 
regulation, which regulates the restriction 
of the use of chemicals. For these purposes, 
environmental 
and 
toxicity 
tests 
are 
conducted on several components and 
finished products such as accessories, 
footwear structures, leather, textiles, leather 
goods, ready to wear, PVC shoes, and 
rubber soles, by selecting collaborators 
exclusively among certified raw material 
suppliers. Since 2016, the issue of chemical 
substances has also been addressed through 
the presentation of Salvatore Ferragamo’s 
Restricted Substances Lists (RSLs), which 
establish even stricter criteria than REACH, 
in line with the restrictions imposed by the 
other geographical areas where Ferragamo 
products are marketed. The lists, which were 
drawn up voluntarily in order to eliminate or 
restrict the use of some chemical substances 
during the manufacturing process, were 
updated in 2018 and were shared with all 
suppliers and contract manufacturers and 
signed by them. During 2019, the subscription 
of Conduct, Privacy Policy, the signing of 
the Restricted Substances Lists (RSLs), the 
statement of compliance with social security, 
welfare and occupational safety regulations, 
the statement of acceptance of the 
subcontracting policy, the list of sub-contract 
manufacturers, the signing of the trademark 
protection agreement and further documents 
for general information and verification of 
the supplier’s financial position. Moreover, 
for contract manufacturers or suppliers of 
raw materials or finished products of animal 
origin, from 2020 the signing of the Group’s 
Animal Welfare Policy is also mandatory 
during the qualification phase.
The Group recognizes the importance of 
manufacturing and selling products which 
comply, in terms of chemical security, to the 
laws in force on global markets, in order to 
protect the health of workers and consumers 
as well as reduce the environmental impact 
from manufacturing and throughout the 
product’s life cycle. EU legislation relating 
Tuscany 
Veneto
Umbria
Campania
Marche
Piedmont
Emilia Romagna
Lombardy
Other Regions
Footwear
Accessories
Handbags and suitcases
Small leather goods
Jewelry
Apparel
30%
30%
9%
7%
9%
3%
12%
32%
43%
89%
85%
88%
12%
11%
4%
5%
6%
18%
4%
7%
25%
3%
3% 3%
8%
2%
29%
5%
16%
2%
Geographical breakdown of Italian contract manufacturers by sector - 2020

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Non-consecutive
1-3 years
4-10 years
≥ 11 years
Footwear
Accessories
Handbags and suitcases
Apparel
15%
48%
24%
13%
8%
17%
37%
16%
29%
18%
48%
24%
11%
50%
11%
31%
Consecutive years of partnership with suppliers by sector - 2020
Non-consecutive
1-3 years
4-10 years
≥ 11 years
Footwear
12%
27%
34%
27%
Handbags and suitcases
22%
6%
72%
Apparel
29%
32%
39%
Jewelry
25%
25%
25%
25%
Small leather goods
4%
11%
33%
52%
Accessories
13%
24%
13%
50%
Consecutive years of partnership with contract manufacturers by sector - 2020

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contract manufacturers have worked with 
Ferragamo for over 11 years and more than 
60% of footwear contract manufacturers 
have had a work relationship with the 
Group for over 4 years. This integration 
is supported by an IT system that 
connects the main workshops with the 
Group. This allows to share the progress 
of production and logistic processes, 
check whether raw materials are in the 
contract 
manufacturers’ 
stock, 
and 
effectively plan the production stages as 
well as the procurement of raw materials 
and components. In addition, by signing 
the trademark protection agreement, 
the Salvatore Ferragamo Group bans 
external workshops from selling the 
Brand’s products to third parties. Contract 
manufacturers are required to disclose 
if they work with any subcontractors, 
With respect to contract manufacturers, 
the Salvatore Ferragamo Group works 
exclusively 
with 
highly 
specialized 
manufacturing companies that meet the 
most demanding quality standards, most 
of them located in Italy. The selection 
and 
retention 
of 
external 
contract 
manufacturers is key to the Brand, mainly 
for the purposes of maintaining the world-
class quality standards of its products as 
well as protecting Ferragamo’s extensive 
know how developed over the years. 
The retention of external workshops has 
been traditionally guaranteed by ongoing 
partnerships, the frequent exchange 
of information and skills between the 
Group and the contract manufacturers, 
and the highly specialized products and 
production processes involved. More 
than 70% of handbag and suitcase

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During 2020, the audit plan was revised 
and updated due to the health emergency 
and some audits planned for the end of 
2020 were postponed – and in some 
cases already carried out – to early 
2021. In particular, in 2020, 131 self-
assessments, 45 audits and 8 follow-
ups were carried out, all in Italy, partly 
remotely and partly through new visits to 
suppliers’ sites, to check the solution to 
the identified non-conformities. Of these, 
only a limited number of suppliers were 
found to be moderately critical and all 
related to compliance with occupational 
health and safety standards. Minor 
findings also mainly concerned health 
and safety issues and, for the remainder, 
environmental issues. With reference to 
the respect of human and labor rights, 
no significant non-compliance emerged, 
but irregularities were found only in two 
cases with respect to the way in which 
employment contracts were kept and 
made available to employees – non-
compliance that was promptly reported to 
suppliers.
Also in 2021, the Salvatore Ferragamo 
Group will be committed to continuing 
this monitoring, in order to guarantee 
responsible management of its supply 
chain in compliance with the laws in force.
are responsible for guaranteeing their 
own compliance with the Code, as well 
as for disseminating it and asking its 
own employees, suppliers and external 
collaborators to comply with it.
The Group also encourages its suppliers to 
communicate any requests for information 
and interpretations on the adoption of the 
Code of Conduct and has set up specific 
channels for sending reports of alleged or 
ascertained violations of its provisions to 
the Ethics Committee.
In order to monitor actual compliance with 
the principles set out in the Suppliers’ 
Code of Conduct, the Group launched 
an audit plan on its direct contract 
manufacturers and suppliers. This audit 
work accompanies the monitoring of 
sub-suppliers which the Group has 
been performing since 2014, in order 
to assess compliance with ethical and 
social standards. The monitoring activity 
is coordinated by the Group Compliance 
function and carried out operationally by 
a specialized external company according 
to a multi-year plan and includes both the 
request for a self-assessment by filling in 
a questionnaire, and on-site audits, with 
interviews with workers and management 
and an inspection of suppliers’ production 
sites.
Based on the results of the audit, in case 
of non-compliance with the provisions of 
the Code, the addressees are obliged to 
implement the actions required to adjust 
their activities and operations in order to 
remove, prevent or mitigate any identified 
non-compliance. The plan envisaged 
specific actions to be implemented within 
agreed deadlines or suggestions for 
improvement activities. In the event of 
serious or repeated violations of the Code, 
the Group reserves the right to terminate 
business relations with suppliers, as well 
as in the event of failure to implement the 
agreed improvement plan for the removal 
of any major non-conformities or failure 
to cooperate in the implementation of 
monitoring activities.
to which they can outsource different 
production processes, in accordance 
with the policy limiting subcontracting 
to just one tier. Furthermore, the Group 
constantly monitors workshops through 
inspections performed by technical and 
production staff.
For the Group, collaborating with the 
supply chain is key to achieving the 
highest ethical and sustainable business 
development standards: for this reason, 
it promotes monitoring and awareness-
raising initiatives along its supply chain 
constantly monitoring the adequacy of 
the procurement model. In particular, 
risk elements related to the supply 
chain are assessed in terms of impact 
and likelihood of occurrence related to 
human rights, child labor, forced and 
compulsory labor, non-discrimination, 
freedom of association and collective 
bargaining, occupational health and 
safety, working time, remuneration and 
regularity of working conditions, and 
applied disciplinary practices. In order 
to mitigate the likelihood and impact of 
the occurrence of risks of human rights 
violations in its production chain, the 
Group carries out several controls related 
to their respect and, more generally, to 
the promotion of integrity and ethics 
in business. In particular, the Group, as 
from 2019, disseminated and required 
the signing of its own Code of Conduct. 
Drawn up with a view to integrating social 
responsibility and collaborating with its 
own supply chain, the Supplier Code of 
Conduct sets out ethical principles and 
rules of conduct, which supplement the 
legal, regulatory and procedural standards 
that underpin commercial relations with 
the supply chain. The rules and standards 
of conduct concern business ethics and 
integrity, labor and human rights, respect 
for ecosystems and product responsibility. 
The recipients of the Code are the Group’s 
suppliers of raw materials, manufacturing 
services and finished products, and they

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Ferragamo Link platform was launched, 
an integrated and collaborative solution 
for managing information and document 
flows with suppliers. The collaboration 
platform was designed in an intuitive way 
with the aim of systematically managing 
the accreditation of a new supplier and 
the qualification of all direct suppliers of 
raw materials and finished products. In 
2020, the platform was further optimized 
by simplifying relations with suppliers for 
the collection and archiving of documents, 
the exchange of information regarding 
ethical principles and rules of conduct in 
addition to the legal/procedural provisions 
required to obtain qualification, enabling 
the relevant corporate functions to check 
their correctness. 
Again with a view to social responsibility and 
human rights in the supply chain, in 2020 
Salvatore Ferragamo took part in the Social 
Sustainability Commission of the National 
Chamber for Italian Fashion. Following 
the analysis launched by the Commission 
in collaboration with the Fair Wage 
association on the conditions of workers in 
the luxury supply chain in Italy, a detailed 
report containing all the findings of the 
analysis was published in December 2020. 
Moreover, a Social Sustainability Road Map 
was launched to underline the commitment 
of the brands involved to ensure rewarding 
and fair working conditions for workers in 
the Italian fashion industry. 
In line with the special attention paid 
to social, environmental and economic 
impacts, the responsible procurement 
of materials derived from animals, which 
are used in manufacturing processes, is 
particularly important for each product 
category. The Group considers the 
approach to the issue of animal welfare 
along the supply chain essential, in the 
knowledge that the value of products can 
be maximized only while respecting the 
environment and biodiversity. To formalize 
its commitment to animal welfare, during 
2020 the Group adopted an Animal 
Welfare Policy in order to guarantee that 
the whole supply chain acts appropriately 
in terms of animal welfare. The Policy 
establishes the minimum requirements, 
certifications, 
standards, 
forms 
of 
collaboration, strategies, and procurement 
sources to be favored in order to guarantee 
such animal welfare. In order to encourage 
the sharing of the principles contained in the 
Policy, in 2020 the Company organized two 
digital training sessions involving more than 
100 representatives ranging from suppliers 
of raw materials and finished products of 
animal origin: during the meetings, the best 
practices to be followed to guarantee animal 
welfare were highlighted and the Group’s 
sustainability strategy was illustrated. 
In order to facilitate the qualification 
process for its supply chain, including the 
signing of the Supplier Code of Conduct 
and the Animal Welfare Policy, in 2019 the 
In 2020 
the Group 
adopted 
an Animal 
Welfare Policy

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Customer
focus

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For Salvatore Ferragamo, quality lays not 
only in the craftsmanship excellence of 
its creations, but also in guaranteeing a 
gratifying customer experience. 
The Group continues to pursue several 
initiatives aimed at customer satisfaction, 
adopting a customer-centric strategy that 
allows anticipating the needs of existing 
and potential customers in order to create 
long-term value. In this perspective, 
during 2020 the Brand promoted the 
development of collections more and 
more focused on customer needs and that 
respond to fundamental and sought-after 
elements such as the need for uniqueness, 
the possibility of personalization and the 
importance of sustainability. Moreover, 
great attention was paid to the “Buy-
Now/Wear-Now” approach, i.e., products 
that the customer buys today and can 
immediately 
wear. 
These 
activities 
have been made possible thanks to the 
collaboration between the Merchandising 
and Customer Experience teams who 
worked increasingly side by side, thus 
enabling a better understanding of current 
and potential customers, so as to propose 
collections that are increasingly focused 
on what the market is looking for.
A further step forward in the area of 
customer centricity was implemented 
through a continuous flow of dialogue 
with the markets with the aim of meeting 
specific requirements and sharing regional 
best practices. In 2020, the buying 
process implemented during 2019, which 
takes into account the store location, sales 
history and customers, was also perfected. 
Again in 2020, the buying process 
was characterized by the creation of a 
pioneering cross-functional project in the 
early stages of the Covid-19 emergency: 
the Virtual Showroom, a digital catalogue 
that has made it possible to continue 
buying activities and to dialogue with 
buyers from all over the world, despite the 
physical distance.
To ensure customer understanding and 
satisfaction in every situation, the Group 
strives to make its sales staff capable of 
conveying the passion for craftsmanship 
and quality that characterized Salvatore 
Ferragamo. In this regard, in 2020 the 
“Stardust” training plan continued to 
be developed, whose name recalls the 
Founder’s epithet “Shoemaker to the 
stars” and focuses on the importance of 
the customer relationship and the training 
of store managers and sales assistants. 
The cornerstone of the “Stardust” plan 
retail strategy is directly linked to the 
customer experience, in order to enable 
them to experience “Salvatore Ferragamo 
emotions”, such as energy, magic and 
authenticity. In 2020, the learning methods 
and tools used for training were adapted 
to the emergency situation caused by the 
pandemic in order to offer engaging and 
exciting experiences, despite the physical 
distance. Moreover, during the year a 
process dedicated to the development of 
“multichannel relationship management 
skills” was proposed in a test phase in 
order to support retail staff in their ability to 
create emotional synergies and memorable 
experiences in digital environments. These 
training initiatives had a positive impact 
on the Client Experience, and enabled staff 
to be involved at a time of great need for 
social interaction.
For Ferragamo, the store has always 
been one of the main touch points to 
communicate and experience the Brand 
and 
product 
through 
an 
engaging 
experience. 
In 
2020, 
the 
Covid-19 
pandemic necessarily led to a rethinking 
of the experience, forcing physical and 
social distance. Therefore, during this 
particular period of emergency, the digital 
world has shown its valuable ability to 
reduce distances, encouraging innovative, 
engaging 
and 
quality 
experiences, 
including: the exclusive gifting service with 
The Group 
strives 
to make 
its sales 
staff capable 
of conveying 
the same 
passion for 
craftsmanship 
and quality 
that 
characterized 
Salvatore 
Ferragamo

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upcycled silk available to loyal customers, 
the involvement of a stylist for the remote 
presentation of the collection and creation 
of dedicated looks for customers, the 
creation of digital experience activities 
such as wine tasting and workshops for 
the creation of home decorations and the 
concierge service that involves the delivery 
of products to the customer, offering them 
the possibility to try the products at home, 
in complete safety. Moreover, during 2020, 
the VIC Brand Experience, which was 
carried out before the pandemic by inviting 
customers to experience the world of 
Salvatore Ferragamo in Italy, was rethought 
and transformed into a phygital mode. 
On the occasion of the September 2020 
fashion show, a selection of customers 
from all over the world lived the magic of the 
experience, alternating digital moments, 
such as the fashion show invitation in 
the form of a video message from Paul 
Andrew, Ferragamo’s Creative Director, 
with moments in person, discovering the 
new collection through a tool box that 
allowed them to touch the materials of the 
collection in preparation for the showroom 
appointment in video conference from the 
Palazzo Feroni headquarters.
Also in 2020, opportunities for dialogue 
and listening to customers were expanded 
through the launch of the pilot project 
ClientiAmo, a clienteling app that facilitates 
personalized interaction between sales 
staff and customers, and Heartbeat, a 
net promoter score system dedicated to 
understanding customer needs with the 
aim of increasing customer satisfaction. 
For the Group, the integration of the digital 
world into the customer relationship 
completes the Group’s brand experience, 
offering the possibility to enrich the 
knowledge of the Brand in an effective 
and experiential way. During 2020, 
customers had the opportunity to connect 
In 2020 
Salvatore 
Ferragamo 
created a new, 
more effective 
and intuitive 
experience, 
combining the 
real and digital 
universes 
in the new 
eCommerce 
website

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more with the Salvatore Ferragamo world 
through 
several 
digital 
engagement 
initiatives. During the emergency period, 
Salvatore Ferragamo created a new, 
more effective and intuitive experience, 
combining the real and digital universes 
in the new eCommerce website in all 
markets. From a mobile-first perspective, 
the visitor experience has been designed 
to offer a process that tells the story of 
the collections through references to the 
Brand’s values and history, and in which 
the codes of the Maison are translated 
into a glossary that tells a contemporary 
story of passion and responsibility. 
Moreover, the new eCommerce led to the 
development of a new live chat and phone 
ordering project, whereby the customer 
has constant support throughout their 
visit to the online store, combining the 
potential of the physical and digital 
experience. In addition to improving the 
online experience on its channels, the 
Group consolidated its digital presence 
globally. In the Chinese market, which 
is 
particularly 
interested 
in digital 
experiences, a new online marketplace, 
TMall, was launched in 2020 with the aim 
of reaching an increasingly broad local 
customer base.
The launch of the eCommerce website 
was followed by the Augmented Store 
360, a virtual tour of the boutiques that 
allows you to submerge yourself in the 
collection, moving through the rooms of 
the store to discover the products, see their 
details, get information about them, and 
purchase them through eCommerce. The 
pilot stage of this initiative was the recently 
renovated Rome Via Condotti boutique and 
will subsequently involve other prestigious 
flagship stores around the world. 
To 
further 
enrich 
the 
customer 
experience and meet the expectations of 
increasingly digital customers, Salvatore 
Ferragamo has relied on Microsoft and 
its technology partner Hevolus for its 
digital transformation journey. Thanks to 
Microsoft’s Cloud Computing and Mixed 
Reality technologies, the Brand has been 
able to offer its customers an innovative 
service for choosing and customizing 
the Tramezza men’s footwear collection, 
which can be used in-store or online 
through an immersive, high-resolution 
experience. Browsing a dedicated web 
application based on the Azure cloud, 
customers of the Tramezza Made-to-Order 
program are offered the possibility to 
view the digital twin of the shoes on their 
screen, interacting with this faithful 3D 
reproduction to customize the materials, 
colors, details and finishes, giving life to 
their own Tramezza Made-to-Order. 
The digital initiatives have also involved 
social media, the use of which makes it 
possible to further engage customers and 
guarantee a complete experience of the 
Brand. For the second year, the Gancini 
project, a digital campaign involving a group 
of influencers, has conveyed the values 
of iconicity and togetherness intrinsic to 
the Gancini monogram, the symbol of the 
Brand. During 2020, Salvatore Ferragamo’s 
digital world also celebrated the search 
between innovation and tradition, through 
processes that described the heritage, the 
incredible story of the Founder and the 
evolution of icons. During the lockdown 
period, the Digital team, in collaboration 
with the Museum and the Fondazione 
Ferragamo, told the story of the Brand but 
above all of its Founder in an interactive 
and engaging way through #Trivia, a series 
of Instagram Stories designed to entertain, 
inform and amuse the audience through 
an interaction based on a multiple-choice 
quiz. The milestones of Salvatore’s life 
were also explored during the presentation 
of “Salvatore - Shoemaker of Dreams” 
at the 77th Venice Film Festival, through 
a series of podcasts made by friends of 
the Brand, Italian actors and Hollywood 
stars, including Stanley Tucci, Michelle 
Monaghan and Isabella Rossellini, each 
of whom read one of the 22 chapters of 
the Italian shoemaker and entrepreneur’s 
autobiography. The dream and the world 
of cinema were also at the center of the 
presentations of the collections, such as the 
video “Shaping a Dream”, presented on the

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occasion of the first Milano Digital Fashion 
Week 2020 and celebrating Ferragamo’s 
values and the collection, and the fashion 
film dedicated to the 2021 Spring-Summer 
advertising campaign made by film director 
Luca Guadagnino, creating a concentration 
of suspense and trepidation in pure 
Hitchcockian style. 
2020 was a year of rediscovery and 
innovation of Brand icons. The iconic 
grosgrain bow has taken on a new 
form in the Viva Bow Bag, a classic yet 
contemporary creation presented in a new 
and eye-catching way by virtual models 
Noonoouri and Imma.gram. Moreover, 
Salvatore Ferragamo launched Viva, the 
shoe that reinterprets in a contemporary 
way the aesthetic of Vara, the pump 
created by Fiamma Ferragamo and 
launched in 1979. The launch of this new 
icon was accompanied by the #VivaViva 
campaign characterized by a mixed group 
of women reflecting on their passions 
and what keeps them alive and makes 
them feel strong, capable and full of life. 
The digital campaigns also celebrated 
women and their vitality on Mother’s Day 
with #MomToMom, a series of Instagram 
Lives where Carolyn Murphy, the Brand’s 
muse, engaged in conversations about 
motherhood, beauty, wellbeing, fashion 
and design with some of the women from 
whom she draws daily inspiration. 
Finally, digital platforms have also touched 
the world of fragrances, with the launch of 
Ferragamo, the new fragrance presented 
by actor and model Hero Fiennes Tiffin 
and which immediately became part of the 
world’s elite of men’s fragrances. 
Over the years, the Salvatore Ferragamo 
Group has implemented a series of offline 
and online anti-counterfeiting measures 
to protect its customers and the value 
of its brands. During 2020, it revised its 
asset protection strategy by strengthening 
its brand portfolio on the one hand and 
extending online monitoring to new 
Chinese platforms and social networks on 
the other. Thanks also to these activities, 
a total of 3,000,000 illicit contents and 
profiles were removed from the main social 
media platforms, and a total of 93,556 
advertisements of counterfeit products 
were identified, blocked and removed from 
online auction sites. Moreover, 1,389 illegal 
websites were challenged and, following an 
action almost in rem, the New York Court not 
only deactivated and ordered the transfer in 
favor of Salvatore Ferragamo of 101 domain 
names hosting unlawful websites, but also 
recognized the existence of significant 
economic damage, awarding exemplary 
damages of 2.8 million dollars.
Still in 2020, the Group carried out constant 
controls on physical markets through several 
The presence of the Salvatore Ferragamo Group in social media - follower growth (2019 vs 2020)
Instagram
+8.8%
Pinterest
+12.8%
LinkedIn
+23.1%
Weibo
+21.7%
WeChat
+23.8%
Facebook
+4.7%

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in-court, out-of-court administrative and 
criminal proceedings, focusing its efforts 
on one of the areas where counterfeiting is 
most widespread, i.e., China. In this country, 
also thanks to the increasing cooperation 
with the local authorities, 194,747 counterfeit 
products were seized in 2020, compared to 
a total of 239,126 worldwide. The Group’s 
commitment to combating counterfeiting 
has delivered remarkable results, also in 
terms of obtained damage compensation, 
and has guaranteed constant and efficient 
protection of industrial and intellectual 
property rights. These activities will be 
vigorously renewed in 2021. In this regard, 
the Company acquired a software license 
that will enable it to strengthen its anti-
counterfeiting program worldwide and 
tackle the problem with a global approach. 
As part of the initiatives promoted in 
favor of customers, the Group uses the 
Authenticity Tag system, which protects 
the consumer that purchases a genuine and 
Made in Italy Salvatore Ferragamo product, 
preventing and limiting counterfeiting. This 
innovative traceability project consists in the 
implementation and adoption of an NFC (Near 
Field Communication) solution to uniquely 
identify Salvatore Ferragamo products. NFC 
is a radio-frequency technology based on a 
chip, which stores the data, and an antenna 
that sends signals using radio waves. The 
combination of chip and antenna is the so-
called Tag. A device known as reader is able 
to decode the radio signals emitted by the 
RFID (Radio Frequency Identification) Tag. 
The NFC Tag is embedded into the product 
at the end of the manufacturing process 
and activated following a quality control 
check. It cannot be counterfeited, as it 
is based on a unique identifier certified 
and assigned by a manufacturer; allows 
to encrypt or protect the data on it with a 
password as well as read it from a distance 
of only a few centimeters using modern 
smartphones. Industry insiders can also 
access an application that reads some of 
the data stored in the Tag, such as the serial 
number, the manufacturer number, and 
the collection the product is part of. The 
Group has gradually expanded the scope 
of the project in recent years, and the Tag 
is currently embedded into all Ferragamo 
leather products and silk accessories, with 
the exception of a few models. The Tag has 
also been included in men’s and women’s 
T-shirts.

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Link with
the community
and the local territory

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In the summer of 1927, Salvatore Ferragamo 
returned to Italy after twelve years in the 
United States and decided to set up his 
business in Florence, enraptured by the 
beauty of the Tuscan capital and fascinated 
by the skill of the local craftsmen. Since 
then, the link with the city of Florence 
has remained unbroken and has been 
strengthened 
through 
the Company’s 
support for significant restoration projects 
and numerous charitable initiatives for 
local causes. In addition to the Group’s 
direct commitment to making a positive 
contribution to the area in which it operates, 
the activities of the Foundation and the 
Museum are also part of this context.
Right from the start of his business, 
Salvatore Ferragamo sensed the close 
relation between the world of fashion and 
the world of art: a link of constant research, 
creativity and expression. The relationship 
with art, with the city of Florence and its 
entire territory has always been part of the 
DNA of the Brand that, over the years, has 
increased its dedication to promoting and 
safeguarding the Italian and Florentine 
artistic and cultural heritage, also through 
intense patronage of the arts. In this 
perspective, the Company entered into an 
agreement with the City of Florence, which 
provides for the restoration of the major 
sculptural works in Piazza della Signoria 
and the bronze copy of David in Piazzale 
Michelangelo. The agreement, which began 
in 2019 and will continue in 2021, provides 
for the restoration of the equestrian statue 
of Cosimo I de’ Medici by Giambologna 
in Piazza della Signoria, the Hercules and 
Cacus by Baccio Bandinelli and the copy 
of Michelangelo’s David at the entrance 
of Palazzo Vecchio; the copy of Judith and 
Holofernes on the “Arengario” platform of 
Palazzo Vecchio, and the bronze copy of 
David at Piazzale Michelangelo.
Over the years, the Company’s charitable 
contributions allowed to restore the 
Fountain of Neptune in Piazza della Signoria 
in Florence, which was returned to its 
ancient splendor by a careful and thorough 
process of cleaning the marble, restoring the 
bronzes and reactivating the water system 
that feeds the majestic water features. They 
also allowed to reopen 8 rooms of the Uffizi 
Gallery, containing approximately fifty major 
works of art from 15th-century Florence, as 
well as to renovate Florence’s Colonna della 
Giustizia in Piazza Santa Trinità and Santa 
Trinità Bridge and curate the exhibition of 
Leonardo’s Saint Anne painting, usually 
on display at the Louvre Museum in Paris. 
In addition, the Company helped preserve 
Florence’s cultural heritage by participating 
in the British Institute of Florence’s 
fundraising campaign for the renovation of 
the Harold Acton Library located in Lungarno 
Guicciardini and supported the renovation 
of the Campatelli Tower-House, a mid-12th 
century architectural masterpiece owned by 
Fondo Ambiente Italiano (FAI, Italy’s National 
Trust) and located in San Gimignano. 
Salvatore 
Ferragamo 
sensed 
the close 
relation 
between the 
world 
of fashion 
and the world 
of art

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Founded on the deep-rooted values of 
family and community, in 2020, the Group 
was obliged to review its sponsorship 
activities and donations related to the 
Charity Policy in order to fight the broader 
battle against the pandemic and support 
health associations and organizations in 
the fight against the virus. In response to 
the crisis, the Company supported several 
initiatives in Italy and abroad:
· in order to support colleagues in Asia, a 
donation of 130,000 Euro was made to 
the non-profit organization China Women’s 
Development Foundation, whose aim is 
to safeguard the rights and interests of 
women in China, improving their quality of 
life and promoting their development;
· Salvatore Ferragamo produced 100,000 
antibacterial 
non-woven 
masks 
and 
3,000 FFP1 masks with its own contract 
manufacturers and donated them to Estar, 
Tuscany Region. Estar also received 50,000 
units of hand sanitizer from Ferragamo 
Parfums;
· Salvatore Ferragamo contributed to the 
great solidarity project “Italia, we are with 
you”, promoted by the National Chamber 
for Italian Fashion in collaboration with its 
members and open to all fashion brands 
and sector associations. The initiative 
reached a contribution of 3,000,000 
Euro through which it was possible to 
purchase breathing machines and other 
medical materials such as surgical masks, 
reagents and protective clothing to be 
donated to hospitals in crisis, in particular 
to the hospital built in the former Fiera 
Milano area, a reanimation center serving 
Lombardy and the whole of Italy;
· the Company also took part in the 
fundraising event organized by Altagamma 
in favor of Protezione Civile and Fondazione 
Fiera for the construction of the new 
hospital;
· finally, Salvatore Ferragamo decided to 
support, together with the Fondazione 
CR Firenze, the Italian Red Cross in 
the renovation of the Fraticini Hospital 
in Florence to deal with the Covid-19 
emergency. Since 8 April 2020, the 
renovated Fraticini Hospital has been in 
operation, with the first 60 beds made 
available by USL Toscana Centro and AOU 
Careggi to accommodate patients suffering 
from Covid-19, or with symptoms requiring 
quarantine. Thanks to the contribution of 
Salvatore Ferragamo, the Italian Red Cross 
renovated and furnished the old hospital 
complex: the opening of these two new 
wards reserved for post-acute patients will 
allow the first aid hospitals to concentrate 
their resources on acute cases and, at the 
same time, ensure continuity of care for 
the transferred patients. The patients of 
the facility had 2 doctors, 15 nurses and 
14 nursing assistants dedicated to the 
care of the wards. The Fraticini Hospital in 
Florence will remain active after the end of 
the Covid-19 emergency.
The strong commitment to activities 
and initiatives in support of healthcare 
institutions in the fight against Covid-19 has 
not undermined the commitments made to 
other organizations working to ensure the 
health of women and children, an issue that 
is very close to the Company’s heart. 
In 
2020, 
an 
important 
three-year 
collaboration project (2020-2022) was 
launched with the Meyer Foundation of the 
Meyer Children’s Hospital in Florence, an 
outstanding center for pediatric research 
and treatment. The collaboration envisages 
the Company’s support for the Hospital’s 
newborn screening activities, through the 
purchase of a new machine for the neonatal 
diagnosis of rare diseases and the scientific 
research into new diseases, and through 
In 2020, 
the Group 
supported 
numerous 
health 
association 
and 
organizations 
in the fight 
against 
the virus

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the support for the plan to expand the 
Hospital, in particular to enhance the Parco 
della Salute, where an important structure 
dedicated to daytime activities and child 
neuropsychiatry will be built.
In September 2020, the 18th edition of Corri 
la Vita was held in Florence, a fundraising 
event created with the aim of contributing 
to the creation and qualification of national 
health facilities specializing in the treatment 
of breast cancer through psychological 
support, physical and social rehabilitation, 
prevention, training, and palliative care. 
For the Covid-19 emergency, the event 
was held online and individual sport was 
promoted through Facebook and Instagram 
live feeds on instructor and gym channels. 
Salvatore Ferragamo was once again one of 
the event’s main sponsors, donating around 
35,000 T-shirts. Thanks to the significant 
participation of Ferragamo employees, the 
Company also received the award as one 
of the largest groups to have purchased 
the shirts. The funds raised in 2020 were 
allocated to the EVA project that will involve 
the whole Florence area (Florence, Prato, 
Empoli, and Pistoia) in the fight against breast 
cancer and assistance to cancer patients; 
in addition to this, it also cooperated with 
Florence’s LILT - the Italian League for the 
Fight against Cancer - to support the Ce.Ri.
On. (ISPRO-LILT Cancer Rehabilitation Center 
in Villa delle Rose), FILE (Italian Foundation 
for Palliative Care) - and SenoNetwork Italia 
Onlus, a portal that brings together the Italian 
Breast Units. In line with previous years, the 
Museo Salvatore Ferragamo participated in 
the initiative by granting free admission to 
all participants for the entire day.
Also in 2020, the Company renewed its 
support for several local organizations, 
including Trisomia 21 Onlus, Fàedèsfa 
Onlus and the Ronald McDonald Children’s 
Foundation. In 2020, Salvatore Ferragamo 
also donated slow-moving raw materials to 
various charities, such as Flo Concept, the 
Istituto degli Innocenti and Progetto Quid, 
which used the materials to make mask 
cases for the Company’s employees.
To help the needy and reduce waste, starting 
from 2014, Salvatore Ferragamo S.p.A. 
has chosen to donate through the Banco 
Alimentare ONLUS Association (Italy’s food 
bank) the excess food from the Company 
cafeteria to CEIS - Centro di Solidarietà in 
Florence, where a canteen serves both lunch 
and dinner. More than 1,000 meals were 
donated during 2020.
The commitment to social responsibility is 
not limited to Italy but extends also to all the 
areas in which the Salvatore Ferragamo Group 
operates, for example: in Argentina, the Group 
made a donation to the Vergel Arte Foundation, 
which teaches art to children facing periods 
of hospitalization. In North America, a number 
of entities received support, such as: the 
Metropolitan Museum, the Junevile Diabetes 
Research Foundation, the St. Jude Children’s 
Research Hospital, the United Nations Entity 
for Gender Equality and the North Shore Child 
Family Guidance Center, the Champions for 
Charity association and Good Plus Foundation. 
In line with the Group’s Charity Policy, further 
donations were made to support the Shore 
School in Australia, the Italian Film Festival 
and the British School of Tokyo in Japan, 
the Chinese Italian Culture Society, the China 
Women’s Development Foundation, the 
Mother’s Choice Association and the Cancer 
Fund Gala Dinner in Hong Kong. Finally, 
in full respect of the Group’s commitment 
to 
environmental 
sustainability 
and 
safeguarding the planet, Ferragamo Taiwan 
employees organized a tree-planting activity.

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Museo Salvatore
Fondazione
Ferragamo and
Ferragamo
The strongest evidence of our commitment 
towards culture and participation is the 
Museo Salvatore Ferragamo and the 
Fondazione Ferragamo, which pass on the 
Company’s heritage in the local community 
through several activities.
The Museo Salvatore Ferragamo, established 
in 1995 
inside 
the Group’s 
historic 
headquarters by Wanda Miletti Ferragamo 
and her six children, not only organizes 
temporary exhibitions and workshops for 
children, the latter in collaboration with the 
Fondazione Ferragamo, but also aims to reach 
an ever-wider audience by spreading the 
history and culture of the Brand throughout 
the local community. 
In particular, the Museo Salvatore Ferragamo 
intends to represent the Group by exhibiting 
its most significant items, passing on its 
history in full compliance with the Brand’s 
identity and creating an ever-greater sense 
of belonging through relations with other 
institutions such as schools, universities, 
associations and cultural bodies.

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The spread of the health emergency 
caused by the Covid-19 pandemic and the 
consequent government regulations in Italy 
imposed the closure of the Museo Salvatore 
Ferragamo rooms for a long period of 2020, 
making the “Sustainable Thinking” exhibition 
inaccessible to the public. So, in June 2020, 
the Museo Salvatore Ferragamo implemented 
a major new project, making the exhibition 
entirely digital and accessible through a 
virtual tour. Thanks to wide-ranging high-
resolution images, info points, videos and fact 
sheets, available in English and Italian, the 
virtual tour allowed visitors to enter the rooms 
of the Museum and learn about the exhibition 
while staying at home in total safety. 
Moreover, from mid-July 2020, an on-demand 
guided tour service will be provided by a 
Museum operator. The process undertaken in 
the virtual world has also given rise to a series 
of webinars and online events organized by 
the Museum involving curators, designers 
and artists, who have made their knowledge 
of sustainability available to provide an 
opportunity for debate and discussion with 
students, industry experts, and fashion and 
art lovers.
Opened in April 2019, the “Sustainable 
Thinking” exhibition aimed to investigate 
the crucial theme of sustainability through 
an artistic and cultural journey that tells 
its development and interpretations. The 
exhibition housed works by international 
artists and fashion designers who presented 
their own interpretation of the recovery of a 
more thoughtful relationship with nature and 
its profound bond with know-how, the use of 
organic materials and their creative use, up 
to highlighting the importance of a collective 
commitment, of a smart and common 
approach. The exhibition hosted over 44,000 
visitors from April 2019 to December 2020 
and obtained the ISO 20121:2012 certification, 
which establishes a Management System 
prerequisite for the sustainable organization 
of events. 
The Museum constantly cooperates with 
many institutions, associations, schools and 
universities throughout Italy, taking part 
in cultural events and sometimes offering 
reduced-price entry tickets to the Museum 
and organizing special tours.
In 2020, the appointment with the 
Sustainable Development Festival, the main 
Italian contribution to the European Week 
of Sustainable Development, was renewed. 
Conceived to mobilize the entire population 
and spread the culture of sustainability across 
the country through several cultural activities, 
this year’s edition has undergone, due to 
Covid-19, changes in the format of events 
and contents. On this occasion, the Museo 
Salvatore Ferragamo and the Fondazione 
Ferragamo offered participants the chance to 
sign up for a virtual tour of the “Sustainable 
Thinking” exhibition, and, for younger 
children, the Foundation created a series of 
online educational activities that can be easily 
downloaded from the web. 
In 2020, the Group continued working 
together with 
leading 
Italian cultural 
institutions such as Museimpresa, the 
Italian association of corporate museums 
and archives, the Portal of the 20th Century 
Fashion Archives at Rome’s State Archive, 
platform created in 2011 at ANAI (the Italian 
National Association of Archivists) and 
Europeana Fashion, the European digital 
library to which the Salvatore Ferragamo 
Group submitted more than 1,000 records 
of historic footwear. The Museo Salvatore 
Ferragamo is part of ICOM (International 
Council of Museums), the most important 
and prestigious international organization 
for museums and museum professionals. 
As a member of the Italian Association of 
Corporate Archives and Museums, the Museo 
Salvatore Ferragamo took part in November 
2020 in the Week of Business Culture, the 
series of events promoted by Confindustria 
that, through meetings, workshops, films 
and guided tours, informed visitors about 
The Museum 
constantly 
cooperates 
with many 
institutions, 
associations, 
schools and 
universities 
throughout 
Italy

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the huge cultural heritage safeguarded 
in the museums and archives of Italian 
companies. For this edition called: “Italy. 
Entrepreneurial Culture for the Rebirth of the 
Country”, the Fondazione Ferragamo and the 
Museo Salvatore Ferragamo launched the 
new virtual tour of the Salvatore Ferragamo 
Archive. 
Fashion and costume are two of the themes at 
the heart of the Museo Salvatore Ferragamo’s 
activities. Also for 2020, the Museum 
participated in the Costume Colloquium, a 
biennial international conference that explores 
many aspects of fashion and costume, and 
ApritiModa, a project that for one weekend 
a year allows the public to visit and discover 
the most hidden and secret places in the 
world of fashion and Made in Italy. For the 
2020 edition, the Museo Salvatore Ferragamo 
opened its doors to participants with ad hoc 
organized visits. Finally, the Museum renewed 
its participation in WHITE Milano, where the 
WSM Fashion Reboot took place, an event 
dedicated to sustainability in which extracts 
from the “Sustainable Thinking” exhibition 
were presented and a virtual tour of the 
exhibition was made available to all event 
participants on touch screen monitors. 
Finally, with a view to continuing the well-
established collaboration with France Odeon, 
in a situation totally changed due to ministerial 
restrictions, the Museo Salvatore Ferragamo 
took part in a new project thanks to which all 
the places of the Festival were presented to 
the public in the virtual hall on social channels 
through ad hoc videos. For the eighth year 
in a row, Ferragamo Parfums renewed its

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collaboration as main sponsor, awarding 
the Essenza del Talento prize to the young 
French actress Oulaya Amamra. For Salvatore 
Ferragamo, this prize represents support 
for female empowerment and an award for 
young women who stand out for their talent, 
dedication and artistic expression.
On 15 March 2013, the Ferragamo Family set 
up the Fondazione Ferragamo in Florence 
to promote the values of craftsmanship 
and Made in Italy as well as to invest in the 
education and training of those seeking a 
career in the world of fashion, design, and 
the most elegant and artistic forms of Italian 
craftsmanship, in keeping with the values 
and style of Salvatore Ferragamo’s works. The 
Foundation intends to promote knowledge 
and recollection of Salvatore Ferragamo’s 
work and personality in order to enhance 
and disseminate them and to let the global 
audience learn of his artistic qualities and of 
the role he played in the history not only of 
shoemaking, but also of international fashion.
The history of the Ferragamo family, as well 
as all the Company’s heritage, is preserved in 
the Salvatore Ferragamo Archive, since 2013 
under the management of the Fondazione 
Ferragamo and dedicated to Fiamma 
Ferragamo, the Founder’s daughter. In 2019, 
the transfer of the whole Archive material to 
a space at the Osmannoro site in Florence 
was completed. The physical reunification 
of the various collections in a single location 
enabled an improvement in the security of 
the cultural heritage in terms of conservation, 
safeguarding and control and increased the 
usability of the documents and products 
contained therein.
The Salvatore Ferragamo Archive, which 
includes 
garments, 
bags 
and 
other 
accessories, documents and photographic 
material, stretchers, historical leathers and 
works of art, represents the memory of the 
entire corporate culture, codes, values and 
identity of the Brand, and is a continuous 
source of inspiration for designers and 
marketing 
managers 
involved 
in 
the 
development of new products. To this end, an 
area dedicated to the search and consultation 
of archival materials, catalogues and journals 
has been created in the new Archive space.
In 2020, in line with the Company’s approach 
to sustainable development and following 
the Group’s participation in the Fashion Pact, 
the Fondazione Ferragamo eliminated plastic 
from the Archives, replacing nylon clothing 
bags with certified acid-free non-woven 
bags, suitable for preservation according to 
museum standards. Moreover, new labels 
have been introduced for all filed product 
categories and new FSC-certified boxes 
containing acid-free tissue paper.
Finally, in order to promote and disseminate 
the contents of the Salvatore Ferragamo 
Archive through digital initiatives, the 
Fondazione Ferragamo has created a virtual 
tour, accessible from any electronic device, 
which allows visitors to explore the entire 
space through wide-ranging high-resolution 
images, discovering the heritage preserved, 
including shoes and other iconic products, 
works of art, photographs and historical 
documents.
The Salvatore Ferragamo Archive in figures
Over 14,000
	 Shoe models
Over 1,000
	 Bags
Over 4,500
	 Garments
Over 5,800
	 Ties
Over 580,000
	 Data sheets

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educational activities due to the Covid-19 
emergency situation. Since it was not 
possible to organize workshops in person, 
it was decided to offer digital contents, 
accessible at a distance, through the Archive 
4 Kids initiative, a new format that, thanks 
to illustrated cards that can be downloaded 
free of charge from the Foundation’s website, 
offers an in-depth look at the most iconic 
contents of the Salvatore Ferragamo Archive 
through a practical activity for children to be 
easily carried out at home.
Moreover, on the occasion of the Sustainable 
Development Festival, the Foundation 
organized a remote virtual workshop format 
involving the Salvatore Ferragamo Style 
team. The stylists designed six fashion-
plates of various gender and ethnic groups 
that the children could download for free 
from the Foundation’s website and “dress 
up” using recycled materials to create their 
own sustainable collection.
day in order to trace the development of the 
business formula. Moreover, a document 
dedicated to the period from the birth of 
Salvatore Ferragamo to the year of his death 
(1898-1960) was produced in 2020. On the 
occasion of the presentation of the docufilm 
directed by Luca Guadagnino “Salvatore – 
Shoemaker of Dreams” at the 77th Venice 
Film Festival, in which the Foundation 
collaborated by providing archive material, 
the international press received the 
document as an introduction to the life and 
career of Salvatore Ferragamo.
Education and training are some key 
objectives around which the Foundation 
plans its work. Among other initiatives, 
the Fondazione Ferragamo hosts “Ideas 
and creativity workshops” for children, 
teenagers 
and 
adults 
dedicated 
to 
craftsmanship, fashion, and design. Since 
March 2020, the Foundation had to stop all 
In recent years, the Fondazione Ferragamo 
has begun a digitalization process of 
all the material in its Archive through a 
database capable of collecting extremely 
heterogeneous information and data.
Moreover, thanks to the massive cataloguing 
process developed in 2019, the process of 
uploading articles mentioning the Company 
and the Group directly in the software was 
made automatic by creating automatically 
a cataloguing sheet with information and 
attached files. The interface created allowed 
more than 19,600 new press review cards to 
be imported in 2020.
With a view to promoting and disseminating 
knowledge of the Brand’s heritage and 
culture, the Fondazione Ferragamo undertook 
a project that will continue in 2021, dedicated 
to the Company’s history, which collects the 
key dates and information on the Company’s 
development from its origins to the present

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Still in the field of education and training, 
the Fondazione Ferragamo collaborated 
on the 2020 edition of ITS - International 
Talent Support, one of the world’s most 
authoritative contests for emerging talents 
in fashion and accessory and jewelry design, 
establishing a special prize dedicated to the 
accessories, shoes and bags category. 
The winning designer, who submitted a 
sustainable capsule collection of sneakers, 
was offered a cash scholarship and the 
chance to do an internship in the Company’s 
creative departments.
In 2020 
the docufilm 
directed 
by Luca 
Guadagnino 
“Salvatore - 
Shoemaker 
of Dreams” 
was presented 
at the 77th 
Venice 
Film Festival
Moreover, during the lockdown months, 
a project was developed for Florida State 
University students, who created video 
contents on the values of sustainability 
based on the themes of the “Sustainable 
Thinking” exhibition. The documentation 
was edited into a specially made video and 
shared on the Foundation’s social media in a 
section dedicated to young people.
Finally, in 2020, the Foundation collaborated 
on the “Blogs & Crafts” competition for 
young artisans and bloggers, promoted 
by the Florentine event “Artigianato e 
Palazzo”, which in 2020 was in its seventh 
edition. The initiative supports the new 
generations of artisans and increases 
online and social media visibility, to create 
a productive combination of “doing” and 
“communicating” skills. For the occasion, 
the ten young talents selected during 
the competition were invited to visit the 
Salvatore Ferragamo Archive.

Fronte
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Breakdown of employees by employment contract, gender and geographic area
2020
Temporary contracts
Permanent contracts
No. of people
Men
Women
Total
Men
Women
Total
Parent Company
2
6
8
384
530
914
Europe
9
27
36
111
197
308
North America
17
31
48
229
237
466
Central and South America
2
2
4
121
80
201
Asia Pacific
10
26
36
281
1,160
1,441
Japan
4
15
19
87
287
374
Total
44
107
151
1,213
2,491
3,704
Breakdown of employees by employment contract, gender and geographic area
2019
Temporary contracts
Permanent contracts
No. of people
Men
Women
Total
Men
Women
Total
Parent Company
33
41
74
394
547
941
Europe
29
55
84
123
222
345
North America
15
42
57
261
285
546
Central and South America
5
7
12
114
87
201
Asia Pacific
12
64
76
342
1,201
1,543
Japan
4
17
21
87
290
377
Total
98
226
324
1,321
2,632
3,953

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Breakdown of employees by type (headquarters and retail), age group and gender
2020
No. of people
<30
30-50
>50
Total
Men
Women
Men
Women
Men
Women
Men
Women
Headquarter
21
76
336
519
134
132
491
727
Retail
214
417
469
1,279
83
175
766
1,871
Total
235
493
805
1,798
217
307
1,257
2,598
Employees who received a performance assessment, broken down by occupational classification and gender
Percentage
2020
2019
Men
Women
Total
Men
Women
Total
Managers (executives, middlemanagers and store 
managers)
96.7%
97.0%
96.9%
97.3%
97.9%
97.7%
White collars
89.5%
90.6%
90.3%
76.7%
81.5%
80.1%
Blue collars
92.4%
94.9%
93.3%
49.7%
20.4%
39.1%
Total
91.6%
92.0%
91.9%
77.3%
82.0%
80.4%
Breakdown of employees by professional category and gender
2020
2019
No. of people
Men
Women
Total
Men
Women
Total
Full time
1,149
2,282
3,431
1,330
2,522
3,852
Part time
108
316
424
89
336
425
Total
1,257
2,598
3,855
1,419
2,858
4,277

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Outgoing employees 
2020
No. of people
<30
30-50
>50
Total
Turnover
Men
Women
Men
Women
Men
Women
Men
Women
Men
Women
Parent Company
26
35
20
27
9
11
55
73
14.2%
13.6%
Europe
23
32
29
52
2
9
54
93
45.0%
41.5%
North America
23
45
32
43
13
16
68
104
27.6%
38.8%
Central and South 
America 
7
7
11
14
2
2
20
23
16.3%
28.0%
Asia Pacific
57
131
79
191
1
13
137
335
47.1%
28.2%
Japan 
1
4
8
27
2
6
11
37
12.1%
12.3%
Total
137
254
179
354
29
57
345
665
27.4%
25.6%
Incoming employees
2020
No. of people
<30
30-50
>50
Total
Turnover
Men
Women
Men
Women
Men
Women
Men
Women
Men
Women
Parent Company
6
7
5
12
4
1
15
20
3.9%
3.7%
Europe
13
15
9
19
0
6
22
40
18.3%
17.9%
North America
17
28
18
16
3
1
38
45
15.4%
16.8%
Central and South 
America 
10
3
14
8
0
0
24
11
19.5%
13.4%
Asia Pacific
38
108
35
143
1
5
74
256
25.4%
21.6%
Japan 
3
8
5
22
3
2
11
32
12.1%
10.6%
Total
87
169
86
220
11
15
184
404
14.6%
15.6%

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Outgoing employees 
2019
No. of people
<30
30-50
>50
Total
Turnover
Men
Women
Men
Women
Men
Women
Men
Women
Men
Women
Parent Company
22
36
28
25
14
6
64
67
15.0%
11.4%
Europe
40
69
36
76
6
5
82
150
53.9%
54.2%
North America
53
76
43
69
8
17
104
162
37.7%
49.5%
Central and South 
America 
20
15
21
14
1
1
42
30
35.3%
31.9%
Asia Pacific
111
254
72
286
0
18
183
558
51.7%
44.1%
Japan 
2
12
14
56
5
10
21
78
23.1%
25.4%
Total
248
462
214
526
34
57
496
1,045
35.0%
36.6%
Incoming employees
2019
No. of people
<30
30-50
>50
Total
Turnover
Men
Women
Men
Women
Men
Women
Men
Women
Men
Women
Parent Company
36
59
39
31
5
2
80
92
18.7%
15.6%
Europe
53
74
41
75
0
1
94
150
61.8%
54.2%
North America
55
71
31
60
5
11
91
142
33.0%
43.4%
Central and South 
America 
22
17
18
14
2
0
42
31
35.3%
33.0%
Asia Pacific
131
295
84
255
1
13
216
563
61.0%
44.5%
Japan 
6
12
13
46
2
10
21
69
23.1%
22.1%
Total
303
528
226
481
15
37
544
1,046
38.3%
36.6%

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14 Of which 4 in Ferragamo S.p.A., 12 in Europe, 5 in Asia Pacific, 7 in North America, 1 in Central and South America and 7 in Japan. Two of the injuries in Italy occurred in 2019 but were also considered 
in 2020 in line with the convalescence period recognized for them (lasting until 2020). Only 1 of the 36 accidents recorded in 2020 was classified as “severe”. Occupational accidents are considered 
severe if they result in death or injury from which the worker cannot recover, does not recover or cannot realistically be expected to recover fully and return to his pre-accident state of health within 
6 months. The accidents that occurred in 2020 are mainly related to the normal course of business such as warehouse activities.
15 The incidence rate is calculated as the ratio between the total number of accidents (including those classified as ‘serious’) and the number of hours worked in the same period, multiplied by 200,000. 
The injury severity rate is calculated as the ratio of total days lost for occupational injuries and diseases to total working hours during the same period, multiplied by 200,000. The rate for recordable 
work-related injuries is calculated as the ratio of total recordable work-related injuries (net of accidents classified as “severe”) to total working hours in the same period, multiplied by 200,000. The 
rate for work-related injuries with serious consequences is calculated as the ratio of total accidents with serious consequences (excluding deaths and recordable injuries) to total working hours in 
the same period, multiplied by 200,000.
The work-related illness rate is calculated as the ratio of total work-related illness cases to total working hours during the same period, multiplied by 200,000.
As part of the analysis carried out during 2020 in relation to the significance of data and information regarding other non-employee workers, especially agency staff, interns and consultants, the Group 
recorded an injury rate of 0.0 for a total of 44 workers present as at 31 December 2020 within the Italy and Europe scope, of whom 13 were men and 31 women. No accidents or fatalities were reported.
Health and safety indicators15 - (employees)
2020
Rates
Parent Company
Europe
North America
Men
Women
Total
Men
Women
Total
Men
Women
Total
Incidence rate
0.3
0.8
0.6
7.6
3.5
5.1
1.7
1.2
1.4
Severity rate
9.1
34.8
23.5
21.6
0.0
8.4
56.6
2.0
28.4
Rate for recordable work-related 
injuries
0.0
0.0
0.0
7.6
3.5
5.1
1.7
1.2
1.4
Rate for high-consequence  
work-related injuries
(excluding fatalities)
0.3
0.8
0.6
0.0
0.0
0.0
0.0
0.0
0.0
Occupational disease rate
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Rates
Central and South America
Asia Pacific
Japan
Men
Women
Total
Men
Women
Total
Men
Women
Total
Incidence rate
0.8
0.0
0.5
0.0
0.4
0.3
0.0
2.4
1.9
Severity rate
103.0
0.0
62.1
15.6
30.4
0.1
0.0
7.2
5.6
Rate for recordable work-related 
injuries
0.8
0.0
0.5
0.0
1.6
0.3
0.0
2.4
1.9
Rate for high-consequence  
work-related injuries
(excluding fatalities)
0.0
0.0
0.0
0.0
0.1
0.1
0.0
0.0
0.0
Occupational disease rate
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Injuries (employees)
No. of cases
2020
2019
Injuries
36
(13 for men; 23 for women) 14
55
(23 for men; 32 for women)
Occupational diseases
0
0

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15 The incidence rate is calculated as the ratio between the total number of accidents (including those classified as ‘serious’) and the number of hours worked in the same period, multiplied by 200,000. 
The injury severity rate is calculated as the ratio of total days lost for occupational injuries and diseases to total working hours during the same period, multiplied by 200,000. The rate for recordable 
work-related injuries is calculated as the ratio of total recordable work-related injuries (net of accidents classified as “severe”) to total working hours in the same period, multiplied by 200,000. The 
rate for work-related injuries with serious consequences is calculated as the ratio of total accidents with serious consequences (excluding deaths and recordable injuries) to total working hours in 
the same period, multiplied by 200,000.
The work-related illness rate is calculated as the ratio of total work-related illness cases to total working hours during the same period, multiplied by 200,000.
As part of the analysis carried out during 2020 in relation to the significance of data and information regarding other non-employee workers, especially agency staff, interns and consultants, the Group 
recorded an injury rate of 0.0 for a total of 44 workers present as at 31 December 2020 within the Italy and Europe scope, of whom 13 were men and 31 women. No accidents or fatalities were reported.
16 Given the sensitivity and confidentiality of tax information, GRI indicator 207-4 is reported in aggregate form and no disclosure of pre-tax profit/loss is made. 
Health and safety indicators15 - (employees)
2019
Rates
Parent Company
Europe
North America
Men
Women
Total
Men
Women
Total
Men
Women
Total
Injury severity rate
20.0
36.8
29.7
28.1
11.2
17.2
104.1
3.7
49.7
Occupational disease rate
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Injury rate
1.6
1.9
1.8
4.4
3.6
3.9
6.6
3.7
5.0
Rates
Central and South America
Asia Pacific
Japan
Men
Women
Total
Men
Women
Total
Men
Women
Total
Injury severity rate
40.1
72.4
54.4
0.0
7.9
6.1
33.9
39.1
37.9
Occupational disease rate
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Injury rate
1.7
3.2
2.4
0.0
0.1
0.1
0.0
0.7
0.6
Tax indicator - Country-by-country reporting (207-4)16
Europe
Size
2019
2018
Number of employees - average workforce
1,374
1,307
Tax data (in thousands of Euro)
2019
2018
Revenues from third parties *
424,739
428,846
Revenues from intra-group transactions *
647,465
550,932
Tangible assets other than cash and cash equivalents 
430,421
134,217
Income tax paid in the year
11,032
6,450
Corporate income taxes accrued on profits/losses**
37,272
19,521
*	 Revenues include all positive income components, excluding dividends.
**	 Excluding deferred corporate income taxes and provisions for uncertain tax positions.

Salvatore Ferragamo Group Board of Directors’ report
194 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
North, Central and South America
Size
2019
2018
Number of employees - average workforce
760
748
Tax data (in thousands of Euro)
2019
2018
Revenues from third parties *
388,488
365,603
Revenues from intra-group transactions *
174,480
156,104
Tangible assets other than cash and cash equivalents 
229,111
57,690
Income tax paid in the year
2,872
(6)
Corporate income taxes accrued on profits/losses**
3,019
4,058
*	 Revenues include all positive income components, excluding dividends.
**	 Excluding deferred corporate income taxes and provisions for uncertain tax positions.

methodology
sustainability
people
environment
social
annexes
material topics
GRI
report
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
195
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Asia Pacific
Size
2019
2018
Number of employees - average workforce
1,976
1,876
Tax data (in thousands of Euro)
2019
2018
Revenues from third parties *
613,622
593,493
Revenues from intra-group transactions *
171,093
167,695
Tangible assets other than cash and cash equivalents 
207,818
74,008
Income tax paid in the year
9,888
6,313
Corporate income taxes accrued on profits/losses**
8,741
8,725
*	 Revenues include all positive income components, excluding dividends.
**	 Excluding deferred corporate income taxes and provisions for uncertain tax positions.

Boundary of 
the Group’s 
material topics

Salvatore Ferragamo Group Board of Directors’ report
198 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
The following table shows the material topics identified for the Salvatore Ferragamo Group and its stakeholders through the materiality 
analysis, grouped into the areas provided for by Italian Legislative Decree 254/2016, the related boundary, the type of impact and the topic-
specific Standard associated with them.
Topics of Italian Legislative 
Decree 254/2016
Material topics
Boundary of the material topics
Type of impact
Reconciliation of Topic-Specific 
Standard
Environmental
Responsible use of chemical 
products
Group, suppliers and contract 
manufacturers
Caused by the Group and 
directly connected to its 
activities
Customer health and safety
Responsible innovation and 
circular economy
Group
Caused by the Group 
N/A
Responsible consumption
Group
Caused by the Group 
Water and effluents, Energy, 
Effluents and waste, 
Environmental compliance
Animal Welfare
Group, suppliers and contract 
manufacturers
Caused by the Group and 
directly connected to its 
activities
N/A
Climate change
Group, Logistic distributors, 
Suppliers and contract 
manufacturers
Caused by the Group and 
directly connected to its 
activities
Emissions
Safeguarding biodiversity
Group
Caused by the Group
Biodiversity
Social
Quality and Made in Italy
Group, suppliers and contract 
manufacturers
Caused by the Group and 
directly connected to its 
activities
Procurement practices
Brand image and reputation
Group, suppliers and contract 
manufacturers
Caused by the Group and 
directly connected to its 
activities
Marketing and labeling
Health and safety
Group’s employees
Caused by the Group
Occupational health and 
safety
Customer experience
Group
Caused by the Group
Marketing and labeling
Culture of sustainability, 
Governance and Ethical 
Business
Group
Caused by the Group
Anti-competitive behavior, 
Socioeconomic compliance
Security and protection of 
customers’ data
Group
Caused by the Group
Customer privacy
Responsible and transparent 
procurement
Group, suppliers and contract 
manufacturers
Caused by the Group and 
directly connected to its 
activities
Supplier social assessment, 
Forced or compulsory labor, 
Child labor, Procurement 
practices
Support to the community
Group
Caused by the Group
Local communities

methodology
sustainability
people
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social
annexes
material topics
GRI
report
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
199
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Topics of Italian Legislative 
Decree 254/2016
Material topics
Boundary of the material topics
Type of impact
Reconciliation of Topic-Specific 
Standard
Employee-related matters
Attracting and developing 
talent
Group
Caused by the Group
Employment, Training and 
development
Diversity and inclusion
Group
Caused by the Group
Diversity and equal 
opportunities, non-
discrimination
Employee welfare
Group
Caused by the Group
Employment, Training and 
development
Combating active and passive 
corruption
Anti-corruption
Employees of the Group, 
suppliers and contract 
manufacturers
Caused by the Group
Anti-corruption
Respect of human rights
Respect for and promotion of 
human rights
Group, suppliers and contract 
manufacturers
Caused by the Group and 
directly connected to its 
activities
Human rights assessment, 
Non-discrimination, Child 
labor, Forced or compulsory 
labor
N/A
Operating and financial 
performance
Group
Caused by the Group
Economic performance, Tax
Risk management system
Group
Caused by the Group
N/A

GRI content  
index

Salvatore Ferragamo Group Board of Directors’ report
202 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Here below is the table of the GRI indicators, in accordance with the GRI Standards: Core option. Any omissions are reported as notes to the 
individual indicators, if applicable.
CODES
INDICATOR
PAGES/NOTES/OMISSION
GRI 102: GENERAL DISCLOSUREs 
ORGANIZATIONAL PROFILE (2016)
GRI 102-1 
Name of the organization
Annual Report, pag. 1;
NFS, pagg. 94-98
GRI 102-2 
Activities, brands, products, and services 
Annual Report, pagg. 13; 16-25
GRI 102-3 
Location of headquarters 
Annual Report, pag. 1
GRI 102-4 
Location of operations 
Annual Report, pagg. 13; 16; 24
GRI 102-5 
Ownership and legal form
Annual Report, pagg. 1; 10-13;
NFS, pagg. 118-123
GRI 102-6
Markets served 
Annual Report, pagg. 1; 10-13
GRI 102-7 
Scale of the organization 
Annual Report, pagg. 1; 10-13
GRI 102-8 
Information on employees and other workers 
NFS, pagg. 126; 128-129; 188-191
GRI 102-9 
Supply chain
NFS, pagg. 162-168
GRI 102-10 
Significant changes to the organization’s size, structure, ownership or supply 
chain in the reporting period
Annual Report, pagg. 61-62
GRI 102-11 
Precautionary Principle or approach 
Annual Report, pagg. 72-74; 79-86;
NFS, pagg. 118-123
GRI 102-12 
Externally-developed economic, environmental and social charters, principles, or 
other initiatives to which the organization subscribes, or which it endorses
NFS, pagg. 102-105; 110-113; 118-123; 133; 144-145; 162-168 
GRI 102-13 
Membership of associations
NFS, pagg. 102-105; 115; 140-141; 176-179
STRATEGY (2016)
GRI 102-14
Statement from senior decision-maker about the relevance of sustainability to 
the organization and its strategy for addressing sustainability
Annual Report, pagg. 4-5 
GRI 102-15
Key impacts, risks and opportunities
Annual Report, pagg. 72-74; 79-86;
NFS, pagg. 118-123
ETHICS AND INTEGRITY (2016)
GRI 102-16 
Values, principles, standards, and norms of behavior
Annual Report, pagg. 20-25;
NFS, pagg. 89; 106-113; 118-123;
GRI 102-17
Mechanisms for advice and concerns about ethics
Annual Report, pagg. 72-74;
NFS, pagg. 118-123
GOVERNANCE (2016)
GRI 102-18
Governance structure
Annual Report, pagg. 4-5; 10-13; 70-72;
NFS, pagg. 118-123

methodology
sustainability
people
environment
social
annexes
material topics
GRI
report
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
203
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
CODES
INDICATOR
PAGES/NOTES/OMISSION
STAKEHOLDER ENGAGEMENT (2016)
GRI 102-40
List of stakeholder groups 
NFS, pagg. 106-109
GRI 102-41
Collective bargaining agreements
NFS, pagg. 140-141
GRI 102-42
The basis for identifying and selecting stakeholders with whom to engage
NFS, pagg. 106-109
GRI 102-43
Approach to stakeholder engagement
NFS, pagg. 106-109
GRI 102-44
Key topics and concerns raised
NFS, pagg. 106-109
REPORTING PRACTICE (2016)
GRI 102-45
Entities included in the Sustainability Report
NFS, pagg. 94-98
GRI 102-46
Defining report content and topic boundaries
NFS, pagg. 94-98; 106-109
GRI 102-47
List of material topics 
NFS, pagg. 106-109; 198-199
GRI 102-48
Restatements of information given in the previous Report
NFS, pagg. 94-98
GRI 102-49
Significant changes from previous reporting periods in the list of material topics 
and topic boundaries
NFS, pagg. 94-98; 106-109
GRI 102-50
Reporting period of the Sustainability Report
NFS, pagg. 94-98
GRI 102-51
Date of most recent report
NFS, pagg. 94-98
GRI 102-52 
Reporting cycle 
NFS, pagg. 94-98
GRI 102-53 
Contact point for questions regarding the report
NFS, pagg. 94-98
GRI 102-54 
Claims of reporting in accordance with the GRI Standards
NFS, pagg. 94-98
GRI 102-55 
GRI content index
NFS, pagg. 202-210
GRI 102-56
External assurance
NFS, pagg. 210-215

Salvatore Ferragamo Group Board of Directors’ report
204 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
CODES
INDICATOR
PAGES/NOTES/OMISSION
Material Topics
ECONOMIC INDICATORS
Economic Performance (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
Annual Report, pagg. 14-16; 26-47; 79-86;
NFS, pagg. 116-117
GRI 103-3
Evaluation of the management approach
Annual Report, pagg. 14-16; 26-47; 79-86;
NFS, pagg. 116-117
GRI 201-1
Direct economic value generated and distributed
NFS, pagg. 116-117
GRI 201-4
Financial assistance received from government
In 2020, 13 types of training courses were financed through 
Fondimpresa and Fondirigenti interprofessional funds, carried out 
in 17 editions, for a value of 33,115 Euro, representing 19.33% of the 
total cost, compared to over 26,000 Euro in 2019. For both years, the 
grants relate only to Salvatore Ferragamo S.p.A.
Taxes (2019)
GRI 207-1
Approach to tax
NFS, pag. 115
GRI 207-2
Tax governance, control and risk management
NFS, pag. 115
GRI 207-3
Stakeholder engagement and management of concerns related to tax
NFS, pag. 115
GRI 207-4
Country-by-country reporting17
NFS, pagg. 193-195
Procurement Practices (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
Annual Report, pagg. 20-25;
NFS, pagg. 162-168
GRI 103-3
Evaluation of the management approach
Annual Report, pagg. 20-25;
NFS, pagg. 162-168
GRI 204-1
Proportion of spending on local suppliers
NFS, pagg. 162-164
Anti-corruption (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
Annual Report, pagg. 70-72;
NFS, pagg. 118-123
GRI 103-3
Evaluation of the management approach
Annual Report, pagg. 70-72;
NFS, pagg. 118-123
GRI 205-3
Confirmed incidents of corruption and actions taken
During 2020 and 2019 there were no incidents of corruption.
17 For limitations, please refer to p. 193 of this document.

methodology
sustainability
people
environment
social
annexes
material topics
GRI
report
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
205
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
CODES
INDICATOR
PAGES/NOTES/OMISSION
Anti-competitive Behavior (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
Annual Report, pagg. 70-72;
NFS, pagg. 118-123
GRI 103-3
Evaluation of the management approach
Annual Report, pagg. 70-72; 
NFS, pagg. 118-123
GRI 206-1
Legal actions for anti-competitive behavior, anti-trust, and monopoly practices
During 2020 and 2019 there were no legal actions for anti-
competitive behavior, anti-trust and monopoly practices.
ENVIRONMENTAL INDICATORS
Energy (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
Annual Report, pagg. 20-25;
NFS, pagg. 102-105; 144-155
GRI 103-3
Evaluation of the management approach
Annual Report, pagg. 20-25;
NFS, pagg. 102-105; 144-155
GRI 302-1
Energy consumption within the organization18
NFS, pagg. 148-149
Water and Effluents (2018)
GRI 103-1
Interactions with water as a shared resource
NFS, pagg. 106-109; 198-199
GRI 103-2
Management of water discharge-related impacts
NFS, pagg. 148-151
GRI 103-3
Evaluation of the management approach
NFS, pagg. 148-151
GRI 303-1
Interactions with water as a shared resource
NFS, pagg. 148-151
GRI 303-2
Management of water discharge-related impacts
NFS, pagg. 148-151
GRI 303-3
Water withdrawal19
NFS, pagg. 148-151;
With reference to water consumption, considering the Group’s activity 
and the fact that production is outsourced, no withdrawals are made 
from water-stressed areas. The breakdown for freshwater and other 
types of water is not available, as it is considered not significant..
Biodiversity (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
NFS, pagg. 104; 144-146
GRI 103-3
Evaluation of the management approach
NFS, pagg. 104; 144-146
GRI 304-1 
Operational sites owned, leased, managed in, or adjacent to, protected areas 
and areas of high biodiversity value outside protected areas
The Salvatore Ferragamo Group does not own or manage plants or 
operational sites that are located near protected areas or include protected 
areas or areas of high biodiversity outside protected areas.
Therefore, indicators 304-2, 304-3, 304-4, 306-5 are not applicable.
18 For limitations, please refer to pp. 148-149 of this document.
19 The scope of the information reported in relation to water consumption is limited to the Group’s offices.

Salvatore Ferragamo Group Board of Directors’ report
206 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
CODES
INDICATOR
PAGES/NOTES/OMISSION
Emissions (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
Annual Report, pagg. 79-81;
NFS, pagg. 102-105; 144-155
GRI 103-3
Evaluation of the management approach
Annual Report, pagg. 79-81;
NFS, pagg. 102-105; 144-155
GRI 305-1
Direct (Scope 1) GHG emissions
NFS, pagg. 152-155
GRI 305-2
Energy indirect (Scope 2) GHG emissions
NFS, pagg. 152-155
GRI 305-3
Other indirect (Scope 3) GHG emissions20
NFS, pagg. 152-155
GRI 305-6
Emissions of ozone-depleting substances (ODS)
Considering the nature of its business, the Salvatore Ferragamo Group 
has not identified other significant emissions of ozone-depleting 
substances in 2020 and 2019.
GRI 305-7
Nitrogen oxides (NOx), sulfur oxides (SOx), and other significant air emissions
Considering the nature of its business, the Salvatore Ferragamo Group 
has not identified significant emissions of NOx, SOx, or other gases in 
2020 and 2019.
Effluents and Waste (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
NFS, pagg. 148-151
GRI 103-3
Evaluation of the management approach
NFS, pagg. 148-151
GRI 306-2
Waste by type and disposal method21
NFS, pagg. 148-149
Environmental Compliance (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
Annual Report, pagg. 20-25;
NFS, pagg. 118-123; 144-155
GRI 103-3
Evaluation of the management approach
Annual Report, pagg. 20-25;
NFS, pagg. 118-123; 144-155
GRI 307-1
Non-compliance with environmental laws and regulations
During 2020 and 2019 there were no cases of non-compliance with 
environmental laws and regulations.
20 The reporting of SCOPE 3 emissions in 2020 is related to the categories “Business Travel”, “Upstream & Downstream Transportation” and “Purchased Goods and services”.
21 The scope of the information reported in relation to waste production and management is limited to the Group’s offices.

methodology
sustainability
people
environment
social
annexes
material topics
GRI
report
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
207
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
22 Disclosures relating to GRI standards 403-1 to 403-8 are only available for Italy. However, at corporate level, the Company has a dedicated Global Health and Safety, Energy and Environmental 
Efficiency (HSE) function, which is responsible for ensuring a safe and regulatory compliant working environment. The team is responsible for defining health and safety guidelines not only for the 
Italian scope, but also coordinating the foreign Regions. It also manages monitoring activities and maintains relations with the Italian workers’ safety representatives.
	 Data for standards 403-9 and 403-10, concerning non-employees, is only available for Italy and Europe.
CODES
INDICATOR
PAGES/NOTES/OMISSION
SOCIAL INDICATORS
Employment (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
NFS, pagg. 126-141
GRI 103-3
Evaluation of the management approach
NFS, pagg. 126-141
GRI 401-1
New employee hires and employee turnover by age group, gender and region
NFS, pagg. 128-129; 190-191
GRI 401-2
Benefits provided to full-time employees that are not provided to temporary or 
part-time employees
Pag. 133
Benefits for full-time employees of the Group vary according to local 
regulations and practices
Occupational health and safety22 (2018)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
Annual Report, pagg. 65; 79;
NFS, pagg. 130-133
GRI 103-3
Evaluation of the management approach
Annual Report, pagg. 65; 79;
NFS, pagg. 130-133
GRI 403-1
Occupational health and safety management system
Annual Report, pagg. 65; 79;
NFS, pagg. 130-133
GRI 403-2
Hazard identification, risk assessment, and incident investigation
Annual Report, pagg. 65; 79;
NFS, pagg. 130-133
GRI 403-3
Occupational health services
NFS, pagg. 130-133
GRI 403-4
Worker participation, consultation, and communication on occupational health 
and safety
NFS, pagg. 130-133
GRI 403-5
Worker training on occupational health and safety
NFS, pagg. 130-133
GRI 403-6
Promotion of worker health
Annual Report, pagg. 65; 79;
NFS, pagg. 130-133
GRI 403-7
Prevention and mitigation of occupational health and safety impacts directly 
linked by business relationships
Annual Report, pagg. 65; 79;
NFS, pagg. 130-133
GRI 403-8
Workers covered by an occupational health and safety management system
The ISO 45001 management system covers all Salvatore Ferragamo 
S.p.A. employees.
GRI 403-9
Work-related injuries
NFS, pagg. 130-133; 192-193
GRI 403-10
Work-related ill health
NFS, pagg. 130-133; 192-193

Salvatore Ferragamo Group Board of Directors’ report
208 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
CODES
INDICATOR
PAGES/NOTES/OMISSION
Training and Development (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
NFS, pagg. 134-138
GRI 103-3
Evaluation of the management approach
NFS, pagg. 134-138
GRI 404-1
Average hours of training per year per employee23
NFS, pag. 135
GRI 404-3
Percentage of employees receiving regular performance and career development 
reviews, by gender and by employee category
NFS, pagg. 137; 198
Diversity and Equal Opportunity (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
NFS, pagg. 118-123; 140-141
GRI 103-3
Evaluation of the management approach
NFS, pagg. 118-123; 140-141
GRI 405-1
Diversity of governance bodies and employees
Annual Report, pag. 71;
NFS, pagg. 128-129; 140-141; 188-189
Non-Discrimination (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
NFS, pagg. 118-123; 140-141 
GRI 103-3
Evaluation of the management approach
NFS, pagg. 118-123; 140-141
GRI 406-1
Incidents of discrimination and corrective actions taken
NFS, pagg. 140-141
Child Labor (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
NFS, pagg. 118-123; 166-168
GRI 103-3
Evaluation of the management approach
NFS, pagg. 118-123; 166-168
GRI 408-1
Operations and suppliers at significant risk for incidents of child labor
NFS, pagg. 118-123; 166-168
Forced or Compulsory Labor (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
NFS, pagg. 118-123; 166-168
GRI 103-3
Evaluation of the management approach
NFS, pagg. 118-123; 166-168
GRI 409-1
Operations and suppliers at significant risk for incidents of forced or compulsory 
labor
NFS, pagg. 118-123; 166-168
23 The data, available this year only for Ferragamo S.p.A., was calculated as total training hours out of total employees trained, as it is considered more significant. The Group is committed to extending 
reporting over the next three years.

methodology
sustainability
people
environment
social
annexes
material topics
GRI
report
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
209
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
CODES
INDICATOR
PAGES/NOTES/OMISSION
Human Rights Assessment (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
NFS, pagg. 118-123; 166-168
GRI 103-3
Evaluation of the management approach
NFS, pagg. 118-123; 166-168
GRI 412-1
Operations that have been subject to human rights reviews or impact 
assessments
NFS, pagg. 118-123; 166-168
GRI 412-3
Significant investment agreements and contracts that include human rights 
clauses or that underwent human rights screening
100% of suppliers and contract manufacturers are required to sign and 
comply with the principles contained in the Suppliers’ Code of Conduct and 
Code of Ethics, which also cover the protection of human rights.
Local Communities (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
NFS, pagg. 116-117; 176-185
GRI 103-3
Evaluation of the management approach
NFS, pagg. 116-117; 176-185
GRI 413-2
Operations with significant actual and potential negative impacts on local 
communities
NFS, pagg. 176-179;
As can be seen from the many activities that the Group implements 
every year, the support and development of local communities are key 
objectives: as evidence of this commitment, it should be noted that over 
the years the Group has always endeavored to limit the risk of generating 
actual or potential negative impacts on the community.
Supplier Social Assessment (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
NFS, pagg. 162-168
GRI 103-3
Evaluation of the management approach
NFS, pagg. 162-168
GRI 414-2
Negative social impacts in the supply chain and actions taken
NFS, pagg. 166-168
Customer Health and Safety (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
Annual Report, pagg. 20-25;
NFS, pagg. 118-123; 162-168; 170-175
GRI 103-3
Evaluation of the management approach
Annual Report, pagg. 20-25;
NFS, pagg. 118-123; 162-168; 170-175
GRI 416-2
Incidents of non-compliance concerning the health and safety impacts of 
products and services 
During 2020 and 2019 there were no incidents of non-compliance with 
regulations on health and safety of products and services.

Salvatore Ferragamo Group Board of Directors’ report
210 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
CODES
INDICATOR
PAGES/NOTES/OMISSION
Marketing and labeling (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
Annual Report, pagg. 20-25;
NFS, pagg. 118-123; 162-168; 170-175
GRI 103-3
Evaluation of the management approach
Annual Report, pagg. 20-25;
NFS, pagg. 118-123; 162-168; 170-175
GRI 417-3
Incidents of non-compliance concerning marketing communications
During 2020 there were no incidents of non-compliance concerning 
marketing communications.
Customer Privacy (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
NFS, pagg. 118-123; 170-175
GRI 103-3
Evaluation of the management approach
NFS, pagg. 118-123; 170-175
GRI 418-1
Substantiated complaints concerning breaches of customer privacy and losses 
of customer data
During 2020, the Group received no substantiated complaints regarding 
breaches of customer privacy but recorded two cases of data losses, both 
of which were categorized as low risk.
Socioeconomic Compliance (2016)
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
NFS, pagg. 118-123; 170-175
GRI 103-3
Evaluation of the management approach
NFS, pagg. 118-123; 170-175
GRI 419-1
Non-compliance with laws and regulations in the social and economic area
Nel 2020, in North America sono stati registrati due reclami relativi 
alla normativa “Americans with Disabilities Act” del 1990 (ADA). S-Fer 
International si è prontamente adoperata per analizzare, rispondere e 
gestire al meglio tali casi. In entrambi i casi è emerso che non vi erano 
non conformità all’ADA.”
Material Topic: Animal Welfare
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
Annual Report, pagg. 20-25;
NFS, pagg. 144-146; 163; 166-168
GRI 103-3
Evaluation of the management approach
Annual Report, pagg. 20-25;
NFS, pagg. 144-146; 163; 166-168
Material Topic: Responsible innovation and circular economy
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
Annual Report, pagg. 20-25;
NFS, pagg. 104; 144-146; 158-160
GRI 103-3
Evaluation of the management approach
Annual Report, pagg. 20-25;
NFS, pagg. 104; 144-146; 158-160
Material Topic: Risk management system
GRI 103-1
Explanation of the material topic and its Boundary
NFS, pagg. 106-109; 198-199
GRI 103-2
The management approach and its components
Annual Report, pagg. 70-72; 79-86
NFS, pagg. 118-123
GRI 103-3
Evaluation of the management approach
Annual Report, pagg. 70-72; 79-86
NFS, pagg. 118-123

methodology
sustainability
people
environment
social
annexes
material topics
GRI
report
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
211
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
CATEGORIES
PRINCIPLES OF THE GLOBAL COMPACT
GRI STANDARDS
Human rights
Principle 1: 
Businesses should support and respect the protection of internationally proclaimed 
human rights
408-1; 409-1; 412-1; 412-3; 413-2; 414-2
Principle 2: 
Make sure that they are not complicit in human rights abuses 
412-1; 412-3; 414-2
Labor
Principle 3:
Businesses should uphold the freedom of association and the effective recognition of the 
right to collective bargaining
102-41
Principle 4: 
The elimination of all forms of forced and compulsory labor
409-1
Principle 5: 
The effective abolition of child labor
408-1
Principle 6: 
The elimination of discrimination in respect of employment and occupation
102-8; 401-1; 401-2; 404-1; 404-3; 405-1; 406-1
Environment
Principle 7: 
Businesses should support a precautionary approach to environmental challenges
302-1; 303-1; 305-1; 305-2; 305-3; 305-6; 305-7
Principle 8:
Undertake initiatives to promote greater environmental responsibility
302-1; 303-1; 303-2; 303-3; 304-1; 305-1; 305-2; 305-3; 
305-6; 305-7; 306-2;307-1
Principle 9:
Encourage the development and diffusion of environmentally friendly technologies
102-16; 102-17
Anti-Corruption
Principle 10:
Businesses should work against corruption in all its forms, including extortion and bribery
205-3
Correspondence between the 
principles of the UN Global Compact 
and the GRI Standard indicators
“Our Group has embarked on a path aimed at enhancing sustainability with a view to long-term growth. Our participation in the United Nations Global 
Compact confirms this vision: we commit daily to respect the 10 principles of the UNGC with the awareness that collaboration and sharing are key 
elements to identify virtuous paths at the system level. “
Ferruccio Ferragamo, Chairman of Salvatore Ferragamo S.p.A. 
For the Salvatore Ferragamo Group the Sustainability Report is also a Communication On Progress (COP), in other words the annual document which 
offers stakeholders information on the progress made in applying the Ten Principles of the UN Global Compact in carrying out its activities. In this 
perspective, the table below provides a precise correspondence between the reported GRI Standards and the Principles.

Independent 
Auditor’s report

KPMG S.p.A.
Revisione e organizzazione contabile
Viale Niccolò Machiavelli, 29
50125 FIRENZE FI
Telefono +39 055 213391
Email it-fmauditaly@kpmg.it 
PEC kpmgspa@pec.kpmg.it
Ancona Bari Bergamo
Bologna Bolzano Brescia 
Catania Como Firenze Genova 
Lecce Milano Napoli Novara 
Padova Palermo Parma Perugia
Pescara Roma Torino Treviso 
Trieste Varese Verona 
Società per azioni
Capitale sociale
Euro 10.415.500,00 i.v.
Registro Imprese Milano Monza Brianza Lodi
e Codice Fiscale N. 00709600159
R.E.A. Milano N. 512867
Partita IVA 00709600159
VAT number IT00709600159
Sede legale: Via Vittor Pisani, 25
20124 Milano MI ITALIA
KPMG S.p.A. è una società per azioni di diritto italiano e fa parte del 
network KPMG di entità indipendenti affiliate a KPMG International
Limited, società di diritto inglese.
(Translation from the Italian original which remains the definitive version)
Independent auditors’ report on the consolidated non-
financial statement pursuant to article 3.10 of Legislative 
decree no. 254 of 30 December 2016 and article 5 of the 
Consob Regulation adopted with Resolution no. 20267 of 
18 January 2018 
To the board of directors of 
Salvatore Ferragamo S.p.A.
Pursuant to article 3.10 of Legislative decree no. 254 of 30 December 2016 (the 
“decree”) and article 5 of the Consob (the Italian Commission for listed companies and 
the stock exchange) Regulation adopted with Resolution no. 20267 of 18 January 
2018, we have been engaged to perform a limited assurance engagement on the 2020 
consolidated non-financial statement of the Salvatore Ferragamo Group (the “group”)
prepared in accordance with article 4 of the decree, presented in the specific section of 
the directors’ report and approved by the board of directors on 9 March 2021 (the 
“NFS”).
Responsibilities of the directors and board of statutory auditors (“Collegio 
Sindacale”) of Salvatore Ferragamo S.p.A. (the “parent”) for the NFS
The directors are responsible for the preparation of an NFS in accordance with articles 
3 and 4 of the decree and the “Global Reporting Initiative Sustainability Reporting 
Standards” issued by GRI - Global Reporting Initiative (the “GRI Standards”), which 
they have identified as the reporting standards.
The directors are also responsible, within the terms established by the Italian law, for 
such internal control as they determine is necessary to enable the preparation of an 
NFS that is free from material misstatement, whether due to fraud or error. 
Moreover, the directors are responsible for the identification of the content of the NFS, 
considering the aspects indicated in article 3.1 of the decree and the group’s business 
and characteristics, to the extent necessary to enable an understanding of the group’s
business, performance, results and the impacts it generates. 
The directors’ responsibility also includes the design of an internal model for the 
management and organisation of the group’s activities, as well as, with reference to the

Salvatore Ferragamo Group
Independent auditors’ report
31 December 2020
2
aspects identified and disclosed in the NFS, the group’s policies and the identification 
and management of the risks generated or borne.
The Collegio Sindacale is responsible for overseeing, within the terms established by 
the Italian law, compliance with the decree’s provisions.
Auditors’ independence and quality control
We are independent in compliance with the independence and all other ethical 
requirements of the International Code of Ethics for Professional Accountants 
(including International Independence Standards, the IESBA Code) issued by the 
International Ethics Standards Board for Accountants, which is founded on 
fundamental principles of integrity, objectivity, professional competence and due care, 
confidentiality and professional behaviour. Our company applies International Standard 
on Quality Control 1 (ISQC Italia 1) and, accordingly, maintains a system of quality 
control including documented policies and procedures regarding compliance with 
ethical requirements, professional standards and applicable legal and regulatory 
requirements.
Auditors’ responsibility
Our responsibility is to express a conclusion, based on the procedures performed, 
about the compliance of the NFS with the requirements of the decree and the GRI 
Standards. We carried out our work in accordance with the criteria established by 
“International Standard on Assurance Engagements 3000 (revised) - Assurance 
Engagements other than Audits or Reviews of Historical Financial Information” (“ISAE 
3000 revised”), issued by the International Auditing and Assurance Standards Board 
applicable to limited assurance engagements. This standard requires that we plan and 
perform the engagement to obtain limited assurance about whether the NFS is free 
from material misstatement. A limited assurance engagement is less in scope than a 
reasonable assurance engagement carried out in accordance with ISAE 3000 revised, 
and consequently does not enable us to obtain assurance that we would become 
aware of all significant matters and events that might be identified in a reasonable 
assurance engagement.
The procedures we performed on the NFS are based on our professional judgement 
and include inquiries, primarily of the parent’s personnel responsible for the 
preparation of the information presented in the NFS, documental analyses, 
recalculations and other evidence gathering procedures, as appropriate.
Specifically, we carried out the following procedures:
1.
Analysing the material aspects based on the group’s business and characteristics 
disclosed in the NFS, in order to assess the reasonableness of the identification 
process adopted on the basis of the provisions of article 3 of the decree and taking 
into account the reporting standards applied.
2.
Analysing and assessing the identification criteria for the reporting scope, in order 
to check their compliance with the decree. 
3.
Comparing the financial disclosures presented in the NFS with those included in 
the group’s consolidated financial statements.

Salvatore Ferragamo Group
Independent auditors’ report
31 December 2020
3
4.
Gaining an understanding of the following:
-
the group’s business management and organisational model, with reference to 
the management of the aspects set out in article 3 of the decree;
-
the entity’s policies in connection with the aspects set out in article 3 of the 
decree, the achieved results and the related key performance indicators;
-
the main risks generated or borne in connection with the aspects set out in 
article 3 of the decree.
Moreover, we checked the above against the disclosures presented in the NFS and 
carried out the procedures described in point 5.a).
5.
Understanding the processes underlying the generation, recording and 
management of the significant qualitative and quantitative information disclosed in 
the NFS. 
Specifically, we held interviews and discussions with the parent’s management 
personnel. We also performed selected procedures on documentation to gather 
information on the processes and procedures used to gather, combine, process 
and transmit non-financial data and information to the office that prepares the NFS.
Furthermore, with respect to significant information, considering the group’s
business and characteristics: 
-
at group level, 
a)
we held interviews and obtained supporting documentation to check the 
qualitative information presented in the NFS and, specifically, the business 
model, the policies applied and main risks for consistency with available 
evidence, 
b)
we carried out analytical and limited procedures to check, on a sample 
basis, the correct aggregation of data in the quantitative information;
-
through remote communication tools, we held discussions with personnel of the 
parent and Ferragamo USA Inc., which we have selected on the basis of their 
business, contribution to the key performance indicators at consolidated level 
and location, to obtain documentary evidence supporting the correct application 
of the procedures and methods used to calculate the indicators.
Conclusion
Based on the procedures performed, nothing has come to our attention that causes us 
to believe that the 2020 consolidated non-financial statement of the Salvatore 
Ferragamo Group has not been prepared, in all material respects, in accordance with 
the requirements of articles 3 and 4 of the decree and the GRI Standards.

Salvatore Ferragamo Group
Independent auditors’ report
31 December 2020
4
Other matters
The NFS presents the corresponding figures included in the 2019 consolidated non-
financial statement for comparative purposes, on which other auditors performed a 
limited assurance engagement and expressed an unqualified conclusion on 26 March 
2020.
Florence, 30 March 2021
KPMG S.p.A.
(signed on the original)
Riccardo Cecchi
Director

Consolidated 
Financial
Statements 
as at 31 December 2020

Consolidated Financial Statements 
Salvatore Ferragamo Group
220 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Financial statements	
222
Consolidated statement of financial position - assets	
222
Consolidated statement of financial position - 
liabilities and shareholders’ equity	
223
Consolidated income statement	
224
Consolidated statement of comprehensive income	
225
Consolidated statement of cash flows	
226
Statement of changes in consolidated shareholders’ equity	
227
Explanatory notes to the consolidated financial statements	
228
Comments on the main statement of financial position items 
(assets, shareholders’ equity and liabilities)	
274
Comments on the main income statement items	
302
Other information	
311
Disclosure pursuant to art. 149-duodecies of the Issuers’ Regulation	
327
Statement pursuant to article 154 bis of Leg. Decree no. 58 
of 24 February 1998 (Consolidated Law on Finance	
328
Independent Auditor’s Report	
330
Consolidated Financial Statements 
as at 31 December 2020
221
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Financial Statements 
Consolidated Statement of Financial Position - Assets
(In thousands of Euro) 
Notes
31 December 
2020
of which with 
related parties
31 December 
2019
of which with 
related parties
NON CURRENT ASSETS
 
 
 
 
 
Property, plant and equipment
6
183,121
 
251,805
 
Investment property
7
31,824
 
39,091
 
Goodwill
8
6,679
 
-
 
Right-of-use assets
9
475,240
99,070
576,455
117,789
Intangible assets with a finite useful life
10
38,891
 
42,484
 
Other non current assets
12
2,518
 
2,642
 
Other non current financial assets
13
15,574
4,594
16,939
5,193
Deferred tax assets
39
119,656
 
96,736
 
TOTAL NON CURRENT ASSETS
 
873,503
103,664
1,026,152
122,982
CURRENT ASSETS
 
 
 
 
 
Inventories 
14
341,636
 
389,531
 
Right of return assets
15
4,545
 
5,473
 
Trade receivables 
16
113,909
336
147,202
92
Tax receivables 
17
15,974
 
20,107
 
Other current assets
18
35,944
2,690
32,980
2,599
Other current financial assets
19
566
 
101
 
Cash and cash equivalents 
20
327,880
 
222,332
 
TOTAL CURRENT ASSETS
 
840,454
3,026
817,726
2,691
TOTAL ASSETS
 
1,713,957
106,690
1,843,878
125,673
Consolidated Financial Statements 
Salvatore Ferragamo Group
222 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Consolidated Statement of Financial Position - Liabilities and Shareholders’ 
Equity
(In thousands of Euro) 
Notes
31 December 
2020
of which with 
related parties
31 December 
2019
of which with 
related parties
SHAREHOLDERS’ EQUITY
 
 
 
 
 
GROUP SHAREHOLDERS’ EQUITY
 
 
 
 
 
Share capital 
21
16,879
 
16,879
 
Reserves 
21
743,100
 
659,487
 
Net profit/(loss) - Group 
 
(66,397)
 
87,281
 
TOTAL GROUP SHAREHOLDERS’ EQUITY 
 
693,582
 
763,647
 
MINORITY INTERESTS 
 
 
 
 
 
Share capital and reserves - minority interests 
 
21,413
 
21,534
 
Net profit/(loss) - minority interests 
 
(5,299)
 
84
 
TOTAL MINORITY INTERESTS 
 
16,114
 
21,618
 
TOTAL SHAREHOLDERS’ EQUITY 
 
709,696
 
785,265
 
NON CURRENT LIABILITIES
 
 
 
 
 
Non current interest-bearing loans & borrowings
28
129,302
 
-
 
Provisions for risks and charges
22
14,401
 
13,921
 
Employee benefit liabilities
23
11,867
 
11,901
 
Other non current liabilities
24
12,564
-
11,893
49
Non current lease liabilities
25
464,400
89,138
559,267
99,261
Deferred tax liabilities 
39
6,943
 
5,570
 
TOTAL NON CURRENT LIABILITIES 
 
639,477
89,138
602,552
99,310
 CURRENT LIABILITIES 
 
 
 
 
 
Trade payables 
26
136,399
624
198,934
423
Refund liabilities
27
9,139
 
8,720
 
Interest-bearing loans & borrowings
28
56,698
 
48,060
 
Tax payables 
29
25,974
 
26,491
 
Other current liabilities 
30
29,362
1,347
54,317
10,753
Current lease liabilities
25
103,509
14,155
117,062
21,910
Other current financial liabilities
31
3,703
 
2,477
 
TOTAL CURRENT LIABILITIES 
 
364,784
16,126
456,061
33,086
TOTAL LIABILITIES 
 
1,004,261
105,264
1,058,613
132,396
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 
 
1,713,957
105,264
1,843,878
132,396
223
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Consolidated Income Statement
(In thousands of Euro) 
Notes
2020
of which with 
related parties
2019
of which with 
related parties
Revenues from contracts with customers
33
913,572
139
1,372,449
426
Rental income investment properties
34
2,253
4,812
Revenues
 
915,825
 
1,377,261
 
Cost of goods sold
35 - 36
(350,284)
(483,767)
Gross profit
 
565,541
 
893,494
 
Style, product development and logistics costs
35 - 36
(35,868)
(521)
(50,292)
(527)
Sales & distribution costs
35 - 36
(414,906)
(20,733)
(482,315)
(24,538)
Marketing & communication costs
35 - 36
(54,246)
(43)
(79,676)
(95)
General and administrative costs
35 - 36
(122,154)
(5,883)
(127,837)
(7,796)
Other operating costs
35 - 36
(23,264)
(156)
(24,467)
(163)
Other income and revenues
37
23,356
11
20,791
20
Operating profit/(loss)
 
(61,541)
 
149,698
 
Financial charges
38
(80,541)
(3,454)
(64,441)
(3,433)
Financial income
38
62,257
-
31,877
1
Profit/(loss) before taxes
 
(79,825)
 
117,134
 
Income Taxes
39
8,129
(29,769)
Net profit/(loss) for the period
 
(71,696)
 
87,365
 
Net profit/(loss) - Group
 
(66,397)
87,281
Net profit/(loss) - minority interests
 
(5,299)
 
84
 
 
 
(In Euro)
Notes
2020
 
2019
 
Basic earnings/(loss) per share - ordinary shares
40
(0.394)
 
0.517
 
Diluted earnings/(loss) per share - ordinary shares
40
(0.394)
 
0.517
 
Consolidated Financial Statements 
Salvatore Ferragamo Group
224 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Consolidated Statement of Comprehensive Income
(In thousands of Euro) 
Notes
2020
2019
Net profit/(loss) for the period (A)
 
(71,696)
87,365
Other income/(losses) that will be subsequently reclassified to net profit/(loss) for the period
 
 
 
- Currency translation differences of foreign operations
 21 
(11,640)
(6,300)
- Net gain/(loss) from cash flow hedge
 3 
7,398
3,354
- Tax consequences on components that will be subsequently reclassified to net profit/(loss) for the period 
(1,776)
(804)
Total other income/(losses) that will be subsequently reclassified to net profit/(loss)  
for the period, net of taxes (B1)
 
(6,018)
(3,750)
Other income/(losses) that will not be subsequently reclassified to net profit/(loss) for the period
- Net gain/(loss) from recognition of defined-benefit plans for employees
 23 
(289)
(696)
- Tax consequences on components that will not be subsequently reclassified to net profit/(loss) for the period
 
116
100
Total other income/(losses) that will not be subsequently reclassified to net profit/(loss)  
for the period, net of taxes (B2)
 
(173)
(596)
Total other income/(losses) for the period, net of taxes (B1+B2 = B)
 
(6,191)
(4,346)
Total comprehensive income for the period, net of taxes (A+B)
 
(77,887)
83,019
Group
 
(71,629)
82,948
Minority interests
 
(6,258)
71
225
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Consolidated Statement of Cash Flows 
(In thousands of Euro)
Notes
2020
of which with 
related parties
2019
of which with 
related parties
NET PROFIT/(LOSS) FOR THE PERIOD
(71,696)
87,365
Adjustments to reconcile net profit (loss) to net cash from (used in) operating activities:
Amortization, depreciation and write-downs of tangible and intangible assets, 
investment property and right-of-use assets
6-7-9-
10-11
221,767
24,712
185,832
23,032
Income Taxes
39
(8,129)
29,769
Provision for employee benefit plans
23
752
863
Allocation to/(use of) the provision for obsolete inventory
14
28,654
5,028
Losses and provision for bad debt
16
989
921
Losses/(gains) on disposal of tangible/intangible assets
1,469
2,222
Interest expense and interest expense on lease liabilities
20
17,563
3,454
19,468
3,433
Interest income
(8,794)
-
(874)
(1)
Other non-monetary items
(18,327)
(4,202)
1,319
Changes in operating assets and liabilities:
Trade receivables
16
25,970
(244)
2,741
51
Inventories
14
3,269
(36,923)
Trade payables
26
(60,249)
201
(7,410)
81
Other receivables and tax payables
17-29
(2,150)
(3,565)
Employee benefits payments
23
(902)
(1,117)
Other assets and liabilities
(8,048)
(367)
5,168
1,142
Other - net 
(1,615)
(637)
Income taxes paid
(22,178)
(8,580)
(24,511)
16,279
Interest expense and interest expense on lease liabilities paid
20
(18,808)
(3,525)
(16,546)
(2,675)
Interest income received
8,794
-
874
1
NET CASH FROM (USED IN) OPERATING ACTIVITIES
 
88,331
11,449
249,987
41,343
Cash flow from investing activities:
Purchase of tangible assets
6-7
(23,701)
(50,764)
Purchase of intangible assets
10
(6,109)
(12,776)
Proceeds from the sale of tangible and intangible assets
-
164
Acquisition of Arts S.r.l. and Aura 1 S.r.l.net of cash acquired
5
(7,581)
-
NET CASH FROM (USED IN) INVESTING ACTIVITIES
 
(37,391)
-
(63,376)
-
Cash flow from financing activities:
Net change in financial receivables
20
(286)
971
Net change in financial payables
20
141,122
10,009
Repayment of lease liabilities
20-25
(93,573)
(17,681)
(114,388)
(21,581)
Dividends paid to shareholders of the Parent company
41
-
(57,372)
(40,685)
Dividends paid to minority shareholders
41
-
 
(6,021)
(6,021)
Treasury share repurchase
21
-
(2,525)
NET CASH FROM (USED IN) FINANCING ACTIVITIES
 
47,263
(17,681)
(169,326)
(68,287)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
 
98,203
 
17,285
 
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR
 
222,332
 
207,707
 
Increase/(decrease) in cash and cash equivalents
 
98,203
17,285
Effect of exchange rate translation differences
 
7,345
 
(2,660)
 
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
20
327,880
 
222,332
 
Consolidated Financial Statements 
Salvatore Ferragamo Group
226 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Statement of changes in consolidated shareholders’ equity 
Note 21
(In thousands of Euro)
Share 
capital
Treasury 
share 
reserve
Share capital 
contributions
Legal 
reserve
Extra-
ordinary 
reserve
Cash 
flow 
hedge 
reserve
Translation 
reserve
Retained 
earnings
Other 
reserves
Effect 
IAS 19 
Equity
Net 
profit/ 
(loss) 
for the 
period
Group 
share-
holders’ 
equity
Minority 
interests
Total 
shareholders’ 
equity
As at 01.01.2020
16,879
(2,776)
2,995
4,188
504,319
(499)
(16,002) 166,510
4,164 (3,412)
87,281 763,647
21,618
785,265
Allocation of results
 - 
 - 
 - 
 - 
124,211
 - 
 - (36,930)
 - 
 - (87,281)
 - 
 - 
 - 
Net profit/(loss) for 
the period
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - (66,397) (66,397)
(5,299)
(71,696)
Other comprehensive 
income/(loss)
 - 
 - 
 - 
 - 
 - 
5,622
(9,366)
(1,267)
 - 
(221)
 - 
(5,232)
(959)
(6,191)
Total comprehensive 
income (loss)
 - 
 - 
 - 
 - 
 - 
5,622
(9,366)
(1,267)
 - 
(221) (66,397) (71,629)
(6,258)
(77,887)
Purchase of 
min. interests 
in companies 
consolidated on a 
line-by-line basis and 
accounting of options 
on min. interests
 - 
 - 
 - 
 - 
 - 
 - 
 - 
1,457
78
(51)
 - 
1,484
754
2,238
Stock Grant Reserve
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
80
 - 
 - 
80
 - 
80
As at 31.12.2020
16,879
(2,776)
2,995
4,188
628,530
5,123
(25,368) 129,770
4,322 (3,684) (66,397) 693,582
16,114
709,696
Note 21
(In thousands of Euro)
Share 
capital
Treasury 
share 
reserve
Share capital 
contributions
Legal 
reserve
Extra-
ordinary 
reserve
Cash 
flow 
hedge 
reserve
Translation 
reserve
Retained 
earnings
Other 
reserves
Effect 
IAS 19 
Equity
Net 
profit/ 
(loss) 
for the 
period
Group 
share-
holders’ 
equity
Minority 
interests
Total 
shareholders’ 
equity
As at 01.01.2019
16,879
(251)
2,995
4,188
478,378
(3,049)
(9,014)
161,752
16,268 (2,816)
88,361 753,691
26,647
780,338
Allocation of results
 - 
 - 
 - 
 - 
25,941
 - 
62,420
 - 
 - (88,361)
 - 
 - 
 - 
Net profit/(loss) for 
the period
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
87,281
87,281
84
87,365
Other comprehensive 
income/(loss)
 - 
 - 
 - 
 - 
 - 
2,550
(6,988)
701
 - 
(596)
 - 
(4,333)
(13)
(4,346)
Total comprehensive 
income (loss)
 - 
 - 
 - 
 - 
 - 
2,550
(6,988)
701
 - 
(596)
87,281
82,948
71
83,019
Distribution of 
dividends
 - 
 - 
 - 
 - 
 - 
 - 
 - (57,372)
 - 
 - 
 - (57,372)
(6,021)
(63,393)
Purchase of 
min. interests 
in companies 
consolidated on a 
line-by-line basis and 
accounting of options 
on min. interests
 - 
 - 
 - 
 - 
 - 
 - 
 - 
(991)
 - 
 - 
 - 
(991)
921
(70)
Treasury share 
repurchase
 - 
(2,525)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
(2,525)
 - 
(2,525)
Effect of the first-time 
adoption of IFRS16
 - 
 - 
 - 
 - 
 - 
 - 
 - 
(11,761)
 - 
 - 
(11,761)
 - 
(11,761)
Stock Grant Reserve
 - 
 - 
 - 
 - 
 - 
 - 
 - 
(343)
 - 
 - 
(343)
 - 
(343)
As at 31.12.2019
16,879
(2,776)
2,995
4,188
504,319
(499)
(16,002) 166,510
4,164 (3,412)
87,281 763,647
21,618
785,265
227
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Explanatory notes to the consolidated financial 
statements 
1. Corporate information
Salvatore Ferragamo S.p.A. is incorporated as a joint-stock company in Italy under Italian law and adopts a conventional organizational 
model, with the Shareholders’ Meeting, the Board of Directors, and the Board of Statutory Auditors. The Company’s Shares are listed on the 
Mercato Telematico Azionario (an electronic stock market) organized and operated by Borsa Italiana S.p.A.. 
The Salvatore Ferragamo Group is one of the main players in the luxury sector and dates back to 1927.
The consolidated financial statements for the year ended 31 December 2020 were approved by the Board of Directors of Salvatore Ferragamo 
S.p.A. on 9 March 2021.
The main Group activities are set out in the Directors’ report on operations.
Management and coordination
Pursuant to art 2497 ff. of the Italian Civil Code, Salvatore Ferragamo S.p.A. is subject to management and coordination by Ferragamo 
Finanziaria S.p.A., whose consolidated financial statements are available at the registered office in Florence, Via Tornabuoni, 2.
In compliance with the provisions of art. 2497-bis, paragraph 4 of the Italian Civil Code, the key data from the financial statements of the 
Holding company Ferragamo Finanziaria S.p.A. as at 31 December 2019 and 2018 is given below.
Ferragamo Finanziaria S.p.A.
(In Euro)
31 December 
2019
31 December 
2018
STATEMENT OF FINANCIAL POSITION 
ASSETS
Fixed assets
169,342,251
166,312,869
Current assets
64,709,800
142,466,156
Accruals and Deferrals
703
702
TOTAL ASSETS
234,052,754
308,779,727
LIABILITIES AND SHAREHOLDERS’ EQUITY
Shareholders’ equity
-Share capital
49,749,960
49,749,960
-Reserves
146,489,807
115,713,388
-Profit (loss) for the year
27,864,724
131,233,249
Provisions for risks and charges
 - 
376,194
Payables
9,872,739
11,631,585
Accruals and Deferrals
75,524
75,351
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
234,052,754
308,779,727
Guarantees, commitments and other risks
 - 
 - 
INCOME STATEMENT
Value of production
126,413
100,283,774
Costs of production
(2,244,396)
(3,492,160)
Difference between value and costs of production
(2,117,983)
96,791,614
Financial income and charges
31,158,341
35,240,555
Profit before taxes
29,040,358
132,032,169
Income taxes for the year, current and deferred
(1,175,634)
(798,920)
Profit (loss) for the year
27,864,724
131,233,249
Consolidated Financial Statements 
Salvatore Ferragamo Group
228 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

2. Basis of presentation
Statement of compliance with IFRS
The Consolidated Financial Statements of Salvatore Ferragamo S.p.A. have been prepared in compliance with the International Financial 
Reporting Standards (IFRS), issued by the International Accounting Standards Board (“IASB”), adopted by the European Union and in force 
at the reporting date. The explanatory notes to the Consolidated Financial Statements have been supplemented with the extra information 
requested by CONSOB and by the provisions it has issued in implementation of art. 9 of Italian Leg. Decree 38/2005 (resolutions 15519 and 
15520) dated 27 July 2006 and communication DEM/6064293 dated 28 July 2006, pursuant to art. 78 of the Issuers’ Regulation, the EC 
document of November 2003 and, where applicable, the Italian Civil Code. The term “IFRS” used herein includes International Accounting 
Standards (“IAS”) which are still in force as well as all the interpretations issued by the IFRS Interpretation Committee, previously referred to 
as International Financial Reporting Interpretations Committee (“IFRIC”) and before that Standing Interpretations Committee (“SIC”).
Contents and structure of the consolidated financial statements
All amounts are expressed in Euro and are expressed in thousands of Euro, unless otherwise indicated.
The consolidated statement of financial position distinguishes between current and non current assets and liabilities, where:
• non current assets refer to positive balances to be realized after more than 12 months and include intangible, tangible and financial assets 
and deferred tax assets;
• current assets refer to positive balances to be realized within 12 months;
• non current liabilities refer to liabilities due after more than 12 months, including financial payables, provisions for risks and charges and 
employee benefit liabilities and deferred tax liabilities;
• current liabilities refer to liabilities due within 12 months, including the short-term portion of medium/long-term loans, provisions for risks 
and charges and employee benefit liabilities.
Differently from the separate financial statements of the Parent company Salvatore Ferragamo S.p.A., the consolidated income statements 
are shown in accordance with a classification of costs by function, which is considered more representative than the so-called presentation 
of costs by nature. The Group allocates costs by function using the cost centers that represent the function of the cost. The structure chosen 
is in line with internal reporting processes and business operations. The breakdown of costs by nature is included in the explanatory notes 
(note 36). The statement of cash flows has been prepared according to the indirect method and is presented in compliance with IAS 7, 
breaking down financial flows into operating, investing and financing activities. 
It should be noted that in reference to CONSOB Resolution no. 15519 of 27 July 2006 and Communication no. DEM6064293 of 28 July 2006, 
the financial statements show significant transactions with related parties, in order to provide better disclosure.
Accounting standards
General notes
The Consolidated Financial Statements have been prepared according to the historical cost principle, except for derivatives and financial 
assets classified as held for sale, which are recorded at fair value and on a going concern basis. The accounting standards adopted in 
the consolidated financial statements as at 31 December 2020 are the same as those adopted in previous years with the exception of 
international accounting standards newly adopted in 2020.
Discretionary valuations and significant accounting estimates
The preparation of the Consolidated Financial Statements has entailed the use of estimates and assumptions, both in determining some 
assets and liabilities, and in assessing contingent assets and liabilities, by using the best available information. Actual results might not fully 
correspond to estimates.
229
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

The main estimated data refer to:
• provisions for obsolete inventory of raw materials, accessories and finished products; since the Group’s products are subject to market 
trends and changes in fashion trends, product inventories at the end of the season or, in the case of fragrances, at the end of the life cycle of 
the individual item, are subject to impairment. Specifically, the provision for obsolete inventory of finished products reflects management’s 
estimate of the expected impairment losses on the products of the collections of previous seasons, considering the ability to sell them 
through the Group’s various distribution channels. This assumption may vary across the different geographic areas in which the Group 
operates based on the knowledge of the individual market’s characteristics concerning the local ability to absorb sales of products from 
previous seasons. Generally, impairment assumptions involve percentages of impairment that become greater the older the collections are, 
so as to reflect the decline in selling prices in secondary channels (mainly outlets) on the one hand, and on the other hand, the decrease 
in the probability of selling them as time goes by. This percentage is based on both a statistical analysis of the change in inventory age 
and an assessment of the consistency in the use of percentages over time. In case of changes in available information, the percentages 
are reassessed and adjusted as needed. The provision for obsolete raw materials reflects management’s estimates of the decline in the 
probability they will be used based on the calculation of slow-moving raw materials. In 2020, given the current situation associated with 
the Covid-19 emergency, the provisions for obsolete inventory of raw materials, accessories, and finished products reflected the risk of a 
potential further reduction in the use of raw materials and the sales of finished products in the future;
• provision for bad debt relating to wholesale sales, which is linked to the solvency and standing of customers with whom the company has 
well-established and consolidated relations. The Groups uses a matrix to calculate Expected Credit Losses (ECLs) on trade receivables. 
The provisioning rates are based on the days past due for each customer category grouped in the different segments that present similar 
historical loss experiences (for instance, by geographic area, product type, customer type, rating, and guarantees). The matrix is initially 
based on the Group’s historical observed default rates. The Group calibrates the matrix to adjust the historical credit loss experience with 
forward-looking information. For instance, if forecast economic conditions (for example, country risk) are expected to deteriorate over the 
next year, which can lead to an increased number of defaults in the country concerned, the historical default rates are adjusted accordingly. 
At every reporting date, the Group updates historical observed default rates and analyzes changes in forward-looking estimates. The 
assessment of the correlation between historical observed default rates, forecast economic conditions, and ECLs is a significant estimate. 
The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions. The Group’s historical credit loss 
experience and forecast of economic conditions may also not be representative of customer’s actual default in the future. For more details 
on the analysis of credit risks, please refer to notes 3 and 16;
• provisions for risks and charges, specifically the costs for the contractual commitment to renovate in the future leased properties and costs 
for ongoing or foreseeable disputes;
• right of return to adjust revenues from contracts with customers, where envisaged under contractual terms and conditions or customary 
business practices for selling goods. The Group has concluded that the expected value method is the most appropriate to estimate 
the amount of variable consideration on sales of goods with rights of return, considering the large number of contracts with similar 
characteristics; 
• useful life of property, plant and equipment, intangible assets with a finite useful life and investment property, as well as ensuring that 
development costs meet the recognition and measurement requirements for intangible assets;
• employee benefits, which are measured using actuarial assumptions; for the main actuarial assumptions, reference should be made to 
note 23;
• deferred tax assets, which are recognized to the extent that it is probable that future taxable profit will be available against which the 
temporary differences or any tax losses can be utilized. In this regard, the Group’s management estimates the likely timing and amount of 
future taxable profit;
• fair value of financial instruments, chief among them derivative instruments, which the Groups uses extensively to hedge exchange rate 
risk; for details about the assumptions underlying the measurement of fair value, reference should be made to notes 3 and 32;
• fair value of share-based payments plans, settled in either cash or shares, that the Parent company uses to provide incentives to the Group’s 
management; for details about the assumptions underlying the measurement of share-based payment plans at fair value, reference should 
be made to note 42;
Consolidated Financial Statements 
Salvatore Ferragamo Group
230 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

• risk of defeat in the disputes involving the Group; the Group recognizes a liability when facing legal disputes and lawsuits if it believes it is 
probable that they will require an outflow of financial resources and a reliable estimate can be made of the amount of the potential losses. 
Given the uncertainty surrounding the outcome of these proceedings, it is hard to reliably estimate the outflow of resources that will be 
required to settle them, therefore the amount of the provisions for legal disputes may change as a result of future developments in the 
outstanding proceedings. The Group monitors the status of ongoing lawsuit and proceedings and consults with its legal advisors as well 
as legal experts. Moreover, the Group assesses uncertain tax positions and, if required, recognizes a liability.
In addition, as of 1 January 2019, following the adoption of IFRS 16, the Group made the significant accounting estimates reported below in 
its capacity as lessee:
• Lease term: the identification of the lease term is a very significant issue, as the form, regulations, and business practices related 
to property lease agreements vary significantly from one jurisdiction to another, and assessing the impact on the estimated lease 
term of the options to renew the lease at the end of the non-cancellable period requires using assumptions. The IFRS Interpretation 
Committee clarified that, for the purposes of identifying the enforceable period, a lessee shall consider the contractual moment 
when both parties may exercise their right to terminate the contract without incurring penalties that are not immaterial; the concept 
of penalty is not to be interpreted in a strictly contractual sense, but shall rather be viewed considering all the economics of the 
contract. The Group has considered these conclusions in identifying the lease term. In defining the lease term, the Group considered 
whether either the lessee or lessor, or both, have renewal and termination options, respectively. When renewal options exercisable 
by both parties to the agreement exist, the Group considered whether there are significant economic incentives to refuse the 
renewal request, in accordance with paragraph B34 of IFRS 16. When there are options exercisable by only one of the two parties, 
the Group considered paragraph B35 of IFRS 16.
Applying the above, considering the specifics facts and circumstances as well as the estimate of whether it will be reasonably certain that 
the option will be exercised, resulted in the following:
- for annual leases that are automatically renewed except in the event of termination, the Group considered an average term of five years 
based on historical evidence;
- in the other cases, if only the Group can exercise the option, we considered a lease term until the end of the second renewal term, based 
on historical evidence and the fact that a renewal beyond the second term could not be considered reasonably certain.
After the lease commencement date, the Group reassesses the lease term upon the occurrence of a significant event or a significant change in 
circumstances that is within the control of the Group and affects whether the lessee is reasonably certain to exercise an option not previously 
included in its determination of the lease term, or not to exercise an option previously included in its determination of the lease term.
• Definition of the discount rate: as most leases entered into by the Group do not contain an implicit interest rate, the Group calculated an 
Incremental Borrowing Rate (IBR). To determine the IBR it should use to discount future lease payments, the Group identified each country 
as a portfolio of leases with similar characteristics and determined the relevant IBR as the interest rate of a risk-free instrument in the 
country in which the lease was entered into, based on the different lease terms, increased by the Group’s Credit spread.
The estimates and the assumptions are made by directors with the assistance of company departments and, when appropriate, independent 
experts, and are periodically reviewed - recognizing, if necessary, the impact of each change in the income statement in the period in which 
these estimates and assumptions should differ from actual circumstances.
Impairment/Restatement of Property, plant and equipment, Investment property, Intangible assets with a finite useful life, Right-of-use 
assets, and Goodwill
The book value of Property, plant and equipment, Investment property, Intangible assets with a finite useful life, and Right-of-use assets 
is subject to impairment testing when there are indicators of impairment (events or changed situations suggesting that the book value 
cannot be recovered) which require an immediate assessment of or when events have occurred which require the procedure to be repeated. 
Impairment exists when the book value of an asset or cash flow generating unit exceeds its recoverable value, which is the higher of its fair 
231
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

value less the costs of sale and its value in use. The calculation of the fair value less the costs of sale is based on the data available from 
transactions between free and independent parties involving similar assets or observable market prices, less the extra costs relating to the 
disposal of the asset. The value in use is calculated based on discounted cash flow models using a pre-tax discount rate which reflects the 
current market estimate of the cost of money over time and the specific risks of the asset. 
The impairment test is carried out by considering the individual geographic areas in which the Group operates as cash generating units 
(“CGUs”). Said areas usually coincide with the Group’s individual legal entities, except where multiple legal entities of the Group the same 
country or in neighboring territories or markets with a shared and homogeneous customer base.
The cash flows are taken from the estimates made by management, which represent the best estimate made by the Company on the 
economic conditions set for the plan period. The plan forecasts refer to a time period of three years and the long-term growth rate (g) used 
to estimate the terminal value of the asset was assumed to be equal to the rate of inflation expected to prevail over the medium - long term 
in the main markets where the Group operates. Cash flows do not include restructuring activities for which the Company does not have a 
current obligation, or significant future investments which will increase the yield on the assets that make up the cash flow generating unit 
that is being valued. The recoverable amount is very dependent on the discount rate used in the discounted cash flow model and also on 
the expected future incoming cash flows and on the growth rate used for the purposes of the extrapolation.
Goodwill is tested for impairment at least once a year (as at 31 December) or more often, when circumstances indicate that the carrying 
amount may be subject to impairment.
The impairment loss for goodwill is determined by measuring the recoverable amount of the cash-generating unit (or group of cash-
generating units) to which goodwill has been allocated. Where the recoverable amount of the cash-generating unit is lower than the carrying 
amount of the cash-generating unit to which goodwill has been allocated, an impairment loss is recognized. An impairment loss recognized 
for goodwill shall not be reversed in subsequent periods.
Disclosure on impairment
The Group considers disclosure regarding impairment of assets as particularly important. Therefore, it has adopted a procedure to analyze 
indicators of impairment and a procedure for impairment testing. 
The negative impacts that the Covid-19 pandemic had on the Group’s results in 2020 when compared to the prior-year period were considered 
to be an indicator of impairment. Therefore, in 2020 the Group measured any impairment losses on its Cash Generating Units (CGUs). 
For details on the impairment test, please refer also to note 11 Impairment of Property, Plant and Equipment, Investment Property, Right-of-
use Assets, and Intangible Assets with a Finite Useful Life.
Property, plant and equipment
Tangible assets are recorded at historic cost, including the additional costs directly attributable and necessary to use the asset for the 
purpose for which it has been bought. This cost includes the costs to replace part of the plant and equipment when incurred, if they comply 
with the recognition criteria. The net value (cost less accumulated depreciation and accumulated impairment) of parts of replaced plant and 
equipment is recognized in the income statement at the time of replacement. 
Maintenance and repair expenses, which do not involve the creation of value from and/or extension of the residual life of the assets, are 
recognized in the income statement in the year in which they are incurred, otherwise they are capitalized.
Tangible assets are shown net of the related accumulated depreciation and any accumulated impairment determined in accordance with the 
method described below. Depreciation is calculated on a straight-line basis according to the estimated useful life of the asset for the company.
Consolidated Financial Statements 
Salvatore Ferragamo Group
232 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

The useful lives of the main classes of tangible assets are as follows:
Useful life
Buildings 
33 years
Plant and Equipment
5-6 years
Industrial and commercial equipment
4-7 years
Other assets:
- Office furniture and furnishings
5-8 years
- Electronic machines
3-5 years
- Historic collection
5 years
- Vehicles
3-4 years
Leasehold improvements
On the basis of the residual duration of the asset’s lease contract
The residual value of the asset, its useful life, and the depreciation methods applied are reviewed at the end of each year and adjusted on a 
prospective basis if necessary.
Should significant parts of these tangible assets have different useful lives, these components are accounted for separately. Land, whether 
it is free of construction or attached to buildings, is recorded separately and is not depreciated since it has an unlimited useful life.
The book value of property, plant and equipment is subject to review to record any impairment, should events or changed situations indicate 
that the book value cannot be recovered. If there is an indication of impairment and, should the book value exceed the presumed realizable 
value, assets are written down to reflect their realizable value. The realizable value of property, plant and equipment is the higher of the net 
sale price and the value in use.
In defining the value in use, the expected future cash flows are discounted using a pre-tax discount rate which reflects the current market 
estimate of the cost of money over time and the specific risks of the asset. The realizable value of an asset which does not generate broadly 
independent cash flows is determined in relation to the cash flow generating unit to which this asset belongs. Impairment is recognized in 
the income statement under amortization, depreciation and write-down costs. Impairment is restored should the reasons for it no longer exist.
The carrying amount of an item of property, plant and equipment and each initially recognized significant component is derecognized on 
disposal (i.e. on the date the buyer obtains control over it) or when no future economic benefits are expected from its use or disposal. The 
gain/loss arising from the derecognition of the asset (calculated as the difference between the net carrying amount of the asset and the 
consideration received) is included in profit or loss when the item is derecognized.
Investment property
Tangible assets held for income purposes and not for instrumental use are shown in a specific item called “Investment property”, in 
accordance with IAS 40, and are recognized at cost. The assets which fall under this category are represented by land and/or buildings (or 
parts of buildings) held by the owner or lessee under a financial or operating lease in order to lease them out.
These types of property are classified separately from other property assets held. Investment property is shown net of the relevant 
accumulated depreciation and any impairment. The useful life of Group investment property is 33 years.
The book value of investment property is subject to review to record any impairment, should events or changed situations indicate that the 
book value cannot be recovered. Impairment is recognized in the income statement under amortization, depreciation and write-down costs. 
Impairment is restored should the reasons for it no longer exist.
Investment property is derecognized on disposal (i.e. on the date the buyer obtains control over it) or when the investment is permanently 
unusable and no future economic benefits are expected from its disposal. The amount of consideration to be considered to calculate the 
gain or loss on the derecognition of an investment property is determined in accordance with transaction pricing requirements in IFRS 15.
233
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Leases
At inception of a contract, the Group assesses whether the contract is, or contains, a lease. The contract is, or contains, a lease if it provides 
the right to control the use of a specific asset for a period of time in exchange for consideration. 
The Group uses the exemption under IFRS16 for intangible assets. 
The Group as lessee
The Group applies a single accounting model for all leases to which it is lessee, except for short-term leases and leases of low-value assets. 
The Group recognizes a financial lease liability and a right-of-use asset.
Right-of-use assets: 
The Groups recognizes a Right-of-use asset at the lease commencement date (that is the date on which the underlying asset is available for use 
by the lessee). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses determined as described 
below, and adjusted for any remeasurement of lease liabilities. The cost of Right-of-use assets includes the amount of the recognized lease 
liability, initial direct costs incurred, lease payments made at or before the commencement less any lease incentives received, and the estimate 
of costs to be incurred by the Group in restoring the underlying asset to its original condition, if required by the lease.
Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, depreciation is calculated on a 
straight-line basis over the shorter of the lease term and the useful life of the asset as follows:
Useful life
Buildings 
33 years
Equipment and other assets
3-5 years
Vehicles
3-4 years
Right of-use assets are tested for impairment should events or changes in circumstances indicate that the book value cannot be recovered. 
If there is an indication of impairment and, should the book value exceed the presumed realizable value, assets are written down to reflect 
their realizable value. The realizable value is the higher of the net sale price and the value in use. In defining the value in use, the expected 
future cash flows are discounted using a pre-tax discount rate which reflects the current market estimate of the cost of money over time 
and the specific risks of the asset. The realizable value of an asset which does not generate broadly independent cash flows is determined in 
relation to the cash flow generating unit to which this asset belongs. Impairment is recognized in the income statement under amortization, 
depreciation and write-down costs. Impairment is restored should the reasons for it no longer exist.
Lease liabilities: 
At the commencement date of the lease, the Group recognizes a lease liability measured at the present value of future lease payments to 
be made over the lease term. Future payments include fixed payments, less any lease incentives receivable, variable lease payments that 
depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the 
exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the 
Group is reasonably certain to exercise the option to terminate. The variable lease payments that do not depend on an index or a rate, but 
that in the case of the Group mainly depend on sales volumes, continue to be recognized as costs for services in profit or loss. In calculating 
the present value of future payments, the Group uses the Incremental Borrowing rate (IBR) at the lease commencement date. Subsequently, 
the lease liability is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the lease liability is 
remeasured to account for any change in the terms of the lease.
Consolidated Financial Statements 
Salvatore Ferragamo Group
234 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Short-term leases and leases of low-value assets: 
the Group has elected not to apply IFRS 16 to short-term leases (leases with a lease term of 12 months or less) and leases for which the 
underlying asset is of low value (less than 5,000 Euro). Payments on these leases are recognized as expense on a straight-line basis in 
accordance with the terms and conditions of the lease.
The Group as lessor
Lease contracts in which the Group largely retains all the risks and benefits of ownership of the asset are classified as operating leases. 
Lease payments are recognized on a straight-line basis over the duration of the lease contracts in place at the reporting date and, if they derive 
from investment property, they are classified under Rental income investment properties. The Group capitalizes the initial direct costs incurred 
in obtaining an operating lease and recognizes those costs as an expense over the lease term on the same basis as the lease income
Business combinations and goodwill
Business combinations are accounted for using the acquisition method. 
The acquisition cost is valued as the total of the transferred consideration measured at fair value at the acquisition date and the amount 
of any minority interests in the acquired company. For every business combination, the acquirer must assess any minority interests in the 
acquired company at fair value or in proportion to the share of minority interests in the net identifiable assets of the acquired company. 
Acquisition costs are recognized in the income statement under administrative costs.
The Group shall determine to have acquired a business when an integrated set of activities and assets includes, at a minimum, an input and a 
substantive process that together significantly contribute to the ability to create output. An acquired process shall be considered substantive 
if it is critical to the ability to continue producing outputs, and the inputs acquired include an organized workforce with the necessary skills, 
knowledge, or experience to perform that process, or significantly contributes to the ability to continue producing outputs and is considered 
unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs.
Every potential consideration must be recognized by the acquirer at the fair value on the acquisition date. The change in the fair value of 
the potential consideration classified as a financial asset or liability pursuant to IFRS 9 will be recognized in accordance with the provisions 
of IFRS 9, in the income statement or in the statement of comprehensive income. If the potential consideration is classified as an equity 
instrument, its value is not remeasured and its discharge is recognized under shareholders’ equity. When the contingent consideration is 
outside the scope of IFRS 9, it must nonetheless be measured at fair value through profit or loss.
The goodwill acquired in a business combination is initially measured as the excess of the aggregate of the consideration transferred and 
the amount of any non-controlling interest over the fair value of the net identifiable assets acquired and the liabilities assumed by the Group. 
This requires the fair value recognition of the identifiable assets (including previously unrecognized intangible assets) and liabilities (including 
contingent liabilities and excluding future restructuring) of the purchased company.
After the initial recognition, goodwill is valued at cost less accumulated impairment. For impairment test purposes, the goodwill acquired in 
a business combination is allocated, at the acquisition date, to the Group’s individual cash flow generating units, or to groups of cash flow 
generating units which should benefit from the synergies of the combination, regardless of the fact that other Group assets or liabilities are 
allocated to these units or groups of units.
When the Group acquires a business, it must classify or designate the financial assets acquired or the liabilities assumed on the basis of the 
contractual terms, economic conditions and other pertinent conditions as they exist at the acquisition date. This includes a test to establish 
whether an embedded derivative must be separated from the primary contract. 
In a business combination achieved in stages, the company shall remeasure its previously held equity interest at its fair value and recognize 
the resulting gain or loss, if any, in profit or loss.
If the goodwill has been allocated to a cash flow generating unit and the entity disposes of part of the assets of this unit, the goodwill relating 
to the disposed asset must be included in the book value of the asset when the gain or loss arising from the disposal is determined. The 
goodwill relating to the disposed asset must be determined on the basis of the values relating to the disposed asset and the part of the cash 
flow generating unit which is kept.
235
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Business combinations between entities subject to joint control do not fall within the scope of application of IFRS 3. Should the business 
combination between entities subject to joint control not be of an economic nature but a mere corporate reorganization, the company will 
apply the business combination accounting method called “pooling of interest”, thus aggregating the assets and liabilities to the book 
values on a line-by-line basis.
 
Intangible assets
Intangible assets are recorded among assets at purchase cost when the use of the asset is likely to generate future income and when 
the cost of the asset can be reliably established. Intangible assets acquired through business combinations are recorded at fair value as 
established at the acquisition date, if this value can be reliably established. Intangible assets with a finite useful life are amortized on a 
straight-line basis over their estimated useful life; the useful life is reviewed on an annual basis and any changes, where necessary, are 
applied on a prospective basis.
Intangible assets are shown net of the related accumulated amortization and any accumulated impairment determined in accordance with 
the method described below. 
The useful lives of the main categories of intangible assets with a finite useful life are the following:
Useful life
Industrial patents and intellectual property rights
2-5 years
Concessions, licenses and trademarks
10 years
Key money
On the basis of the residual duration of the asset’s lease contract
Know-how
8 years
An intangible asset is derecognized on disposal (i.e. on the date the buyer obtains control over it) or when no future economic benefits are 
expected from its use or disposal. Any gain or loss arising from the derecognition of the asset (calculated as the difference between the net 
disposal proceeds and the carrying amount of the asset) is included in profit or loss.
The book value of intangible assets is subject to review to record any impairment, should events or changed situations indicate that the 
book value cannot be recovered. Impairment is recognized in the income statement under amortization, depreciation and write-down costs. 
Impairment is restored should the reasons for it no longer exist.
Development costs
Research costs are charged to the income statement when they are incurred. 
Development costs incurred in relation to a particular project are capitalized only when the Group can demonstrate the technical possibility 
of completing the intangible asset in such a way as to make it available for use or for sale, as well as its intention to complete the asset in 
order to use it or sell it, the means by which it will generate probable future income, the availability of technical, financial or other resources 
to complete the development and its ability to make a reliable assessment of the cost attributable to the asset during its development.
During the development period, the asset is reviewed annually to assess any impairment. Following the initial recognition, development 
costs are assessed at cost less any accumulated amortization or impairment loss. Amortization of the asset starts when the development 
is completed and the asset is available for use. It is amortized in reference to the period in which the project is likely to generate revenues 
for the Group. 
Consolidated Financial Statements 
Salvatore Ferragamo Group
236 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Industrial patents and intellectual property rights
Industrial patents and intellectual property rights refer to costs for software licenses and to costs for the deposit and registration of 
trademarks and patents relating to Group products.
Concessions, licenses, trademarks and similar rights 
This item refers to costs for the deposit and registration of the Salvatore Ferragamo trademark. Purchase costs are amortized over the useful 
life of the right purchased.
Other intangible assets with a finite useful life
This item mainly refers to the sums paid to lease property by taking over existing contracts or by obtaining the withdrawal of lessees so as 
to be able to enter into new contracts with the lessors (key money). These charges are amortized over the duration of the lease contract.
Starting from 2020, the item includes also the know how acquired through the business combination of Arts S.r.l. and Aura 1 S.r.l., recognized 
at its fair value at the acquisition date. This charge is amortized over 8 years.
Financial Instruments 
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
The general rule in IFRS 9 is that an entity shall recognize a financial asset or a financial liability on its balance sheet when, and only when, 
the entity becomes a party to the contractual provisions of the instrument.
Financial assets
On initial recognition, financial assets are classified according to their contractual cash flow characteristics and the business model under 
which they are held. The assessment of the contractual cash flow characteristics is known as the SPPI (‘solely payments of principal and 
interest-SPPI’) test and is conducted for each instrument. However, identical financial instruments may be analyzed in groups, since the 
outcome of the test would not be different than under an individual or separate assessment. 
The Group’s business model for managing financial assets refers to how the Group manages financial assets in order to generate cash flows. 
The business model determines whether the cash flows will result from the collection of contractual cash flows, sales proceeds, or both. 
Based on these characteristics, financial assets are classified into four categories:
• Financial assets at amortized cost (debt instruments);
• Financial assets at fair value through other comprehensive income with reclassification of cumulative gains and losses (debt instruments);
• Financial assets at fair value through other comprehensive income without reclassification of cumulative gains or losses on disposal (equity 
instruments);
• Financial assets at fair value through profit or loss.
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit 
or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the 
practical expedient are measured at the transaction price determined under IFRS 15.
After initial recognition, the Group measures financial assets at amortized cost, at fair value through other comprehensive income, and at 
fair value through profit or loss. 
237
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Financial assets at amortized cost (debt instruments)
The Group measures financial assets at amortized cost if both of the following conditions are met:
• the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows;
• the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on 
the principal amount outstanding.
Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and 
losses are recognized in the statement of profit or loss when the asset is derecognized, modified or impaired.
The Group’s financial assets at amortized cost include trade receivables and guarantee deposits.
Financial assets at fair value through other comprehensive income (debt instruments)
The Group measures debt instruments at fair value through other comprehensive income if both of the following conditions are met: 
• The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling; and
• the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on 
the principal amount outstanding.
For debt instruments at fair value through other comprehensive income, gains and losses are recognized through other comprehensive 
income except for changes resulting from exchange differences and impairment losses, as well as reversals, which are recognized in the 
statement of profit or loss. Upon derecognition, the cumulative fair value change recognized in other comprehensive income is recycled to 
profit or loss; the amounts recognized through profit or loss are the same that would have been recognized if the financial assets had always 
been measured at amortized cost. The Group currently does not have this type of instruments.
Financial assets at fair value through profit or loss
In general, IFRS 9 defines the classification at fair value through profit or loss as a residual category to be applied to all those financial assets 
that, because of their contractual characteristics, are not measured at amortized cost or at fair value through other comprehensive income. 
However, the Group may, at initial recognition, irrevocably designate a financial asset as measured at fair value through profit or loss if 
doing so would eliminate or significantly reduce an accounting mismatch that would otherwise arise from recognizing the gains and losses 
on the asset on different bases. Although this may be considered an accounting policy choice, the standard does not require applying it 
consistently to all similar transactions.
Financial instruments at fair value through profit or loss are carried in the statement of financial position at fair value, with net changes in fair 
value recognized in the statement of profit or loss.
This category includes derivative instruments. Derivatives are classified as financial instruments held for trading, unless they are designated 
as effective hedging instruments. 
A derivative embedded in a non-derivative hybrid contract, with a financial liability or non-financial host, is separated from the host and 
accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument 
with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair 
value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss.
Reclassification 
A financial asset is reclassified only if there is either a change in the terms of the contract that significantly modifies the cash flows that 
would otherwise be expected or the Group changes its business model for managing financial assets. The reclassification shall be applied 
prospectively from the date of reclassification, without restating any previously recognized gains, losses, and interest.
Consolidated Financial Statements 
Salvatore Ferragamo Group
238 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., 
removed from the Group’s statement of financial position) when:
• the rights to receive cash flows from the asset have expired, or
• the Group has transferred the right to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full 
without material delay to a third party and (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group 
has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, whereby it 
retains the contractual rights to receive cash flows from the asset, but assumes a contractual obligation to pay the cash flows to one or more 
recipients, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When all the risks and rewards of ownership 
of the financial assets are substantially transferred, the Group derecognizes the financial asset and recognizes any rights and obligations 
created or retained as separate assets or liabilities; otherwise, the financial asset continues to be recognized. When it has neither transferred 
nor retained substantially all of the risks and rewards, nor lost control over the asset, the Group continues to recognize the asset to the 
extent of its continuing involvement; when control over the financial assets is not retained, the Group derecognizes the financial asset and 
recognizes any rights and obligations created or retained as separate assets or liabilities. The transferred asset and the associated liability 
are measured on a basis that reflects the rights and obligations that the Group has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount 
of the asset and the maximum amount of consideration that the Company could be required to repay.
Impairment of financial assets
The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. 
Specifically, the impairment model applies to all financial assets measured at amortized cost and at fair value through other comprehensive 
income, but not to financial assets at fair value through profit or loss. In addition, the following types of instruments also fall within the scope 
of the model:
• Loan Commitments not measured at FVTPL;
• Financial guarantees within the scope of IFRS 9;
• Lease receivables within the scope of IFRS 16;
• Contract Assets within the scope of IFRS 15.
ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the 
Group expects to receive, discounted at an approximation of the original effective interest rate. The cash flows that the Group expects 
to receive depend on the probability of a default by the counterparty and the amount it expects to be able to recover; the expected cash 
flows will therefore include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual 
terms.
Under the general approach of the Standard, the impairment of financial assets is determined based on the monitoring of the counterparties’ 
credit standing.For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are 
provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit 
exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit 
losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not 
track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. More specifically, for 
the above financial assets, the Group adopts the practical expedient of the provision matrix to calculate impairment, i.e. has established 
a matrix system based on historical collection information, adjusted for forward-looking factors specific to the debtors and the economic 
environment, as a means to determine expected credit losses.
239
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Financial liabilities
Financial liabilities are classified and measured at amortized cost using the effective interest rate method, except for those financial liabilities 
that are classified at fair value through profit or loss because they do not meet the conditions for the measurement at amortized cost. This 
is the case of financial liabilities held for trading.In addition, the Group may, at initial recognition, irrevocably designate a financial liability as 
at fair value through profit or loss if doing so would result in more relevant information, as:
• it eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as ‘an accounting mismatch’) that 
would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases;
• a group of financial assets or liabilities is managed and measured at fair value in accordance with a risk management policy or based on an 
investment strategy, and information about the group is provided internally on that basis to key management personnel.
Derivatives with negative fair values are also classified and measured at fair value through profit or loss, except for those held as effective 
hedging instruments. All financial liabilities are recognized initially at fair value plus, in the case of loans and borrowings as well as payables, 
directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, loans and borrowings including bank 
overdrafts, and derivative financial instruments.
The measurement of financial liabilities depends on their classification as financial liabilities at fair value through profit or loss and financial 
liabilities at amortized cost (loans and borrowings).
Financial liabilities at fair value through profit or loss: financial liabilities at fair value through profit or loss include financial liabilities 
held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities 
are classified as held for trading if they are incurred for the purpose of settling or transferring them in the near term. This category 
also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge 
relationships as defined by IAS 39. Separated embedded derivatives are also classified as held for trading unless they are designated 
as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. Financial 
liabilities are designated at fair value through profit or loss upon initial recognition, only if the criteria in IFRS 9 are satisfied. Upon initial 
recognition, the Group has not designated any financial liability as at fair value through profit or loss.
Financial liabilities at amortized cost (loans and borrowings): after initial recognition, loans are measured at amortized cost using the 
effective interest rate method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through 
the amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs 
that are an integral part of the effective interest rate. The effective interest rate amortization is included as finance costs in the statement 
of profit or loss.
It is not possible to reclassify financial liabilities.
Derecognition
A financial liability is derecognized when the obligation under the liability is discharged or canceled or expires. When an existing financial 
liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially 
modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The 
difference in the respective carrying amounts is recognized in the statement of profit or loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently 
enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle 
the liabilities simultaneously.
Consolidated Financial Statements 
Salvatore Ferragamo Group
240 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments such as: foreign exchange forward contracts, to hedge financial risks relating to exchange 
rate fluctuations affecting commercial transactions in foreign currency. Such derivative financial instruments are initially recognized at fair 
value on the date on which a derivative contract is entered into, and are subsequently measured at fair value. Derivatives are carried as 
financial assets when the fair value is positive and as financial liabilities when the fair value is negative. As allowed under IFRS 9 paragraph 
7.2.21, the Group elected to apply IAS 39 for the purpose of hedge accounting.
In keeping with the provisions of IAS 39.88 and IFRS 9.6.4.1, hedging derivatives are eligible for hedge accounting only when:
• At the inception of the hedge, there is formal designation and documentation of the hedging relationship and the entity’s risk management 
objective and strategy for undertaking the hedge;
• the hedge is likely to be highly effective;
• for cash flow hedges, the forecast transaction that is the subject of the hedge must be highly probable and must present an exposure to 
the measurement of cash flows that could affect profit or loss;
• the effectiveness can be reliably measured; and 
• the hedge itself is highly effective during the various accounting periods for which it is designated.
All derivatives are measured at fair value. When derivatives possess the necessary features to be accounted for in accordance with hedge 
accounting, the following accounting treatments are applied:
• Fair value hedge - if a derivative is designated as a hedge against changes in the current value of an asset or a liability as well as a firm 
commitment which may have an impact on the income statement, the change in the fair value of the hedging instrument is recorded in 
the income statement and the change in the fair value of the hedged instrument attributable to the risk covered is recorded as part of the 
book value of the item being hedged and is also recorded in the income statement. In the case of a firm commitment, the fair value of the 
component related to the hedged risk is recognized as an asset or liability, adjusting the line item in the statement of financial position that 
will be affected by the firm commitment upon its realization.
• Cash flow hedge - if a derivative is designated as a hedge against the changes in cash flows from an asset or liability or from a transaction 
which is considered as highly likely or a firm commitment and which could affect the income statement, the effective portion of the 
gains or losses on the derivative is recorded under shareholders’ equity and accounted for in the statement of comprehensive income; 
the accumulated gain or loss is reversed from shareholders’ equity and charged to the income statement in the same period in which 
the hedged transaction is recorded; the gain or loss associated with a hedge or that part of the hedge which has become ineffective, is 
recorded in the income statement when its ineffectiveness is recognized.
Should the conditions to apply hedge accounting not occur, the effects arising from the fair value assessment of the derivative are charged 
directly to the income statement.
Cash and cash equivalents
Cash and short-term deposits refer to cash on hand and sight/short-term deposits, in the latter case originally expiring in no more than 
three months.
Treasury shares
Treasury shares are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on the purchase, sale or 
cancellation of treasury shares.Any difference between the purchase value and the consideration, in the event of a sale and/or grant, is 
recognized in a reserve in equity.
241
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Inventories
Inventories are measured at the lower of purchase and/or production cost, determined using the weighted average cost method, and the 
net realizable value. Purchase cost includes ancillary charges; production cost includes direct costs and a share of indirect costs which may 
be reasonably attributable to products. The presumed net realizable value is the normal estimated sale price less the estimated costs to 
complete the product and the estimated costs to complete the sale.
Assets held for sale 
This item is composed of non current assets, whose book value will be recovered mainly through their sale rather than through their 
continued use. Assets classified as held for sale are valued at the lower of their net book value and their fair value net of sale costs.
Provisions for risks and charges 
Provisions for risks and charges are allocated when the Group must meet a current (legal or implicit) obligation resulting from a past event, 
whose occurrence is deemed as likely and whose amount can be reasonably estimated. 
When the Group believes that an allocation to the provision for risks and charges will be partly or fully reimbursed, for example in the case of 
risks covered by insurance policies, the compensation is recorded separately among assets if, and only if, it is almost certain. In this case, in 
the income statement the cost of any allocation is shown net of the amount recorded for the compensation. 
If there is a significant effect from discounting the value of money, the allocations are discounted using a pre-tax discount rate which reflects, 
where appropriate, the specific risks of the liabilities. When the discounting is carried out, the increase in the allocation due to the passing 
of time is recorded as a financial charge.
Pension Funds and other long-term employee benefits 
In Italy, the Group has a “Defined-benefit plan” for employee severance indemnities. With respect to Salvatore Ferragamo S.p.A., the plan 
concerns only the amounts recognized up to 31 December 2006. In addition, the Group has “Defined-contribution plans” for employee 
severance indemnities accrued after said date. This distinction derives from the 2007 Budget Law and the relevant enabling legislation, 
which require allocating employee severance indemnities to either supplementary pensions schemes or the Treasury Fund of the Italian 
Social Security Institute (INPS).
The Group also has other “Defined-benefit plans” in the United States, Mexico, Thailand, France, Belgium, Principality of Monaco, Taiwan, 
Japan, and India.
Moreover, the Group has defined-contribution plans for its employees. 
The Group’s net obligation deriving from defined-benefit plans is calculated separately for each plan by estimating the amount of the future 
benefit which employees have accrued in return for the service provided in the current and previous years; this benefit is discounted in order 
to calculate the present value.The cost of the benefits provided under the defined-benefit plan is determined using the actuarial technique 
of the projected unit credit method. Actuarial gains and losses are recorded directly in the statement of comprehensive income, as provided 
for by IAS 19. Net interest on the net defined-benefit liability shall be determined by multiplying the net liability by the discount rate. 
The actuarial assessment of liabilities has been entrusted to independent actuaries. 
Fair Value
IFRS 13 establishes a single source of guidance for fair value measurement and for the relevant disclosures when such measurement is 
required or permitted. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction 
between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market 
participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. 
A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using 
the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair 
Consolidated Financial Statements 
Salvatore Ferragamo Group
242 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. 
All assets or liabilities whose fair value is measured or recognized are categorized based on the following fair value hierarchy: 
• Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; 
• Level 3 - valuation techniques using unobservable inputs for the asset or liability.
The fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant 
to the entire measurement.
The methods for determining fair value in reference to financial instruments, for accounting or disclosure purposes, are summarized below 
in reference to the main financial instrument categories, to which they have been applied:
• Derivatives: adequate pricing models have been adopted, based on the market values of interest and exchange rates;
• Receivables and payables and unlisted financial assets: for financial instruments expiring after more than one year, the discounted cash 
flow method has been applied, i.e. the discounting of expected cash flows given current interest rate and creditworthiness conditions; 
• Listed financial instruments: the market value at the reference date is used.
Costs
Costs are recognized when related to goods or services sold or consumed during the period or systematically allocated, or when it is not 
possible to identify their future usefulness.
Advertising and research costs, in accordance with IAS 38, are charged in full to the income statement, when the service has been provided 
and delivered to the Group. 
Costs are recognized according to their nature considering the standards applicable under IFRS.
Revenues from contracts with customers
Revenues from contracts with customers are recognized when control of goods or services transfers to the customer in an amount that 
reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.
Sale of goods
Revenues from the sale of goods are recognized when control of the good passes to the customer, generally upon shipment depending on 
the terms applied. 
The Group considers whether the contract includes other promises representing performance obligations to which part of the consideration 
for the transaction must be allocated (for example guarantees). When determining the transaction price for the sale of goods, the Group 
considers the effects of variable consideration, significant financing components, non-cash consideration, and consideration payable to the 
customer (if any). 
Right of return:
Some contracts allow customers to return goods within a specified period of time. The Group uses the expected value method to estimate 
the goods that will not be returned, as this method better predicts the amount of variable consideration to which the Group will be entitled. 
The guidance in IFRS 15 regarding the constraints on the recognition of variable consideration applies to the determination of the amount of 
variable consideration that can be included in the transaction price. The Group adjusts revenues for the goods expected to be returned, and 
recognizes a liability for the refunds. The right of return of an asset (and the corresponding adjustment to the cost of sales) is recognized 
also for the right to recover goods from customers.
243
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Royalties
Revenues from royalties derive from sales-based royalties arrangements with customers, and are therefore recognized based on the stage 
of completion of the licensee’s sales in accordance with the terms of the agreement.
Right of return assets
A right of return asset represents the Group’s right to recover goods expected to be returned from customers. The asset is measured at 
the previous carrying amount of inventories less any costs for its recovery, including any impairment of the returned products. The Group 
regularly updates the estimated amount of returns from customers as well as any additional impairment of the returned products.
Refund liabilities
The refund liability represents the obligations to refund some or all of the consideration received (or to be received) from the customer and 
is measured based on the amount the Group expects to be refunded to the customer. The Group updates its estimates of refund liabilities 
(and the corresponding change in the transaction price) at the end of each reporting period.
Share-based payment plans 
The Group recognizes additional benefits to some employees, directors and collaborators with particular positions, through equity-settled 
share-based payments, which provide for the physical delivery of shares. In accordance with the provisions of IFRS 2 - Share-based payments 
- rights in favor of employees are valued at fair value when the beneficiary is informed of their allocation, and this value is determined using 
the binomial model. This model takes account of all the features of the rights (duration, exercise price and conditions, etc.), as well as the 
value of the underlying shares at the grant date and their expected volatility.
If the right can be exercised after a certain period (vesting period) and on the occurrence of specific performance conditions, the cost of 
transactions settled with equity instruments, together with the corresponding increase in shareholders’ equity, is recorded in the period 
in which the conditions relating to the achievement of objectives and/or the provision of the service are satisfied, ending at the time the 
beneficiaries have fully accrued the right to receive payment (“vesting date”).
At the end of each year, the fair value of the rights which has been determined previously is not reviewed, but on this date the estimate of 
the number of rights which will vest up to the expiry is updated. The accumulated costs recorded for these transactions at the end of each 
year up to the vesting date are proportionate to the expiries of the vesting period and to the best available estimate of the number of options 
which will actually vest. The cost or revenue recorded in the income statement for the year represents the change in the accumulated cost 
recorded at the start and at the end of the year.
No cost is recorded for rights which do not ultimately vest, except in the case of rights whose allocation is subordinate to market conditions.
The impact of the dilution of the rights not yet exercised is reflected in the calculation of the dilution of earnings per share.
Cash-settled transactions
In case of cash-settled share-based transactions, the cost of the cash-settled transactions is initially valued at the fair value at the date 
the beneficiary is informed of their allocation. This fair value is recognized in the income statement in the period until vesting, with the 
recognition of a corresponding liability.Until the liability is settled, the fair value is recalculated at each year-end date and at the settlement 
date, charging the related changes to the income statement.
Financial income and charges
Financial income and charges are recorded on an accrual basis according to the interest accrued on the net value of the related financial 
assets and liabilities, using the effective interest rate.
Dividends
Dividends are recognized when the shareholders’ right to receive payment arises.
Consolidated Financial Statements 
Salvatore Ferragamo Group
244 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Income Taxes
Current taxes
Current taxes reflect a realistic estimate of the tax burden, determined by applying the rates and laws in force in the countries where the 
Salvatore Ferragamo Group operates; the amount payable for current taxes is recognized in the statement of financial position net of any tax 
advances paid. The Group regularly assesses the position taken in its income tax filings where tax regulations are subject to interpretation 
and makes provisions, when appropriate.
Current taxes relating to items recorded directly under shareholders’ equity or in the statement of comprehensive income are also charged 
directly to shareholders’ equity or to the statement of comprehensive income.
Deferred taxes
Deferred taxes are calculated on the temporary differences existing at the reporting date between the fiscal values taken as a reference for 
assets and liabilities and the values recognized in the financial statements.
Deferred tax liabilities are recorded for all taxable temporary differences, except:
• when the deferred tax liabilities derive from the initial recognition of goodwill or of an asset or a liability in a transaction which is not 
a business combination and which, at the time of the transaction, has no effect on the profit/(loss) for the year calculated for financial 
statement purposes or on the profit or loss calculated for tax purposes; 
• in reference to taxable temporary differences relating to investments in subsidiaries, associated companies and joint ventures, when the 
reversal of temporary differences may be managed and it is not likely to occur in the foreseeable future.
Deferred tax assets are recorded against all deductible temporary differences and for tax assets and liabilities which are carried forward, to 
the extent that adequate future tax profits are likely to exist which make it possible to use the deductible temporary differences and the tax 
assets and liabilities which have been carried forward, except when:
• the deferred tax asset connected to deductible temporary differences arises from the initial recognition of an asset or liability in a transaction 
which is not a business combination and which, at the time of the transaction, does not affect profit/(loss) for the year calculated for 
financial statement purposes or the profit or loss calculated for tax purposes; 
• in reference to taxable temporary differences relating to investments in subsidiaries, associated companies and joint ventures, deferred 
tax assets are only recorded to the extent that the deductible temporary differences are likely to be reversed in the immediate future and 
there are adequate tax profits against which the temporary differences may be used.
The value to be recorded for deferred tax assets is reviewed at each reporting date and is reduced to the extent that it is no longer likely that 
sufficient tax profits will be available in the future so as to allow all or part of this credit to be used. Unrecognized deferred tax assets are 
reviewed annually at the reporting date and are recorded to the extent that it has become likely that the tax profit is sufficient to ensure that 
these deferred tax assets can be recovered.
To determine whether taxable profit will be available against which a deductible temporary difference can be utilized, the entity shall consider 
whether local tax laws restrict the sources of taxable profits against which it may make deductions on the reversal of that deductible 
temporary difference. 
Deferred tax assets and liabilities are measured on the basis of the tax rates which are expected to be applied in the year in which the assets 
are realized or the liabilities are settled, taking into account the rates in force and those already issued or basically issued at the reporting date.
Deferred taxes relating to items recorded directly under shareholders’ equity or in the statement of comprehensive income are also charged 
directly to shareholders’ equity or to the statement of comprehensive income.
Deferred tax assets and liabilities are offset when there is a legal right to offset current tax assets against current tax liabilities and the 
deferred taxes refer to the same fiscal entity and the same tax authority.
245
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Value added tax
Revenues, costs and assets are recorded net of value added taxes except when:
• this tax, applied to the purchase of goods or services, is non-deductible, in which case it is recognized as part of the purchase cost of the 
asset or part of the cost item charged to the income statement; 
• it refers to trade receivables and payables for which the invoice has already been issued or received and whose values are shown including 
the tax amount.
The net amount of indirect taxes on sales and purchases which may be recovered from or paid to the Inland Revenue Office is recorded 
among tax receivables or payables depending on the nature of the balance.
Earnings per share
Basic earnings per share is calculated by dividing the profit and/or loss for the period attributable to the Shareholders of the Parent company 
by the weighted average number of outstanding shares during the year. For the purposes of calculating the diluted earnings per share, the 
weighted average number of the outstanding shares is modified by assuming the conversion of all potential shares with a diluting effect. 
The net result is also adjusted to take account of the impact, net of taxes, of the conversion.
Put and call agreements on minority interests
In the case of put options granted to minority shareholders, the Group recognizes a financial liability corresponding to the present value 
of the exercise price of the option. If the terms and conditions of the put option already give the Group access to the economic benefits 
associated with the interest concerned by the option, the Group accounts for this interest as if it were already acquired and, therefore, on 
initial recognition of the liability, this amount is reclassified from equity as a deduction from minority interests. The liability is subsequently 
remeasured at the end of each period in compliance with IFRS 9. In other cases, under the accounting policy chosen by the Group, on initial 
recognition of the liability, this amount shall be reclassified to the Group’s equity, continuing to account for the profits and losses attributable 
to such minority interests and the equity held by minority interests; any change in the amount of the liability shall be recognized in equity.
IAS 29 Financial reporting in hyperinflationary economies
Effective 1 July 2018, Argentina’s economy is considered hyperinflationary in accordance with “Financial Reporting in Hyperinflationary 
Economies” (“IAS 29”). This standard requires that the financial statements of entities whose functional currency is the currency of an 
economy considered hyperinflationary to be restated by using a general price index that reflects changes in general purchasing power. The 
inflation index used in Argentina is a synthetic index with the following characteristics: (a) as of 1 January 2017, a new national consumer 
price index is used; and (b) for periods up to 31 December 2016, the wholesale price index is used.
Therefore, all items of the financial statements of Ferragamo Argentina S.A. have been divided into monetary and non-monetary items. 
Monetary items are money held and assets or liabilities to be received or paid in cash; all other items are non-monetary. Monetary items are 
not restated because they are already expressed in terms of current monetary unity. In a period of inflation, an entity holding an excess of 
monetary assets over monetary liabilities loses purchasing power and an entity with an excess of monetary liabilities over monetary assets 
gains purchasing power. The gain or loss on the net monetary position is included in net income. The effect of inflation on the net monetary 
position and non-monetary assets and liabilities of Ferragamo Argentina S.A. for the year ended 31 December 2020 resulted in an 80 
thousand Euro net loss with an immaterial impact on the consolidated financial statements (107 thousand Euro net gain in the consolidated 
income statement as at 31 December 2019).
After restating non-monetary assets as per IAS 29, the Group also assessed whether the restated amount of the asset exceeded its 
recoverable amount. In addition, the application of IAS 29 gave rise to temporary tax differences: while the carrying amount of non-monetary 
assets is adjusted for inflation, a similar adjustment is not made for tax purposes; the result of such temporary difference is a deferred tax 
liability that has been recognized in profit or loss. 
Consolidated Financial Statements 
Salvatore Ferragamo Group
246 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Changes in international accounting standards
The Group has not adopted in advance any standard, interpretation or improvement that has been issued but which is not yet in force, except 
for the amendment to IFRS16 Leases Covid-19 Related Rent Concessions. 
Amendment to IFRS16 Leases - Covid-19 Related Rent Concessions
On 28 May 2020, the International Accounting Standard Board (“IASB”) approved the amendment to IFRS16 “Covid-19 Related Rent 
Concessions (Amendment to IFRS 16)”, endorsed by the European Union in October 2020.
Said amendment introduces a practical expedient to simplify lessee accounting for rent concessions (i.e. lease payment reductions, 
holidays and/or deferrals granted to a lessee by a lessor) received in the wake of the Covid-19 pandemic. If specified conditions are 
met, the practical expedient allows recognizing a “positive variable lease payment” through profit or loss as operating income deducted 
directly from the lease liability.
The practical expedient only applies to rent concessions occurring as a direct consequence of the Covid-19 pandemic and only if all of the 
following conditions are met:
• following the rent concession, the revised consideration for the lease is substantially the same as, or less than, the original consideration 
for the lease;
• the rent concession refers exclusively to payments originally due on or before 30 June 2021;
• there is no substantive change to other terms and conditions of the lease.
If the above conditions are not met, rent concessions shall be recognized according to the general principle concerning lease modifications 
under IFRS 16. 
The amendment is applicable for reporting periods beginning on or after 1 June 2020, and earlier application is permitted. The Group elected 
to early adopt the amendment starting with the Half-Year Report as at 30 June 2020. This approach aims to represent the concessions 
granted by lessors as a result of the Covid-19 pandemic in line with expected industry practices. Not adopting said practical expedient early 
would have given rise to significant accounting costs (the same costs that led the IASB to issue the amendment) and made it impossible 
to adopt it also for the Consolidated Financial Statements as at 31 December 2020. These considerations were decisive in electing to adopt 
the amendment early, given also the number of leases being renegotiated across the different geographies and jurisdictions in which the 
Group operates.
Adopting the amendment caused the Group to recognize rent concessions related to the Covid-19 emergency amounting to 19,729 thousand Euro 
in the period to 31 December 2020, accounted for largely as a deduction from Sales & Distribution Costs in the Consolidated Income Statement. 
Amendments to “References to the Conceptual Framework in IFRS Standards”
The IASB issued the Conceptual Framework in March 2018, setting out a comprehensive set of concepts for financial reporting, 
the definition of standards, the development of consistent accounting policies, and the assistance to understand and interpret 
standards. It introduces some new concepts, provides updated definitions and recognition criteria for assets and liabilities, and 
clarifies some important concepts. These amendments did not have any impact on the Group’s Consolidated Financial Statements.
Amendments to IFRS 3 - Definition of a Business
The IASB issued amendments to the definition of a business in IFRS 3 Business Combinations to assist entities to determine whether 
247
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

an acquired set of assets and liabilities is a business. These clarify the minimum requirements for a business; remove the assessment 
of whether market participants are capable of replacing any missing elements; add guidance to help entities assess whether an 
acquired process is substantive; and narrow the definitions of a business. The amendments to IFRS 3 clarify that to be considered a 
business, a set of activities and assets must include, at a minimum, an input and an underlying process that together significantly 
contribute to the ability to create output. In addition, they clarified that a business may exist without including all inputs and 
processes required to create output. The Board provided also new illustrative examples in addition to the amendments. This standard 
was adopted effective 1 January 2020 with respect to the business combinations occurred in 2020.
Amendments to IAS 1 and IAS 8
In October 2018, the IASB issued amendments to IAS 1 Presentation of financial statements and IAS 8 Accounting policies, changes 
in accounting estimates and errors to align the definition of “material” across the standards and to clarify certain aspects of 
the definition. The new definition states that “Information is material if omitting, misstating or obscuring it could reasonably be 
expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial 
statements.” The amendments clarify that materiality will depend on the nature or magnitude of information, or both. An entity will 
need to assess whether the information, either individually or in combination with other information, is material in the context of 
the financial statements. Information is obscured if it is communicated in a way that would have a similar effect for primary users 
of financial statements to omitting or misstating that information. These amendments did not have any impact on the Consolidated 
Financial Statements.
Interest Rate Benchmark Reform - Amendments to IFRS9, IAS 39, and IFRS7
In September 2019, the IASB issued amendments to IFRS 9, IAS 39, and IFRS 7 “Financial Instruments: Disclosures”, which mark 
the end of the Phase 1 of its project to address the effects of the Interbank Offered Rates (IBOR) reform on financial reporting. The 
amendments include temporary changes that make hedge accounting applicable during the period of uncertainty caused by the 
replacement of the pre-existing Interest Rate Benchmark with an alternative risk-free interest rate. The amendments assume that 
the benchmark on which the hedged cash flows and/or the hedging instrument are based will not be altered as a result of the IBOR 
reform. The amendments shall be applied retroactively. The amendments are effective for annual periods beginning on or after 1 
January 2020. The Group will monitor the evolution of the changes being made to the reform. These amendments did not have any 
impact on the Group’s Consolidated Financial Statements, as the Group does not have interest rate hedges outstanding.
Standards issued but not yet in force 
Set out below are the standards which, when preparing the Group’s consolidated financial statements had already been issued but 
were not yet in force. The list refers to the standards and interpretations which the Group expects will in all likelihood be applicable 
in the future. The Group intends to adopt these standards when they come into force. 
Amendment to IAS 1: Classification of Liabilities as Current or Non-current 
In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current 
or non-current. The amendments clarify: 
• what is meant by a right to defer settlement; 
• that a right to defer must exist at the end of the reporting period; 
• that classification is unaffected by the likelihood that an entity will exercise its deferral right; 
• that only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its 
classification. 
Consolidated Financial Statements 
Salvatore Ferragamo Group
248 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

The amendments will be effective for annual periods beginning on or after 1 January 2023, and must be applied retrospectively. The Group 
is currently assessing the impact the amendments will have on the current situation.
Amendment to IFRS 3 - Reference to the Conceptual Framework 
In May 2020, the IASB issued amendments to IFRS 3 Business Combinations - Reference to the Conceptual Framework. The amendments 
are intended to replace the references to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989, 
with references to the Conceptual Framework for Financial Reporting, that was issued in March 2018, without significantly changing the 
requirements of the standard. The Board also added an exception to the recognition principles of IFRS 3 to avoid the risk of potential “day 2” 
gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 or IFRIC 21 Levies, if incurred separately. 
At the same time, the Board decided to clarify that the existing guidance in IFRS 3 for contingent assets would not be affected by replacing 
the references to the Framework for the Preparation and Presentation of Financial Statements.The amendments will be effective for annual 
periods beginning on or after 1 January 2022 and apply prospectively.	
Amendment to IAS 16 - Property, Plant and Equipment: Proceeds before Intended Use 
In May 2020, the IASB issued Property, Plant and Equipment — Proceeds before Intended Use, which prohibits entities from deducting 
from the cost of an item of property, plant and equipment, any proceeds of the sale of items produced while bringing the asset to the 
location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes 
the proceeds from selling such items, and the costs of producing those items, in profit or loss. The amendment will be effective for annual 
periods beginning on or after 1 January 2022 and must be applied retrospectively to items of property, plant and equipment made available 
for use on or after the beginning of the earliest period presented when the entity first applies the amendment. The Group does not anticipate 
material impacts with respect to these amendments.
Amendment to IAS 37 - Onerous Contracts - Costs of Fulfilling a Contract 
In May 2020, the IASB issued amendments to IAS 37 to specify which costs an entity needs to include when assessing whether a contract 
is onerous or loss-making. The amendments apply a “directly related cost approach”. The costs that relate directly to a contract to provide 
goods or services include both incremental costs and an allocation of costs directly related to contract activities. General and administrative 
costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. The 
amendments will be effective for annual periods beginning on or after 1 January 2022. The Group will apply these amendments to contracts 
for which it has not yet met all its obligations at the beginning of the period in which it will first apply these amendments.
	
IFRS 1 First-time Adoption of International Financial Reporting Standards - Subsidiary as a first-time adopter
As part of the 2018-2020 annual improvements to IFRS standards, the IASB issued an amendment to IFRS 1 First-time Adoption of International 
Financial Reporting Standards. The amendment permits a subsidiary that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative 
translation differences using the amounts reported by the parent, based on the parent’s date of transition to IFRS. This amendment is 
also applied to an associate or joint venture that elects to apply paragraph D16(a) of IFRS 1. The amendment is effective for annual periods 
beginning on or after 1 January 2022, and earlier application is permitted.
IFRS 9 Financial Instruments - Fees in the “10 per cent” test for derecognition of financial liabilities
As part of the 2018-2020 annual improvements to IFRS standards, the IASB issued an amendment to IFRS 9. This amendment clarifies 
the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from 
the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including 
fees paid or received by either the borrower or lender on the other’s behalf. An entity applies this amendment to financial liabilities that 
are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. The 
amendment is effective for annual periods beginning on or after 1 January 2022, and earlier application is permitted. The Group will apply 
this amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the 
entity first applies the amendment. The Group does not anticipate material impacts with respect to this amendment.
249
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Consolidation area
The Consolidated Financial Statements as at 31 December 2020 contain the equity and financial position as well as the operating performance 
of the Parent company Salvatore Ferragamo S.p.A. and its Italian and foreign subsidiaries consolidated on a line-by-line basis. These are 
identified collectively as the Salvatore Ferragamo Group.
The Consolidated Financial Statements as at 31 December 2020 include the 2020 accounts of Group companies, which have been prepared 
by adopting the same accounting principles as the Parent company. Subsidiaries are those entities over which the Group has control, or 
when the Group is exposed to variable returns arising from its transactions with the entity, or can claim rights over such returns, and at the 
same time has the ability to influence such returns by exercising its influence over the entity. The financial statements of the subsidiaries are 
included in the consolidated financial statements from the moment when the parent company starts to exercise control until such control 
ends. Should it lose such control, the Group eliminates the assets and liabilities of the subsidiary and any previous minority interests in 
shareholders’ equity, including any other item of other comprehensive income relating to the subsidiary. Any profit or loss arising from the 
loss of control is recorded under net profit/(loss) for the year. Any equity investment in the former subsidiary is measured at fair value on the 
date of loss of control.
All intragroup balances and transactions, including any unrealized profits and losses deriving from transactions among Group companies, 
are completely eliminated. 
Minority interests represent the part of profits or losses and of net assets not held by the Group and are shown in a separate item of the 
income statement, and in the statement of financial position among shareholders’ equity items, separately from Group shareholders’ equity. 
Acquisitions of subsidiaries are recognized using the acquisition method, allocating the cost of the business combination at the fair values 
of assets, liabilities and contingent liabilities acquired at the acquisition date and including the result of the purchased company recorded 
from the acquisition date to the end of the year. Changes in the Group’s stake in a subsidiary which do not cause the loss of control are 
recognized as equity transactions.
Consolidated Financial Statements 
Salvatore Ferragamo Group
250 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

The following companies are included in consolidation as at 31 December 2020 and are consolidated on a line-by-line basis.
Company name
Location
Currency
Share capital
Controlling interest (%)
Notes 
Direct
Indirect
Salvatore Ferragamo S.p.A.
Florence, Italy
Euro
16,879,000
Capogruppo
Ferragamo Retail Nederland B.V.
Amsterdam, Holland
Euro
500,000
100%
Ferragamo France S.A.S.
Paris, France
Euro
4,334,094
100%
Ferragamo Deutschland GmbH
Munich, Germany
Euro
3,300,000
100%
Ferragamo Austria GmbH
Vienna, Austria
Euro
1,853,158
100%
Ferragamo U.K. Limited
London, United Kingdom
Pound Sterling
7,672,735
100%
Ferragamo (Suisse) SA
Mendrisio, Switzerland
Swiss Franc
1,000,000
100%
Ferragamo Belgique SA
Brussels, Belgium
Euro
750,000
100%
Ferragamo Monte-Carlo S.A.M.
Principality of Monaco
Euro
304,000
100%
Ferragamo Espana S.L.
Madrid, Spain
Euro
4,600,000
100%
Ferragamo USA Inc.
New York, United States
US Dollar
74,011,969
100%
Ferragamo Canada Inc.
Vancouver, Canada
Canadian Dollar
4,441,461
100%
 (1) 
S-Fer International Inc.
New York, United States
US Dollar
4,600,000
100%
 (1) 
Sator Realty Inc.
New York, United States
US Dollar
100,000
100%
 (1) 
Ferragamo Mexico S. de R.L. de C.V.
Mexico City, Mexico
Mexican Peso
4,592,700
99.73%
0.27%
 (1) 
Ferragamo Chile S.A.
Santiago, Chile
Chilean Peso
1,362,590,000
99%
1%
 (1) 
Ferragamo Argentina S.A.
Buenos Aires, Argentina
Argentine Peso
76,361,136
95%
5%
 (1) 
Ferragamo Brasil Roupas e Acessorios Ltda.
Sao Paulo, Brazil
Brazilian Real
55,615,000
99%
1%
 (1) 
Ferragamo Hong Kong Ltd.
Hong Kong, China
Hong Kong Dollar
10,000
100%
Ferragamo Japan K.K.
Tokyo, Japan
Japanese Yen
305,700,000
71%
 
Ferragamo Australia Pty Ltd.
Sydney, Australia
Australian Dollar
13,637,003
100%
Ferrimag Limited
Hong Kong, China
Hong Kong Dollar
109,200,000
75%
 (2) 
Ferragamo Fashion Trading (Shanghai) Co. Ltd.
Shanghai, China
US Dollar
200,000
75%
 (3) 
Ferragamo Moda (Shanghai) Co. Ltd.
Shanghai, China
US Dollar
1,400,000
75%
Ferragamo Retail HK Limited
Hong Kong, China
Hong Kong Dollar
39,000,000
75%
 (3) 
Ferragamo Retail Taiwan Limited
Taipei, Taiwan
New Taiwanese Dollar
136,250,000
75%
 (3) 
Ferragamo Retail Macau Limited
Macau, China
Macau Pataca
25,000
75.2%
Ferragamo Retail India Private Limited
New Delhi, India
Indian Rupee
300,000,000
100%
 (4) 
Ferragamo Korea Ltd.
Seoul, South Korea
South Korean Won
3,291,200,000
100%
Ferragamo (Singapore) Pte Ltd.
Singapore
Singapore Dollar
4,600,000
100%
Ferragamo (Thailand) Limited
Bangkok, Thailand
Baht
100,000,000
100%
Ferragamo (Malaysia) Sdn. Bhd.
Kuala Lumpur, Malaysia
Malaysian Ringgit
1,300,000
100%
Ferragamo Parfums S.p.A. 
Florence, Italy
Euro
10,000,000
100%
 
 
1 - Through Ferragamo USA Inc. 2 - Through Ferragamo Hong Kong Ltd. 3 - Through Ferrimag Ltd. 4 - Non-operating company. 
251
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

In 2020, the Salvatore Ferragamo Group’s structure underwent the following change: on 27 April 2020, Salvatore Ferragamo S.p.A. finalized 
the agreement to acquire, directly and indirectly, 100% of Arts S.r.l. and 100% of Aura 1 S.r.l., a sub-holding company owning 50.8% of Arts 
S.r.l.. The merger of the wholly-owned subsidiaries Arts S.r.l. and Aura 1 S.r.l. into Salvatore Ferragamo S.p.A. was finalized on 25 November 
2020 by filing the deed of merger prepared on 24 November 2020 with the relevant company register. The merger is effective for legal 
purposes as of 1 December 2020 and for accounting and tax purposes as of 1 January 2020. For more details, reference should be made 
to note 5 Business Combinations and the Directors’ report on operations, paragraph “Significant events occurred during the year 2020”. 
In addition, please note that Ferragamo Argentina S.A. operates in a country that has been considered a hyperinflationary economy since 
1 July 2018 in accordance with IAS 29 “Financial Reporting in Hyperinflationary Economies”; therefore, this accounting standard has 
been applied since 2018 in the reporting of the financial position, financial performance, and cash flows of Ferragamo Argentina S.A. for 
consolidated purposes, as detailed in note 2 Basis of presentation. The impact of the application of the new standard in the years 2018, 2019 
and 2020 is not to be considered material at the Group level. 
Subsidiaries with material minority interests
In reference to subsidiaries with material minority interests here below are the main activities undertaken and the minority interest 
percentages as at 31 December 2020 and 2019. 
Company
Activity
Minority
 interest (%) 
31 December 2020
Minority
 interest (%) 
31 December 2019
Ferragamo Fashion Trading (Shanghai) Co. Ltd.
Retail and distribution company for the Chinese 
market
25%
25%
Ferragamo Retail HK Limited
Retail company for the Hong Kong market
25%
25%
Ferragamo Japan K.K.
Retail company for the Japanese market
29%
29%
The following tables provide the main economic and financial data of the subsidiaries with material minority interests. This information 
is based on the balances of the 2019 and 2020 accounts, which were drawn up for the purposes of preparing the consolidated financial 
statements, gross of intercompany eliminations. 
Consolidated Financial Statements 
Salvatore Ferragamo Group
252 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

31 December 2020
(In thousands of Euro)
Ferragamo Fashion 
Trading (Shanghai) 
Co. Ltd.
Ferragamo Retail 
HK Limited
Ferragamo Japan 
K.K.
Non current assets
22,817
41,284
18,877
Current assets
107,778
17,571
65,804
Non current liabilities
6,803
23,141
28,033
Current liabilities
51,126
43,368
76,207
Shareholders’ equity
72,666
(7,654)
(19,559)
Minority interests
18,125
(2,938)
(5,672)
Revenues
170,949
19,248
85,568
Profit for the year
20,216
(20,034)
(21,165)
Net profit/(loss) - minority interests
5,054
(5,009)
(6,138)
Total comprehensive income for the period
20,216
(20,034)
(20,996)
Comprehensive income attributed to minority interests
5,054
(5,009)
(6,089)
Net cash provided by (used in) operating activities
28,651
7,051
(899)
Net cash provided by (used in) investing activities
(3,682)
(3,748)
(2,165)
Net cash provided by (used in) financing activities
(16,865)
(2,933)
2,865
Increase/(decrease) in cash and cash equivalents
8,104
370
(199)
Dividends paid to minority interests
-
-
-
253
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

31 December 2019
 (In thousands of Euro) 
Ferragamo Fashion 
Trading (Shanghai) 
Co. Ltd.
Ferragamo Retail 
HK Limited
Ferragamo Japan 
K.K.
Non current assets
21,256
72,517
37,600
Current assets
95,236
24,253
69,061
Non current liabilities
5,405
45,129
19,246
Current liabilities
56,900
39,676
86,724
Shareholders’ equity
54,187
11,965
691
Minority interests
13,501
1,877
-
Revenues
153,190
44,238
110,247
Profit for the year
13,699
(10,637)
(3,176)
Net profit/(loss) - minority interests
3,425
(2,659)
(921)
Total comprehensive income for the period
13,699
(10,637)
(3,118)
Comprehensive income attributed to minority interests
3,425
(2,659)
(921)
Net cash provided by (used in) operating activities
13,829
7,431
4,223
Net cash provided by (used in) investing activities
(1,904)
(1,000)
(3,674)
Net cash provided by (used in) financing activities
(18,137)
(8,357)
359
Increase/(decrease) in cash and cash equivalents
(6,212)
(1,926)
908
Dividends paid to minority interests
-
-
-
IFRS 12 requires disclosure if there are legal, contractual and/or regulatory requirements as well as minority interest protection rights that 
may in some cases limit the Group’s ability to access the assets or use them and cancel liabilities of the Group. An analysis of these cases 
does not show significant restrictions.
Translation of financial statements in currencies other than the Euro and of items denominated in foreign 
currency
The consolidated financial statements are expressed in Euro, which is the functional and presentation currency adopted by the Parent 
company. Every Group company establishes its own functional currency, which is used to value the items included in the individual reports. 
Transactions in foreign currency are initially recorded at the exchange rate in force at the transaction date (referred to the functional 
currency). Monetary assets and liabilities, which are denominated in foreign currency, are translated into the functional currency at the 
exchange rate in force at the reporting date. 
All exchange rate differences are recorded in the income statement. 
Non-monetary items which are valued at historic cost and denominated in foreign currencies are translated by using the exchange rates in 
force at the date of initial recognition of the transaction. 
Consolidated Financial Statements 
Salvatore Ferragamo Group
254 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

The exchange rates used to determine the value in Euro of subsidiaries’ financial statements expressed in foreign currency were (to 1 Euro) 
as follows: 
 
 
Average 
exchange rates 
31 December
2020
Average 
exchange rates
31 December
2019
Exchange rates 
at the end of the 
reporting period 
31 December
2020
Exchange rates 
at the end of the 
reporting period 
31 December
2019
US Dollar
1.1422
1.1195
1.2271
1.1234
Swiss Franc
1.07052
1.11245
1.0802
1.0854
Japanese Yen
121.846
122.006
126.49
121.94
Pound Sterling
0.8897
0.8778
0.8990
0.8508
Danish Krone
7.4542
7.4661
7.4409
7.4715
Australian Dollar
1.6549
1.6109
1.5896
1.5995
South Korean Won
1,345.57
1,305.31
1,336.01
1,296.28
Hong Kong Dollar
8.8587
8.7715
9.5142
8.7473
Mexican Peso
24.519
21.557
24.4160
21.2202
New Taiwanese Dollar
33.594
34.5878
34.4518
33.5564
Singapore Dollar
1.5742
1.5273
1.6218
1.5111
Thai Baht
35.7081
34.7570
36.7270
33.4150
Malaysian Ringgit
4.7959
4.6374
4.9340
4.5953
Indian Rupee
84.6392
78.8361
89.6605
80.1870
Macau Pataca
9.121
9.026
9.7929
9.0033
Chinese Renminbi
7.8747
7.7355
8.0225
7.8205
Chilean Peso
902.32
786.81
870.71
843.690
Argentine Peso
81.029
53.898
102.959
67.205
Brazilian Real
5.8943
4.4134
6.3735
4.5157
Canadian Dollar
1.5300
1.4855
1.5633
1.4598
At the reporting date, the assets and liabilities of Group companies are converted into the Group’s presentation currency (the Euro) at the 
exchange rate in force on that date, and their income statement is converted using the average exchange rate for the period. Translation 
differences are recorded directly under shareholders’ equity, are shown separately in a specific reserve and are recognized in the statement 
of comprehensive income. On disposal of a particular foreign company, the accumulated translation differences which have been recorded 
as component of the statement of comprehensive income for that particular foreign company are recorded in the income statement. 
Any goodwill resulting from the acquisition of a foreign company and any adjustment to fair value of the book values of assets or liabilities 
arising from the acquisition of that foreign company are recognized as assets and liabilities of the foreign company, are expressed in the 
functional currency of the foreign company and are translated at the exchange rate in force at the end of the period.
255
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

3. Management of financial risks (IFRS 7)
The Salvatore Ferragamo Group is exposed in different measure to the various financial risks related to its business, in particular to the 
market risk category which includes the following types of risk:
• interest rate risks relating to the impact of changes in market interest rates;
• exchange rate risks, due to operations in currency areas other than that of the accounting currency; 
• liquidity risks relating to the availability of financial resources and the ease of access to the credit market and connected to the need to 
fulfill the Group’s financial commitments in the short term;
• credit (or counterparty) risks, representing the risks of default on commercial or financial obligations assumed by the various counterparties 
and arising from normal commercial transactions or from use, financing and risk hedging activities. 
Financial risks are managed on the basis of guidelines established by the Parent company, in compliance with the goals set centrally by 
the Board of Directors.This enables the control and coordination of the operations of the individual subsidiaries, also through more effective 
financial planning and control, the systematic monitoring of the Group’s levels of exposure to financial risks as well as the trend in cash 
management, and the provision of useful indications in order to optimize the management of dealings with the reference credit institutions. 
In accordance with these directives, the Group specifically controls the management of individual financial risks and intervenes to contain 
their impact, also by using derivatives. Derivatives are used for hedging purposes only. In accordance with IFRS, some derivatives have been 
classified as held for trading, although they have been entered into solely for hedging purposes. 
Financial liabilities largely consist of trade payables, payables to banks and other financial payables, and lease liabilities following the 
introduction of the accounting standard IFRS16. The management of these liabilities is largely aimed at financing the Group’s operations.
Interest rate risk
Movements in market interest rates affect the level of net financial charges and the market value of financial assets and liabilities.
Interest rate risk can be classified as follows:
• flow risk, which refers to the variability in interest income and expense received and paid following changes in market interest rates;
• price risk, relating to the sensitivity of the assets and liabilities market value to changes in the level of interest rates (it refers to fixed rate 
assets or liabilities). 
The Salvatore Ferragamo Group is mainly exposed to flow risk, i.e. to the risk of recording in the income statement an increase in financial 
charges due to an unfavorable change in interest rates. Group companies use third-party financial resources largely in the form of floating 
rate bank debt and deploy the available liquidity mainly in money market instruments. Changes in market interest rates only affect the cost 
of loans and the yield on uses and thus the level of the Group’s financial charges and income, and not their fair value.
Bank debt is represented by both short-term and medium/long-term, floating-rate loans. The cost of bank debt is benchmarked to the 
market rate (generally Euribor/Libor or the benchmark of the loan currency on the specific interbank market) in the period increased by a 
spread which depends on the type of line of credit used. Drawdowns range from one day to a maximum of less than five years (term loan); the 
interest period and the market rate used (Euribor/Libor) does not exceed six months, including for drawdowns beyond the year. The margins 
applied are in line with best market standards. 
Cash surpluses are used with reference banks in short-term time deposit transactions, referring to the Euribor/Libor rate for the period or the 
benchmark of the investment currency on the specific interbank market or in intercompany loans, regulated at current market conditions, in 
order to limit the Group’s exposure to the banking system, counterparty risk, and the impact of financial charges.
As part of the general policy of optimizing financial resources, the aim is to find a balance between companies with surplus liquidity and 
others with financial requirements, using the least costly forms of financing. 
Sensitivity to interest rate risk is monitored at Group level, by keeping the overall exposure in due consideration, through coordinated 
Consolidated Financial Statements 
Salvatore Ferragamo Group
256 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

management of debt and available liquidity and of the relevant due dates. At the reporting date there were no outstanding interest rate 
risk hedge derivatives aimed at transforming floating rate debt into fixed rate debt, nor did the Group make use of such derivatives in the 
previous year.
The sensitivity analysis of the interest rate risk to which the Group is exposed was undertaken by considering the financial statement items 
which give rise to floating rate interests and by assuming parallel increases or decreases in the benchmark interest rate curves by individual 
currency in proportion to the respective annual volatility observed on the market. The result of the analysis carried out for 2020 and 2019, 
considering the amounts of sensitive assets and liabilities, interest rate trends, and the relevant market volatility, which reached negative 
levels or levels close to zero, showed no contingent gains or losses through profit or loss.
The possible upward or downward change in the market’s benchmark interest rates continues having a minor impact on the Group’s income 
statement.
Exchange rate risk
The exposure to exchange rate risk derives from operations in currencies other than the accounting currency. In particular, the exchange rate 
risk can be classified based on the nature of the exposure and of the relevant effects: 
• on operating results, due to the different relevance of costs and revenues in foreign currency compared to the moment when the price 
conditions were defined (economic risk) and due to the translation of trade or financial receivables and payables denominated in foreign 
currency (settlement risk); 
• on the consolidated financial statements, operating result and shareholders’ equity, due to the translation of assets and liabilities of 
companies which prepare their financial statements in a different currency from the Group’s functional currency (translation risk).
The Group operates internationally and therefore is exposed to risks arising from exchange rate fluctuations, which have an impact on the 
operating results and on the value of shareholders’ equity.
The functional and presentation currency for the Group’s financial data is the Euro.
In accordance with IFRS, for companies whose presentation currency is different from the Group’s functional currency:
• income statements are translated into Euro at the average exchange rate for the period; if revenues and margins are equal in local currency, 
exchange rate changes may affect the value in Euro of revenues, costs and operating results;
• assets and liabilities are translated into Euro at the year-end exchange rate and therefore may have different values as a consequence of 
exchange rate movements. This change has an impact on shareholders’ equity, where it is reclassified under ‘Translation reserve’, and is 
recorded in the statement of comprehensive income. 
Besides absolute amounts, capital ratios may also vary, if the proportions between profit, assets, debt and shareholders’ equity in the various 
currencies change due to exchange rate changes.
It is not the Group’s policy to hedge its exposure to translation exchange risk. 
The objective of the exchange rate risk hedging policy is to minimize the economic and settlement exchange rate risks, i.e. the risks arising 
from the possibility that currency parity changes unfavorably during the period between the moment in which a commitment to pay or a right 
to collect a currency other than the Euro is expected for a future date (definition of budgets, setting of price lists, arrangement of orders), the 
registration of the accounting document (invoicing) and the moment in which the receipt or payment effectively occurs, generating an effect 
in terms of translation differences, with an impact on the income statement. In keeping with the exchange rate risk management policy 
adopted in recent years, the Group manages exchange rate risk arising from its business, in line with the provisions of the exchange rate risk 
management policy and the risk management objectives that are periodically established at Corporate level, through the systematic hedging 
257
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

of commercial flows arising from sales forecast in currencies other than the Euro, with the aim of mitigating the expected risk of variability 
in margins arising from sales relating to future collections. 
The Group has a strong presence on international markets, including through commercial companies located in countries which use 
currencies other than the Euro, mainly the US dollar, Japanese yen and Chinese renminbi. In the year ended 31 December 2020, around 32% 
of the Company’s net revenues were denominated in US dollars, around 13% in Chinese renminbi, around 8% in Japanese yen, around 7% 
in South Korean won, and around 4% in Mexican peso. In the year ended 31 December 2019, around 38% of the Company’s net revenues 
were denominated in US dollars, around 8% in Chinese renminbi, around 6% in Japanese yen, around 5% in South Korean won, and around 
5% in Mexican peso. The currency risks originate mainly from exports of the Company in US dollars, Chinese renminbi, Japanese yen, South 
Korean won, and Mexican peso.
In seeking ever greater efficiency and more specific control of risks, and also following the increase in the Group’s investments in distribution 
companies operating in the strategic markets of the Far East, exchange rate risk management is centralized at the Parent company. Goods 
transferred for consideration to subsidiaries are settled directly in the currency of the country where they operate and sell. In relation to 
its business model, the Group incurs a significant part of its costs in Euro (costs relating to production and management of the corporate 
structure), while the revenues and costs recorded by Group companies are mainly expressed in the local currencies of the respective 
reference markets. In particular, the Group is exposed to changes in the exchange rate between the Euro and the US dollar, in relation both 
to sales in dollars on the North American market and on few other markets, mainly Asian ones. In this context, the Group is exposed to 
changes in the exchange rates of the currencies in which sales are denominated. This implies the risk that the corresponding value in Euro of 
revenues determined at the moment of collection is insufficient to cover production costs or to achieve the desired profit margin. This risk is 
heightened during the significant period between the moment when the sale prices of a collection are set and the moment when revenues 
are converted into Euro, which extends up to 18 months.
The Parent company (as a manufacturing company) enters into currency forward contracts or options, to establish the conversion rate in 
advance, or a predefined range of conversion rates at future dates with an estimated period of maximum 24 months. In the years under 
examination, the Group covered its exchange rate risk almost exclusively with currency forward exchange contracts. 
To this end, on the basis of market expectations and conditions, before establishing price lists, and in any case not after the beginning of the 
sales campaign, hedging is arranged for an amount generally between 50% and 90% of forecast sales in foreign currency. This proportion is 
calculated based on the expected overall exposure, rather than the individual foreign currency. In the period following the preparation of the 
price list, the total outstanding hedge is added for the orders effectively managed and put into production. In this way the company limits 
the commercial risk just to the risk arising from sales volumes, excluding the risk arising from the exchange rate.
To the above operations we may add residual operations of some Asian and Latin American subsidiaries which make purchases of goods 
in US dollars or in Euro and sell in the currency of the country in which they operate. The values of the contracts involved are significantly 
lower than those of the Parent company. Ferragamo Parfums S.p.A. hedges exchange rate risk by entering into foreign currency loans or 
foreign currency forward contracts with maturities usually of less than 1 year. Although exchange rate derivatives are entered into by these 
companies solely for hedging purposes based on accruing trade flows, they are not accounted for in accordance with hedge accounting 
rules and fair value changes have a direct impact on profit or loss.
In addition, the Group controls and hedges exposure deriving from changes due to exchange rate changes in the value of assets or liabilities 
denominated in currencies other than the accounting currency of the individual company, which may affect the income statement (typically 
intercompany financial receivables/payables) through financial instruments, whose recognition in accordance with IFRS follows the rules of 
fair value hedge: the profit or loss arising from subsequent assessments of the present value of the hedging instrument is recorded in the 
income statement as well as the profit or loss on the hedged item. 
The hedges of the Parent company’s future transactions in foreign currencies (which can be classified as cash flow hedge pursuant to IFRS) 
are accounted for in accordance with hedge accounting rules.
Consolidated Financial Statements 
Salvatore Ferragamo Group
258 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

The following table shows the development of the cash flow hedge reserve for the years ended 31 December 2020 and 31 December 2019:
(In thousands of Euro)
2020
2019
Opening balance
(658)
(4,012)
+ increases for recognition of new positive effectiveness
18,852
3,685
- decreases for recognition of new negative effectiveness
(5,099)
(9,225)
- decreases for reversal of positive effectiveness from shareholders’ equity and recognition of income in profit or loss
(12,970)
(5,512)
+ increases for reversal of negative effectiveness from shareholders’ equity and recognition of cost in profit or loss
6,615
14,406
Closing balance
6,740
(658)
Overall, the reserve, which consists of the value changes in hedges for expected transactions in foreign currency, increased by 7,398 
thousand Euro overall during 2020, whereas it had increased by 3,354 thousand Euro in 2019. The changes in value reflect the Euro’s 
performance against the main hedged currencies, and specifically the Euro’s exchange rate with the dollar and the Japanese yen, as the 
single currency appreciated sharply during the year. The effective amount transferred directly from the Reserve to the income statement 
under “Revenues from sales” on occurrence of the underlying flows totaled 6,734 thousand Euro in 2020, compared to a negative 8,894 
thousand Euro in 2019. In 2020, there were limited interruptions of hedges due to the cancellation of the expected underlying value; the 
relevant impact resulted in overall accumulated financial charges totaling 379 thousand Euro. The remaining hedges were one hundred 
percent effective for the whole duration of the underlying asset.
A hedge may become ineffective as a result of:
• Differences in the timing of cash flows of the hedged item and the hedging instrument;
• Changes in the expected amount of cash flows of the hedged item and the hedging instrument.
The following tables set out the average time horizon and the relevance by risk factor of exchange rate hedges which the Group held at the 
end of 2020 and 2019. The number of foreign currencies in the table shows how exchange rate risk management is all but centralized at 
the Parent company.
259
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Cash flow analysis (hedged items): Financial recognition
31 December 2020
Foreign exchange forward contracts
(In thousands)
Less than 1 
month
1 to 3 
months
3 to 6 
months
6 to 9 
months
9 to 12 
months
Total expected 
flows
Notional amount in USD
19,000
41,000
34,000
28,000
-
122,000
Average forward exchange rate (EUR/USD)
1.121
1.120
1.121
1.180
-
 
Notional amount in AUD
-
-
-
-
-
-
Average forward exchange rate (EUR/AUD)
-
-
-
-
-
 
Notional amount in CAD
1,000
2,500
-
-
-
3,500
Average forward exchange rate (EUR/CAD)
1.517
1.540
-
-
-
 
Notional amount in CHF
-
-
-
-
-
-
Average forward exchange rate (EUR/CHF)
-
-
-
-
-
 
Notional amount in CNY
65,000
80,000
128,000
135,000
25,000
433,000
Average forward exchange rate (EUR/CNY)
7.977
7.982
8.155
8.123
8.040
 
Notional amount in GBP
500
500
600
-
-
1,600
Average forward exchange rate (EUR/GBP)
0.909
0.910
0.911
-
-
 
Notional amount in HKD
-
10,000
25,000
-
-
35,000
Average forward exchange rate (EUR/HKD)
-
9.025
8.901
-
-
 
Notional amount in JPY
300,000
1,300,000
600,000
1,350,000
-
3,550,000
Average forward exchange rate (EUR/JPY)
120.383
120.393
123.362
124.293
-
 
Notional amount in KRW
4,000,000
6,500,000
12,000,000
16,000,000
2,500,000
41,000,000
Average forward exchange rate (EUR/KRW)
1,334.900
1,336.022
1,380.062
1,365.784
1,328.000
 
Notional amount in MXN
70,000
230,000
150,000
50,000
-
500,000
Average forward exchange rate (EUR/MXN)
25.930
24.594
26.152
25.140
-
 
Notional amount in SGD
-
-
-
-
-
-
Average forward exchange rate (EUR/SGD)
-
-
-
-
-
 
Consolidated Financial Statements 
Salvatore Ferragamo Group
260 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

31 December 2019
Foreign exchange forward contracts
(In thousands)
Less than 1 
month
1 to 3 
months
3 to 6 
months
6 to 9 
months
9 to 12 
months
Total expected 
flows
Notional amount in USD
31,000
55,000
91,000
45,000
-
222,000
Average forward exchange rate (EUR/USD)
1.142
1.150
1.144
1.005
-
 
Notional amount in AUD
1,000
2,500
1,000
-
-
4,500
Average forward exchange rate (EUR/AUD)
1.629
1.621
1.614
-
-
 
Notional amount in CAD
1,000
3,000
1,000
-
-
5,000
Average forward exchange rate (EUR/CAD)
1.540
1.522
1.548
-
-
 
Notional amount in CHF
500
500
-
-
-
1,000
Average forward exchange rate (EUR/CHF)
1.132
1.116
-
-
-
 
Notional amount in CNY
70,000
130,000
110,000
50,000
-
360,000
Average forward exchange rate (EUR/CNY)
7.915
7.900
7.973
8.039
-
 
Notional amount in GBP
1,500
2,000
1,500
-
-
5,000
Average forward exchange rate (EUR/GBP)
0.881
0.866
0.881
-
-
 
Notional amount in HKD
30,000
50,000
45,000
20,000
-
145,000
Average forward exchange rate (EUR/HKD)
8.930
8.918
8.900
8.842
-
 
Notional amount in JPY
400,000
1,200,000
1,600,000
1,500,000
-
4,700,000
Average forward exchange rate (EUR/JPY)
125.330
124.793
120.370
118.860
-
 
Notional amount in KRW
4,000,000
10,500,000
16,000,000
14,000,000
-
44,500,000
Average forward exchange rate (EUR/KRW)
1,300.084
1,312.443
1,336.612
1,333.471
-
 
Notional amount in MXN
40,000
210,000
130,000
40,000
-
420,000
Average forward exchange rate (EUR/MXN)
22.168
23.016
23.335
23.206
-
 
Notional amount in SGD
-
2,000
1,000
-
-
3,000
Average forward exchange rate (EUR/SGD)
-
1.564
1.561
-
-
 
261
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Cash flow analysis (hedged items): Impact on the income statement
31 December 2020
Exchange rate risk
(In thousands)
Total expected 
flows
within 3 months
3 to 6 months
6 to 9 months
9 months to 
1 year
over 1 year
Sales expected in USD
79,000
49,000
28,000
2,000
-
-
Sales expected in JPY
3,250,000
1,300,000
1,300,000
650,000
-
-
Sales expected in GBP
1,100
500
600
-
-
-
Sales expected in MXN
375,000
175,000
150,000
50,000
-
-
Sales expected in CHF
-
-
-
-
-
-
Sales expected in AUD
-
-
-
-
-
-
Sales expected in CAD
1,500
1,500
-
-
-
-
Sales expected in CNY
288,000
80,000
148,000
60,000
-
-
Sales expected in HKD
25,000
25,000
-
-
-
-
Sales expected in SGD
-
-
-
-
-
-
Sales expected in KRW
30,500,000
8,000,000
14,000,000
8,500,000
-
-
31 December 2019
Exchange rate risk
(In thousands)
Total expected 
flows
within 3 months
3 to 6 months
6 to 9 months
9 months to 
1 year
over 1 year
Sales expected in USD
239,000
79,000
90,000
65,000
5,000
Sales expected in JPY
5,800,000
1,500,000
1,900,000
1,200,000
1,200,000
-
Sales expected in GBP
6,500
3,000
3,500
-
-
-
Sales expected in MXN
500,000
250,000
160,000
90,000
-
-
Sales expected in CHF
1,500
1,000
500
-
-
-
Sales expected in AUD
5,500
3,500
2,000
-
-
-
Sales expected in CAD
7,000
4,000
3,000
-
-
-
Sales expected in CNY
415,000
190,000
130,000
60,000
35,000
-
Sales expected in HKD
165,000
45,000
45,000
45,000
30,000
-
Sales expected in SGD
6,000
4,000
2,000
-
-
-
Sales expected in KRW
48,500,000
12,500,000
16,000,000
16,000,000
4,000,000
-
Consolidated Financial Statements 
Salvatore Ferragamo Group
262 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

The most important hedge, in terms of volumes of notional amounts in foreign currency being hedged, is aimed at mitigating the risk 
generated by fluctuations in the exchange rate between the Euro and the following currencies: US dollar, Chinese renminbi, Japanese yen, 
South Korean won, and Mexican peso.
From a time viewpoint, hedges lasting over one year show nil values as at 31 December 2020 as well as 31 December 2019. The above 
tables set out the financial recognition dates of underlying assets by currency and the dates on which the impact on the income statement 
is recognized. This is determined upon the invoicing of the estimated flows, which are the object of the exchange rate hedge, as at 31 
December 2020 and 2019.
Below is the impact of the hedged items on the statement of financial position:
Expected highly probable sales
(In thousands of Euro)
Notional amount
Cash flow hedge 
reserve / change 
in fair value 
used to measure 
ineffectiveness
Carrying amount
Line item “other 
current assets”
Line item 
“other current 
liabilities”
31 December 2020
168,971
6,740
5,502
(1,230)
31 December 2019
414,443
(658)
1,206
(3,363)
Sensitivity Analysis
The sensitivity analysis carried out in order to assess the Group’s exposure to exchange rate risk was undertaken on the basis of 
percentage increases and decreases in the exchange rates of the various currencies, proportional to their annual volatility, applied to 
all significant financial assets and liabilities expressed in original currencies. In particular, the analysis involved all currencies and the 
following items:
• exchange rate derivatives;
• trade and other receivables;
• trade and other payables;
• cash and cash equivalents;
• short- and long-term financial liabilities;
• short and long-term lease liabilities.
263
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

In addition, the table shows the most important effects and the related currencies and refers to the exposure to exchange rate risk in 
accordance with the requirements of IFRS 7 and therefore does not take into account the effects arising from the translation of financial 
statements of foreign companies whose functional currency is different from the Euro. Exchange rates were considered for currencies whose 
changes generate an impact on the income statement and shareholders’ equity, in absolute terms, of over one million Euro.
31 December 2020
(In thousands of Euro)
Increase/
reduction in underlying foreign 
exchange rates
Underlying asset
Impact on 
the income 
statement
Impact on 
shareholders’ 
equity
POSITIVE CHANGE
EUR/JPY
7.1%
Derivatives 
2,773
1,701
Non-derivatives
(235)
 
EUR/USD
6.4%
Derivatives 
5,352
3,844
Non-derivatives
(106)
 
EUR/KRW
9.2%
Derivatives 
409
1,918
Non-derivatives
(5)
 
EUR/CNY
5.1%
Derivatives 
869
1,726
Non-derivatives
(58)
 
EUR/MXN
13.0%
Derivatives 
1,861
1,767
Non-derivatives
(108)
 
EUR/HKD
6.5%
Derivatives 
64
160
Non-derivatives
2
 
EUR/SGD
5.2%
Derivatives 
1,274
-
Non-derivatives
(15)
 
USD/CNY
4.7%
Derivatives 
838
-
Non-derivatives
(1)
 
Total
 
 
 
12,914
11,116
31 December 2020
(In thousands of Euro)
Increase/
reduction in underlying foreign 
exchange rates
Underlying asset
Impact on 
the income 
statement
Impact on 
shareholders’ 
equity
NEGATIVE CHANGE
EUR/JPY
(7.1%)
Derivatives 
(3,196)
(1,960)
Non-derivatives
260
 
EUR/USD
(6.4%)
Derivatives 
(6,078)
(4,365)
Non-derivatives
117
 
EUR/KRW
(9.2%)
Derivatives 
(491)
(2,305)
Non-derivatives
6
 
EUR/CNY
(5.1%)
Derivatives 
(961)
(1,909)
Non-derivatives
63
 
EUR/MXN
(13.0%)
Derivatives 
(2,417)
(2,295)
Non-derivatives
140
 
EUR/HKD
(6.5%)
Derivatives 
(73)
(183)
Non-derivatives
(3)
 
EUR/SGD
(5.2%)
Derivatives 
(1,413)
-
Non-derivatives
16
 
USD/CNY
(4.7%)
Derivatives 
(793)
-
Non-derivatives
1
 
Total
 
 
 
(14,822)
(13,017)
Consolidated Financial Statements 
Salvatore Ferragamo Group
264 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

31 December 2019
(In thousands of Euro)
Increase/
reduction in underlying foreign 
exchange rates
Underlying asset
Impact on 
the income 
statement
Impact on 
shareholders’ 
equity
POSITIVE CHANGE
EUR/JPY
6.7%
Derivatives 
1,745
2,976
Non-derivatives
(86)
 
EUR/USD
5.9%
Derivatives 
(295)
11,758
Non-derivatives
(5)
 
EUR/KRW
7.7%
Derivatives 
(221)
2,681
Non-derivatives
(4)
 
EUR/CNY
4.7%
Derivatives 
(317)
2,394
Non-derivatives
(17)
 
EUR/MXN
8.6%
Derivatives 
112
1,871
Non-derivatives
(55)
 
EUR/HKD
5.9%
Derivatives 
(127)
1,051
Non-derivatives
9
 
EUR/SGD
4.7%
Derivatives 
894
176
Non-derivatives
(13)
 
USD/CNY
4.0%
Derivatives 
1,420
-
Non-derivatives
(4)
 
Total
 
 
 
3,036
22,907
31 December 2019
(In thousands of Euro)
Increase/
reduction in underlying foreign 
exchange rates
Underlying asset
Impact on 
the income 
statement
Impact on 
shareholders’ 
equity
NEGATIVE CHANGE
EUR/JPY
(6.7%)
Derivatives 
(1,994)
(3,402)
Non-derivatives
96
 
EUR/USD
(5.9%)
Derivatives 
332
(13,219)
Non-derivatives
1
 
EUR/KRW
(7.7%)
Derivatives 
258
(3,130)
Non-derivatives
5
 
EUR/CNY
(4.7%)
Derivatives 
349
(2,632)
Non-derivatives
18
 
EUR/MXN
(8.6%)
Derivatives 
(133)
(2,224)
Non-derivatives
66
 
EUR/HKD
(5.9%)
Derivatives 
143
(1,183)
Non-derivatives
(10)
 
EUR/SGD
(4.7%)
Derivatives 
(981)
(194)
Non-derivatives
14
 
USD/CNY
(4.0%)
Derivatives 
(1,774)
-
Non-derivatives
4
 
Total
 
 
 
(3,606)
(25,984)
As the above table shows, a positive change in the listed exchange rates (EUR/JPY, EUR/USD, EUR/KRW, EUR/CNY, EUR/MXN, EUR/HKD, 
EUR/SGD, and USD/CNY) would have resulted in a 12,914 thousand Euro profit and 3,036 thousand Euro profit as at 31 December 2020 and 
31 December 2019, respectively; a negative change in exchange rates would have caused a 14,822 thousand Euro loss and 3,606 thousand 
Euro loss as at 31 December 2020 and 31 December 2019, respectively. The increase in shareholders’ equity caused by derivative instruments 
designated as hedges as a result of the assumed positive exchange rate changes would have amounted to 11,116 thousand Euro and 22,907 
265
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

thousand Euro as at 31 December 2020 and 31 December 2019, respectively; the decrease in shareholders’ equity as a result of the assumed 
negative exchange rate changes would have totaled 13,017 thousand Euro and 25,984 thousand Euro as at 31 December 2020 and 31 December 
2019, respectively. The sensitivity analysis carried out as described above, which is significantly affected by market volatility in the exchange 
rates considered, points to a material impact on the Group shareholders’ equity from the potential change in the value of hedging derivatives. 
This is temporarily allocated to the cash flow hedge reserve and will be recognized through profit or loss in the following years when the 
expected sales occur. The higher or lower impact on the income statement and on equity in each of the years under consideration derives 
largely from the trend in the individual currencies at the reference dates and the change in the value of financial assets and liabilities exposed 
to fluctuations in exchange rates.
Liquidity risk
Liquidity risk represents the risk that the Group cannot meet its financial obligations due to problems in obtaining funds at current market 
price conditions (funding liquidity risk) or in liquidating assets on the market to find the necessary financial resources (asset liquidity risk).
The first consequence is a negative impact on the income statement, should the Company be forced to incur additional costs to meet its 
commitments.
The factors which mainly influence the Group’s liquidity are the resources generated or absorbed by current operating and investing activities, 
the possible distribution of dividends and the expiry and possibility of renewal of debt or the expiry and possibility of liquidation of financial 
investments of surplus cash. Liquidity needs or surpluses are monitored on a daily basis by the Parent company in order to guarantee 
effective sourcing of financial resources or adequate investment of liquidity. 
The negotiation and management of credit lines is coordinated by the Parent company with the aim of satisfying the short and medium-term 
needs of the Group’s individual companies according to efficiency and cost-effectiveness criteria. As at 31 December 2020, committed credit 
lines with a number of banks were outstanding for a total of 532,671 thousand Euro, of which 391,859 thousand Euro can be used on one 
or more occasions (revolving credit lines) and 140,812 thousand Euro in the form of medium/long-term loans, including 125,000 thousand 
Euro denominated in Euro and repayable according to a repayment schedule, and 15,812 thousand Euro denominated in foreign currency 
and fully repayable at maturity. As at the same date, there were also uncommitted short-term credit lines relating to the Parent company 
and some of its subsidiaries totaling 426,467 thousand Euro. As at 31 December 2020, the Group had unused committed credit lines (as 
revolving credit lines or term loans) amounting to 381,107 thousand Euro and uncommitted lines totaling 391,977 thousand Euro, against 
gross debt of 186,000 thousand Euro and an adjusted net financial position amounting to a surplus of 138,743 thousand Euro (429,166 
thousand Euro debt when considering also lease liabilities in accordance with IFRS 16). As at 31 December 2020, committed credit lines had 
a maximum residual duration of fifty-five months and a weighted average residual duration of thirty-two months. The credit lines and the 
related financial business are spread among leading national and international banks. As at the reporting date, their maximum use is below 
five years. In general, the Group’s committed credit lines (both revolving credit lines and term loans) that are currently outstanding do not 
require compliance with financial covenants. One exception is the loan agreement entered into with Intesa Sanpaolo S.p.A. on 24 July 2020. 
For more details, see note 28 Interest-bearing loans & borrowings - Limitations on the use of financial resources.
It has always been the Group’s policy to sign and constantly maintain with various and diversified banks a total amount of committed credit 
lines that is considered consistent with the needs of the individual companies and suitable to ensure at any time the liquidity needed to 
satisfy and comply with all the Group’s financial commitments, at the established economic conditions, as well as guaranteeing the availability 
of an adequate level of operational flexibility for any expansion programs. During 2020, in light of the emergency caused by the spread of 
Covid-19, the Group saw it fit to further strengthen its financial structure by increasing its committed lines with diversified counterparties, 
meeting its financial requirements with both medium/long- and short-term debts. As it has in the past, the Group used a significant part of 
its cash surplus in order to take out intercompany loans, which are regulated at current market conditions. As a result, the following were 
outstanding as at 31 December 2020: the term loan related to the subsidiary Ferragamo Japan K.K., which can be fully repaid at maturity, has 
been extended, and had a residual maturity of thirty-one months, and a new 125,000 thousand Euro term loan related to the Parent company, 
repayable according to a repayment schedule, and with a final residual duration of fifty-five months. Cash surpluses are used with reference 
banks in short-term (usually between one day and twenty-four months) time deposit transactions, referring to the Euribor/Libor rate for the 
period or the benchmark of the investment currency on the specific interbank market. Liquidity investments are carried out with the prime 
objectives of making resources available at short notice (in the event of maturities longer than three months, the relevant contracts allow 
promptly liquidating them without penalties) and neutralizing the risk of capital losses, avoiding speculative transactions. 
In seeking ever greater efficiency, also during 2020, the Group used a significant part of its cash surplus in order to take out intercompany 
loans, which are regulated at current market conditions, so as to contain the increase in average gross bank debt as well as financial charges 
Consolidated Financial Statements 
Salvatore Ferragamo Group
266 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

at a consolidated level and limit the credit risk connected with the investment of liquidity with banks.
These choices, which also take account of the likely future trend in cash flows together with prompt renegotiation of credit lines (even 
before their expiry), enable a significant reduction in the exposure to the risk under review and allow to adjust the cost of debt to the 
best market conditions. The Group has constantly maintained access to a wide range of financing sources at competitive costs, despite 
the external scenario, which continues to be characterized by rigidity in the credit market. Despite the Group’s capacity to generate high 
cash flows from current operations, the constant availability of an adequate amount of committed credit lines allowed the Group to calmly 
face the most turbulent market phases and volatility in credit flows. The total financial position of each company and that of the Group 
overall is measured every month, and compared with the latest Budget/Forecast. Management believes that the funds and credit lines 
currently available, with the addition of the funds which are likely to be generated from current operations, will enable the Group to safely 
address the repayment of loans at their natural expiries and to meet the needs arising from investment activities and working capital 
management.
Liquidity risk - Maturity analysis
31 December 2020
(In thousands of Euro) 
< 3 months 
3-12 months
1-5 years
> 5 years
Total
Trade payables
130,238
6,161
-
-
136,399
Payables to banks 
45,885
11,602
132,863
-
190,350
Payables to third parties
3,629
-
-
-
3,629
Lease liabilities
30,011
82,233
316,744
193,076
622,064
Guarantee deposits
108
-
190
102
400
Derivatives - non-hedging component
93
65
-
-
158
Derivatives - hedging component
587
1,940
-
-
2,527
Total
210,551
102,001
449,797
193,178
955,527
31 December 2019
(In thousands of Euro) 
< 3 months 
3-12 months
1-5 years
> 5 years
Total
Trade payables
191,340
7,594
-
-
198,934
Payables to banks 
31,717
16,435
-
-
48,152
Payables to third parties
2,239
-
-
-
2,239
Lease liabilities
35,102
96,160
365,741
254,234
751,237
Guarantee deposits
14
53
128
58
253
Derivatives - non-hedging component
199
14
-
-
213
Derivatives - hedging component
3,985
3,917
-
-
7,902
Total
264,596
124,173
365,869
254,292
1,008,930
The analysis conducted on the items representing financial liabilities showed maturities distributed over time, with trade payables concentrated 
within three months. In 2020, payables to banks had a maximum residual duration below 5 years.
The reported financial assets have a shorter remaining life, as they mostly relate to cash and cash equivalents.
267
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Credit risk
Credit risk represents the Company’s exposure to potential losses arising from failure to meet trade or financial obligations taken on by 
counterparties. The Group’s exposure to credit risk depends on the nature of the activities which have generated the relevant receivables. 
The Group’s exposure to trade credit risk refers exclusively to wholesale sales and the receivables associated with licensing revenues, which 
combined represent nearly 30 percent of global turnover; the rest refers to retail sales, which are paid with cash or credit and debit cards at 
the time of purchase. Trade receivables mainly refer to wholesale sales and are generally due in 90 days or less. The Group generally favors 
trade dealings with customers with whom it has well-established and consolidated relations. It is the Group’s policy to check credit ratings 
of customers who ask for extended payment terms, based both on information which can be obtained from specialist agencies and on the 
observation and analysis of historical data of established customers. In addition, the balance of trade receivables is constantly monitored during 
the year in order to ensure prompt intervention and to reduce the risk of losses. The allocation of the credit risk among a number of customers 
helps to further mitigate the risk.
Trade receivables are recorded net of write-downs, which are estimated based on the counterparty’s insolvency risk, determined by considering 
the information available on the customer’s solvency, historical data, and forecast economic conditions. 
Besides obtaining, where possible, guarantees from wholesale customers or the adoption of means of payment which are less risky for the 
creditor, such as documentary letters of credit, another instrument used to manage commercial credit risk is the subscription of insurance 
policies, with the aim of preventing the risk of non-payment through careful selection of the customer portfolio jointly with the insurance 
companies, which agree to guarantee payment of the indemnity in the case of insolvency.
In general, the Company believes that the credit risk management policies implemented enabled overdue and bad debts, which required the 
adoption of legal credit collection measures, to be kept within reasonable limits. 
The credit risk connected to financing, investing and operating activities in derivatives to hedge the exchange rate risk is represented by the 
inability of the counterparty or the issuer of the instruments to meet their contractual obligations, i.e. the so-called counterparty risk. The Group 
manages this type of risk by selecting counterparties with high credit ratings and who are considered solvent by the market and with whom it 
has routine and ongoing trade and banking service relations and by diversifying the accounting currency of surplus cash. 
The Group negotiated and entered into master agreements, in accordance with the international standards (ISDA Master Agreement), with all 
counterparties of derivatives, in order to regulate the various cases. 
The credit risk regarding the Group’s other financial assets, consisting of cash and cash equivalents, available-for-sale financial assets and some 
derivatives, has a risk equal to the book value of these assets in case of insolvency of the counterparty.
Credit risk exposure
(In thousands of Euro)
31 December 2020
31 December 2019
Current 
portion
Non current
portion
Current 
portion
Non current
portion
Receivables and loans
- Receivables from others (M/L term)
892
650
709
1,150
- Trade receivables
113,909
-
147,202
-
- Receivables due from credit cards
6,213
-
9,234
-
- Cash and cash equivalents
327,880
-
222,332
-
- Guarantee deposits
-
15,574
-
16,939
- Other current financial assets
279
-
-
-
Derivatives
7,165
-
1,567
-
Total
456,338
16,224
381,044
18,089
Consolidated Financial Statements 
Salvatore Ferragamo Group
268 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

The table shows how the Group’s exposure to credit risk - both commercial and counterparty risk - is defined by the book value of the 
items representing outstanding financial assets as at 31 December 2020 and 31 December 2019, and is almost exclusively limited to the 
current portion. Excluding “Guarantee deposits”, which largely include cash deposits paid by several companies under property lease 
agreements and are recognized at their nominal amount, the non-current portion entirely consists of receivables due from Emanuel Ungaro 
Italia S.r.l. to Ferragamo Parfums S.p.A. under a licensing agreement that was renegotiated in July 2017. Under the agreement, both the 892 
thousand Euro current portion and 650 thousand Euro non current portion are to be repaid based on a repayment plan, to be calculated in 
accordance with future royalties. Payments are expected to be made in annual installments starting from 2019 through 2023; the fair value 
was calculated by discounting the nominal amount using the market IRS rates quoted for the individual annual maturities, in accordance with 
the discounted cash flow method. The negative market interest rates for some maturities until 2023 were assumed to be zero, resulting in 
a fair value equal to the nominal amount. 
Concentration of credit risk by geographic area
(In thousands of Euro)
31 December 
2020
%
31 December 
2019
%
Italy
29,537
25.9%
23,454
15.9%
Europe
8,954
7.9%
22,603
15.4%
North America
14,063
12.3%
22,728
15.4%
Japan
9,964
8.8%
11,666
7.9%
Asia Pacific
42,061
36.9%
57,202
38.9%
Central and South America
9,330
8.2%
9,549
6.5%
Total
113,909
100.0%
147,202
100.0%
The table shows the concentration of commercial credit risk by geographic area of the Group activity in the two years under review.
Analysis on receivables’ expiry dates
(In thousands of Euro)
Receivables 
neither past due 
nor impaired
Receivables past due but not impaired
Total
<30 days
30-60 days
60-90 days
90-120 days
>120 days
31 December 2020
100,918
6,917
2,454
987
477
2,156
113,909
31 December 2019
131,386
8,566
2,812
1,173
745
2,520
147,202
Figures in % as at 31 
December 2020
88.6%
6.1%
2.1%
0.9%
0.4%
1.9%
100.0%
Figures in % as at 31 
December 2019
89.3%
5.8%
1.9%
0.8%
0.5%
1.7%
100.0%
The analysis carried out on the expiry dates of receivables which are past due but not impaired shows they are concentrated within thirty 
days for the years ended 31 December 2020 and 31 December 2019.
269
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

The concentration of sales to the main customers is shown in the table below; for the concentration of sales by geographic area, reference 
should be made to the contents in the specific section above:
Concentration of market risk
2020 
2019 
Percentage of revenues with the biggest customer
1.5%
1.6%
Percentage of revenues with the 3 biggest customers
4.2%
4.7%
Percentage of revenues with the 10 biggest customers
9.6%
11.0%
Capital management
The main objective of the Group’s capital management activity is to ensure that a solid credit rating as well as adequate levels of equity 
indicators are maintained in order to support business and optimize value for shareholders. The Group manages the capital structure and 
modifies it according to changes in economic conditions. To maintain or adjust the capital structure, the Group can modify the dividends paid 
to shareholders, repay the capital or issue new shares. No change was made to the objectives, policies or procedures during 2020 and 2019.
To this end, the Group’s capital management aims to, among other things, ensure compliance with the covenants associated with financial 
payables to banks that define capital structure requirements. 
The Group includes under net debt, interest-bearing loans, lease liabilities, other financial payables, trade and other payables, net of cash 
and cash equivalents.
Other financial payables include agreements for the purchase of minority interests (reference should be made to note 43), although these 
amounted to zero as at 31 December 2020. 
The table does not include the values and related effects produced by the derivatives used to manage exchange rate risk.
(In thousands of Euro) 
31 December
2020 
31 December
2019 
Interest-bearing loans
186,000
48,060
Lease liabilities
567,909
676,329
Other financial payables
3,629
2,239
Trade and other payables
164,108
247,697
Cash and cash equivalents
327,880
222,332
Net debt
593,766
751,993
Group shareholders’ equity
688,459
764,146
Minority interests
16,114
21,618
Shareholders’ equity
704,573
785,764
Shareholders’ equity and net debt
1,298,339
1,537,757
Net debt/shareholders’ equity
84.3%
95.7%
Consolidated Financial Statements 
Salvatore Ferragamo Group
270 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

4. Impacts of the Covid-19 Emergency 
At the end of 2019, a new coronavirus, known as Covid-19, was found in Wuhan, China. The Covid-19 Coronavirus has spread gradually from 
China to the rest of the world—to the point that on 11 March 2020 the World Health Organization declared a pandemic due to the speed 
and extent of the epidemic. In order to contain the outbreak and protect public health, Governments all over the world have gradually put 
in place containment and social distancing measures, shutting down non-essential retail and manufacturing operations as well as limiting 
international and domestic travel. In certain areas, including Europe, these measures were eased in the third quarter of 2020 and then 
gradually tightened once again in the fourth quarter to stem a second wave of the virus.
These events significantly impacted the various business areas of the Salvatore Ferragamo Group, causing both revenues and margins 
to decline.
In 2020, the Group saw a 33.5% drop in revenues at current exchange rates and, therefore, a deterioration in its margins and financial 
performance, as detailed in the Group’s operating performance section of the Directors’ report on operations. The Group incurred direct 
costs to address this emergency, and specifically the expenses associated with the measures taken to protect the health of employees at 
both offices and directly operated stores: it also received, where possible, government grants and subsidies, such as the different kinds 
of aid aimed at supporting employment. Personnel costs were down 20.1% in 2020 compared to the prior-year period, in part thanks to 
government benefits and subsidies, such as employment support measures, and in part due to the effects of a newly launched plan to 
streamline the organization.
In addition, the Group started, successfully concluded, and continues important negotiations to reduce operating costs, especially with 
lessors, in order to revise the terms and conditions of the leases of its distribution network, resulting in a 19,729 thousand Euro positive 
variable lease payment in 2020 that was directly recognized through profit or loss (largely within the line item “Sales and distribution costs”). 
In addition, the Group wrote down inventories, net of uses, by 28,654 thousand Euro, mainly to account for the potential risk of obsolescence 
in light of the lower sales of certain products, because of the current situation (see note 14 Inventories). The provision for bad debt, to which 
the Group allocated 528 thousand Euro in 2020, was adjusted in accordance with the risk assessments relating to the current situation (see 
note 16 Trade receivables). As for the analysis of liquidity and credit risks, see note 3 Management of financial risks. Specifically, in order to 
bolster its financial structure and soundness, the Group has seen it fit to increase the amount of committed lines outstanding with diversified 
banking counterparties, promptly opening additional short- and medium/long-term lines of credit. For more details, see note 28 Interest-
bearing loans & borrowings.
Considering the continued severity of the current situation associated with the impact of the Covid-19 pandemic and the uncertainty about 
how long this will last, only partly mitigated in recent months by the discovery and authorization of the first Covid-19 vaccines in various 
countries, it is hard to forecast future impacts and the recoverable amounts of the Group’s assets, except for the information reported in the 
following paragraph.
The economic crisis associated with the Covid-19 emergency qualifies as an impairment indicator. Therefore, the Group considered this 
aspect in making its estimates and assumptions: for more details, see note 11 Impairment of Property, Plant and Equipment, Right-of-use 
Assets, and Intangible Assets with a Finite Useful Life.
As in the past, impairment tests were carried out by considering the individual geographic areas in which the Group operates as CGUs (Cash 
Generating Units). Said areas usually coincide with the Group’s individual legal entities, except where multiple legal entities of the Group 
operate in the same country or in neighboring territories or markets with a shared and homogeneous customer base. 
The impairment tests resulted in a 34,627 thousand Euro impairment loss, including 33,011 thousand Euro relating to Property, plant and 
equipment and 1,616 thousand Euro to Intangible assets with a finite useful life. For more details, see notes 6 Property, Plant and Equipment, 
10 Intangible Assets with a Finite Useful, and 11 Impairment of Property, Plant and Equipment, Right-of-use Assets, and Intangible Assets 
with a Finite Useful Life.
The sensitivity analysis of the above assumptions (WACC and g) used to measure the recoverable amount, conducted on the CGUs tested for 
impairment, found that negative changes in key assumptions could lead to an additional impairment loss. 
271
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

5. Business combinations and purchases of minority interests 
On 27 April 2020, Salvatore Ferragamo S.p.A acquired:
• 49.2% of Arts S.r.l.; and
• 100% of Aura 1 S.r.l.. 
As a result of the above acquisitions, Salvatore Ferragamo S.p.A. directly acquired 100% of Aura 1 S.r.l., and - since Aura 1 S.r.l. owned in turn 
the remaining 50.8% of Arts S.r.l. - directly and indirectly acquired 100% of Arts S.r.l.. The Group pursued this deal to strengthen its control 
over its supply chain and acquire strategic capabilities in one of its key product categories. Based on the agreed economic conditions, 
Salvatore Ferragamo S.p.A. paid a total of 11.3 million Euro, and then an additional 3,629 thousand Euro (amount agreed on the basis of the 
net cash on hand as at 31 March 2020) in February 2021.
To allocate the consideration for the transaction in accordance with IFRS 3 Business Combinations, Salvatore Ferragamo S.p.A. identified and 
measured the fair value of the assets acquired and liabilities assumed with the help of an independent consultant. The analysis estimated 
the value of know-how at 6,380 thousand Euro. This relates largely to Arts S.r.l.’s intellectual property, classified under Intangible assets with 
a finite useful life. Arts S.r.l. has been collaborating with Salvatore Ferragamo S.p.A. since its inception in 1984, helping with the prototyping, 
industrialization, and quality control of products as well as the monitoring of the Group’s network of suppliers with respect to men’s footwear. 
The useful life of this intangible asset was estimated at 8 years.
To estimate the fair value of know-how, the Group used the Multi Excess Earning Method. Under this method, the fair value of know-how 
is determined on the basis of the present value of future benefits that the asset is capable of generating over its useful life. The cash flows 
used to measure the fair value were calculated on the basis of Arts S.r.l.’s business plan, considering the revenues expected over the asset’s 
useful life and assuming an impairment rate of 12.5% on an annual basis. The WACC used to discount cash flows was assumed to be 8.7%. 
Net of the fair value of the assets acquired and liabilities assumed, the residual amount allocated to goodwill arising from the acquisition 
totaled 6,679 thousand Euro. The amount of goodwill is attributable to the synergies and other economic benefits arising from the combination 
of the assets and industrial operations of the acquirees with those of Salvatore Ferragamo S.p.A..
Consolidated Financial Statements 
Salvatore Ferragamo Group
272 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

(In thousands of Euro)
Book values
Fair value 
recognized 
as at the 
acquisition date
Arts S.r.l.
Aura 1 S.r.l.
ASSETS 
 
 
 
Property, plant and equipment
87
-
87
Intangible assets with a finite useful life 
15
-
6,395
Investments in subsidiaries
-
538
-
Other non current financial assets
2
 
2
Trade receivables 
267
 
267
Tax receivables 
22
-
22
Other current assets
28
-
28
Cash and cash equivalents 
2,360
1,359
3,719
TOTAL ASSETS
2,781
1,897
10,520
LIABILITIES 
 
 
 
Employee benefit liabilities
64
-
64
Deferred tax liabilities
-
-
1,780
Trade payables 
50
-
50
Tax payables 
295
13
308
Other current liabilities 
68
-
68
TOTAL LIABILITIES 
477
13
2,270
TOTAL NET IDENTIFIABLE ASSETS AT FAIR VALUE
2,304
1,884
8,250
Goodwill arising from the acquisition 
 
 
6,679
CONSIDERATION FOR THE ACQUISITION
 
 
14,929
Cash flow analysis at acquisition:
 
 
 
Net cash acquired with the subsidiary (included in cash flows from investing activities)
2,360
1,359
3,719
Consideration paid
(5,560)
(5,740)
(11,300)
Deferred consideration
(1,122)
(2,507)
(3,629)
Net cash flow of the acquisition
(4,322)
(6,888)
(11,210)
Transaction costs, totaling 524 thousand Euro, were recognized in profit or loss under General and administrative costs.
Since the acquisition date, Arts S.r.l. And Aura 1 S.r.l. have contributed to the Group’s result with a 347 thousand Euro loss.
In order to streamline the ownership structure, allowing for more flexible internal processes - and therefore optimize the management of 
resources and intercompany financial flows arising from the operations currently divided between Aura 1 S.r.l. and Arts S.r.l. - the Group 
deemed it appropriate to merge said entities into Salvatore Ferragamo S.p.A.. The merger was finalized on 1 December 2020 after filing the 
deed of merger prepared on 24 November 2020 with the relevant Company Register on 25 November 2020. For further details, reference 
should be made to the Directors’ report on operations, paragraph “Significant events occurred during the year”. The merger is effective for 
legal purposes as of 1 December 2020 and for accounting and tax purposes as of 1 January 2020.
273
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Comments on the main statement of financial 
position items (assets, shareholders’ equity  
and liabilities)
6. Property, plant and equipment
The breakdown of Property, plant and equipment as at 31 December 2020 and 31 December 2019 is shown in the following table:
(In thousands of Euro)
31 December 2020
31 December 2019
Historical Cost
Acc. 
depreciation and 
Impairment
Net value
Historical Cost
Acc. 
depreciation and 
Impairment
Net value
Land 
29,144
-
29,144
29,696
-
29,696
Buildings
96,548
37,829
58,719
98,528
36,770
61,758
Plant and equipment
56,850
35,489
21,361
56,314
30,257
26,057
Industrial and commercial equipment
131,165
109,468
21,697
134,560
102,309
32,251
Other assets
76,444
65,797
10,647
77,484
62,184
15,300
Leasehold improvements
264,076
228,178
35,898
281,961
199,298
82,663
Fixed assets in progress and payments on 
account
5,655
-
5,655
4,080
-
4,080
Total
659,882
476,761
183,121
682,623
430,818
251,805
 The following tables show the changes in property, plant and equipment for the years ended 31 December 2020 and 31 December 2019:
(In thousands of Euro)
Value at 
01.01.2020
Translation
Diff. 
Additions
Disposals
Depreciation
Impairment
Acq. in Business
combinations
Value at 
31.12.2020
Land 
29,696
(552)
 - 
 - 
 - 
 - 
 - 
29,144
Buildings
61,758
(419)
350
 - 
(2,970)
 - 
 - 
58,719
Plant and equipment
26,057
(15)
699
(22)
(5,406)
(6)
54
21,361
Industrial and commercial equipment
32,251
(1,303)
7,615
(596)
(11,521)
(4,749)
 - 
21,697
Other assets
15,300
(229)
2,053
(125)
(6,361)
(24)
33
10,647
Leasehold improvements
82,663
(2,326)
11,110
(724)
(26,366)
(28,459)
 - 
35,898
Fixed assets in progress and payments on 
account
4,080
(479)
10,193
(8,139)
 - 
 - 
 - 
5,655
Total
251,805
(5,323)
32,020
(9,606)
(52,624)
(33,238)
87
183,121
Consolidated Financial Statements 
Salvatore Ferragamo Group
274 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

(In thousands of Euro)
Value at
01.01.2019 
Translation
Diff. 
Additions
Disposals
Amortization
Reclass.
Impairment
Value at
31.12.2019 
Land 
29,740
(44)
 - 
 - 
 - 
 - 
 - 
29,696
Buildings
62,250
101
2,418
 - 
(3,011)
 - 
 - 
61,758
Plant and equipment
26,481
6
4,866
(8)
(5,290)
2
 - 
26,057
Industrial and commercial equipment
32,355
613
12,829
(1,093)
(11,950)
(425)
(78)
32,251
Other assets
12,133
98
9,024
(120)
(6,259)
424
 - 
15,300
Leasehold improvements
85,685
1,928
25,070
(970)
(27,464)
(1,445)
(141)
82,663
Fixed assets in progress and payments on 
account
11,177
238
3,969
(11,304)
 - 
 - 
 - 
4,080
Total
259,821
2,940
58,176
(13,495)
(53,974)
(1,444)
(219)
251,805
The increase, net of the decrease in Fixed assets in progress and payments on account: 
• in “Buildings, plant and equipment” largely refers to improvements implemented during 2020 at the Osmannoro - Sesto Fiorentino facility, 
owned by Salvatore Ferragamo S.p.A., and the property owned by Ferragamo Korea Ltd.; 
• in “Industrial and commercial equipment” mainly refers to the opening and renovation of stores (7,060 thousand Euro) and the purchase 
of equipment and molds (555 thousand Euro) for the fragrances product category; 
• in “Other assets” mainly refers to IT equipment (1,312 thousand Euro) and furniture and furnishings (594 thousand Euro);
• in “Leasehold improvements” refers mainly to work carried out for the opening or refurbishment of stores;
• in “Fixed assets in progress and payments on account” refers largely to expenses incurred and payments on account made for the 
renovation and opening of stores not yet operational as at the reporting date.
The increase in Tangible assets under Leasehold improvements, recognized against the Provision for future operating risks and charges 
(note 22), included the costs for the restoration of premises leased from third parties, which amounted to 621 thousand Euro in 2020 (561 
thousand Euro in 2019). Disposals mainly refer to assets (not fully depreciated) relating to stores which have been renovated or closed during 
the year.
As envisaged by the analysis procedure for impairment indicators adopted by the Group, at year-end an assessment was made of the 
possible presence of impairment indicators which can be assessed through internal or external information sources. External sources 
typically consist of changes in the technological, economic and legal framework in which the Group operates, while internal sources are 
corporate strategies which can change the use of assets. Specifically, the economic crisis associated with the Covid-19 emergency qualifies 
as an impairment indicator, therefore the Group took it into consideration when making estimates and assumptions. 
The 33,238 thousand Euro impairment loss reflects: the 33,011 thousand Euro loss arising from the impairment test conducted by the Group 
and recognized for the tangible assets of Ferragamo Deutschland GmbH, Ferragamo U.K. Limited, Ferragamo USA Group, Ferragamo Japan 
K.K., Ferragamo (Thailand) Limited, and Ferragamo Espana S.L. - for the details, see note 11 Impairment of Property, Plant and Equipment, 
Right-of-use Assets, and Intangible Assets with a Finite Useful Life; and the 227 thousand Euro impairment loss recognized for the tangible 
assets of certain stores resulting from their planned restructuring or closure.
The acquisition in a business combination refers to the initial consolidation of the entities Arts S.r.l. and Aura 1 S.r.l., acquired in 2020. For the 
details, see note 5 Business Combinations.
275
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

7. Investment property
The breakdown of the item as at 31 December 2020 and 31 December 2019 is set out in the following table:
(In thousands of Euro)
31 December 2020
31 December 2019
Historical Cost
Accumulated 
depreciation
Net value
Historical Cost
Accumulated 
depreciation
Net value
Land 
4,561
-
4,561
4,982
-
4,982
Buildings
10,743
10,245
498
11,735
10,848
887
Right-of-use assets - Buildings
91,245
64,480
26,765
99,667
66,445
33,222
Total
106,549
74,725
31,824
116,384
77,293
39,091
Investment property refers entirely to buildings located in the United States. 
Please note that the right-of-use assets qualifying as investment property are classified in this line item and amounted to 26,765 thousand 
Euro as at 31 December 2020.The following tables show the change in investment property for the years ended 31 December 2020 and 31 
December 2019:
(In thousands of Euro) 
Value at
01.01.2020
Translation
difference
Additions
Depreciation
Value at
31.12.2020
Land 
4,982
(421)
-
-
4,561
Buildings
887
(52)
-
(337)
498
Right-of-use assets: - Buildings
33,222
(2,536)
-
(3,921)
26,765
Total
39,091
(3,009)
-
(4,258)
31,824
(In thousands of Euro) 
Value at
01.01.2019 
IFRS 16 impact at
Translation
difference
Additions
Depreciation
Value at
31.12.2019 
Land 
4,888
-
94
-
-
4,982
Buildings
1,206
-
25
-
(344)
887
Right-of-use assets: - Buildings
-
36,507
716
-
(4,001)
33,222
Total
6,094
36,507
835
-
(4,345)
39,091
As envisaged by the analysis procedure for impairment indicators adopted by the Group, at year-end an assessment was made of the possible 
presence of impairment indicators which can be assessed through internal or external information sources. External sources typically consist of 
changes in the technological, economic and legal framework in which the Group operates, while internal sources are corporate strategies which 
can change the use of assets. From the analyses carried out no need emerged to record any impairment on this item.
In addition, the Group periodically assesses the fair value of investment property recorded in the financial statements; on the basis of these 
estimates, the fair values are higher than the book values.
Consolidated Financial Statements 
Salvatore Ferragamo Group
276 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

8. Goodwill
The amount of Goodwill was entirely acquired in 2020 through the business combination of Arts S.r.l. and Aura 1 S.r.l.: for details, see note 5 
Business Combinations and the paragraph Significant events occurred during the year in the Directors’ report on operations. Net of the fair 
value of the assets acquired and liabilities assumed, the residual amount allocated to goodwill arising from the acquisition totaled 6,679 
thousand Euro. 
The following table shows the change in goodwill for the year ended 31 December 2020:
(In thousands of Euro)
Value at
01.01.2020
Translation
difference
Additions
Disposals
Acq. in Business
combinations
Value at
31.12.2020
Goodwill
-
-
-
-
6,679
6,679
Total
-
-
-
-
6,679
6,679
As required by the procedure for analyzing impairment indicators adopted by the Group, goodwill is tested annually to determine the 
recoverable amount. The impairment test was conducted by grouping CGUs at the Group level as a whole.
The economic crisis associated with the Covid-19 emergency qualifies as an impairment indicator, therefore the Group took it into consideration 
when making estimates and assumptions. However, in reviewing its impairment indicators, the Group considers, among other factors, the 
ratio of its market capitalization to book value. As at 31 December 2020, the Group’s market capitalization exceeded the book value of equity, 
ruling out the existence of an impairment indicator.The value used to determine the recoverable amount of the CGU is the value in use. This 
was calculated based on expected cash flows, which were discounted at an appropriate rate (Discounted cash-flow- DCF analysis).
The DCF analysis was performed based on the budget for the year 2021, prepared and approved by the Board of Directors of Salvatore 
Ferragamo S.p.A.; as for the two following explicit forecast years, the Group used the business plans prepared by management, which 
represent the best estimate the Group can make of the economic conditions expected for the period. 
The main assumptions to determine the recoverable amount are given below:
• Terminal Value: determined using the perpetuity model with a long-term growth rate “g” which represents the present value, in the final 
projected year, of all the expected future cash flows.
• Growth rate “g”: 2.0%, which was assumed to be equal to the rate of inflation expected to prevail over the medium - long term in the main 
markets where the Group operates; 
• Discount rate (Weighted Average Cost of Capital, WACC): equal to 8.18%; considering the Group’s positive net financial position, it is based 
on government bond yields in the main markets where the Group operates, adjusted to account for the risk premium expected by investors 
for the specific investment in equity instruments as well as the correlation of such instruments to the relevant market.
From the analyses carried out no need emerged to record any impairment on this item.
The sensitivity analysis of the above material assumptions used to determine the recoverable amount, performed on goodwill, did not yield 
different results in terms of recoverable amount, even when considering substantial changes in the parameters.
277
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

9. Right-of-use assets
The following table shows the breakdown of Right-of-use assets as at 31 December 2020:
(In thousands of Euro)
31 December 2020
31 December 2019
Historical Cost
Accumulated 
depreciation
Net value
Historical Cost
Accumulated 
depreciation
Net value
Buildings
708,803
236,512
472,291
728,375
154,604
573,771
Vehicles
4,377
1,771
2,606
3,087
1,015
2,072
Equipment and other assets
795
452
343
800
188
612
Total
 713,975 
 238,735 
 475,240 
 732,262 
 155,807 
 576,455 
The following table shows the changes in right-of-use assets for the years ended 31 December 2020 and 31 December 2019. With respect 
to 2019, the column “IFRS 16 impact at 01.01.2019” refers to the amount recognized as at 01 January 2019 following the first-time adoption 
of the new accounting standard IFRS 16.
(In thousands of Euro) 
Value at
01.01.2020
Translation
difference
Additions
Disposals
Depreciation
Value at
31.12.2020
Buildings
573,771
(20,639)
71,406
(38,129)
(114,118)
472,291
Vehicles
2,072
(12)
1,890
(39)
(1,305)
2,606
Equipment and other assets
612
(1)
-
-
(268)
343
Total
576,455
(20,652)
73,296
(38,168)
(115,691)
475,240
(In thousands of Euro) 
Value at
31.12.2018 
IFRS 16 
impact at
01.01.2019 
Translation
difference
Additions
Disposals
Depreciation
Value at
31.12.2019 
Buildings
-
526,881
9,685
154,935
(4,599)
(113,131)
573,771
Vehicles
-
1,491
5
1,590
-
(1,014)
2,072
Equipment and other assets
-
35
1
777
(13)
(188)
612
Total
-
528,407
9,691
157,302
(4,612)
(114,333)
576,455
The line item Buildings includes Right-of-use assets largely relating to leases of stores (accounting for approximately 96% of right-of-use 
assets - Buildings) and, to a lesser extent, leases of offices, company lodgings, and other premises. The largest increases observed during 
the year refer to new leases entered into during the period—largely concerning stores—whereas the most significant declines relate to 
leases that were either terminated early or for which the Group negotiated a reduction in future lease payments. 
The increase in Right-of-use assets - Buildings, recognized against the Provision for future operating risks and charges (note 22), included 
the costs for the restoration of premises leased from third parties under leases that fall within the scope of IFRS16, which amounted to 473 
thousand Euro in 2020 (312 thousand Euro in 2019).
For more details on cash outflows related to leases, see notes 25 Lease Liabilities and 36 Breakdown by nature of income statement cost 
items.
Consolidated Financial Statements 
Salvatore Ferragamo Group
278 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

As envisaged by the analysis procedure for impairment indicators adopted by the Group, at year-end an assessment was made of the 
possible presence of impairment indicators which can be assessed through internal or external information sources. External sources 
typically consist of changes in the technological, economic and legal framework in which the Company operates. Internal sources are 
corporate strategies which can change decisions about the location of stores. Specifically, the economic crisis associated with the Covid-19 
emergency qualifies as an impairment indicator, therefore the Group took it into consideration when making estimates and assumptions.
From the analyses carried out no need emerged to record any impairment on this item. Please refer to note 11 Impairment of Property, Plant 
and Equipment, Right-of-use Assets, and Intangible Assets with a Finite Useful Life for more details.
10. Intangible assets with a finite useful life
The breakdown of intangible assets with a finite useful life as at 31 December 2020 and 31 December 2019 is shown in the following table: 
(In thousands of Euro) 
31 December 2020
31 December 2019
Historical Cost
Acc. 
amortization and 
Impairment
Net value
Historical Cost
Acc. 
amortization and 
Impairment
Net value
Industrial patents and use of intellectual 
property rights
31,234
29,200
2,034
30,875
27,745
3,130
Concessions, licenses and trademarks
9,953
8,267
1,686
9,619
7,902
1,717
Development costs
78,852
53,745
25,107
70,281
43,518
26,763
Others 
27,395
20,130
7,265
23,882
19,623
4,259
Intangible assets with a finite useful life  
in progress
2,799
-
2,799
6,615
-
6,615
Total
150,233
111,342
38,891
141,272
98,788
42,484
The following tables show the changes in intangible assets with a finite useful life for the years ended 31 December 2020 and 31 December 2019:
(In thousands of Euro) 
Value at
01.01.2020
Translation
difference
Additions
Disposals
Amortization
Impairment
Acq. in 
Business
Combinations
Value at
31.12.2020
Industrial patents and use  
of intellectual property rights
3,130
(34)
968
(3)
(2,041)
-
14
2,034
Concessions, licenses and 
trademarks
1,717
-
334
-
(365)
-
-
1,686
Development costs
26,763
-
8,570
-
(10,227)
-
1
25,107
Others 
4,259
(104)
53
-
(1,491)
(1,832)
6,380
7,265
Intangible assets with a finite 
useful life in progress
6,615
-
5,120
(8,936)
-
-
-
2,799
Total
42,484
(138)
15,045
(8,939)
(14,124)
(1,832)
6,395
38,891
279
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

(In thousands of Euro)
Value at
01.01.2019 
Translation
difference
Additions
Disposals
Amortization
Reclass
Impairment
Value at 
31.12.2019 
Industrial patents and use  
of intellectual property rights
3,936
22
1,683
(195)
(2,314)
(1)
(1)
3,130
Concessions, licenses and 
trademarks
1,690
-
380
-
(353)
-
-
1,717
Development costs
27,609
-
8,424
-
(9,270)
-
-
26,763
Others 
5,202
49
31
-
(1,023)
-
-
4,259
Intangible assets with a finite 
useful life in progress
4,442
-
4,857
(2,684)
-
-
-
6,615
Total
42,879
71
15,375
(2,879)
(12,960)
(1)
(1)
42,484
In 2020, intangible assets with a finite useful life, net of the decrease in Intangible assets with a finite useful life in progress, rose mainly 
due to new investment in software application development costs (recognized under “Development costs”) and software license costs (item 
“Industrial patents and use of intellectual property rights”), net of the amortization for the period.
The item “Development costs” mainly includes the capitalization of software development costs for the development of business software 
applications (SAP accounting system, ERP, reporting systems, development costs of the e-commerce platform and of a new SAP-based logistics/
distribution system). As at 31 December 2020, the Group reported no intangible assets arising from internal development.
The item “Others” includes also the so-called key money, i.e. the sums paid to obtain the use of leased property by taking over existing contracts 
or by obtaining the withdrawal of the lessees in such a way as to be able to enter into new contracts with the lessors. 
The following table provides the breakdown by geographical area of the net book value of the key money item as at 31 December 2020 and 31 
December 2019: 
(In thousands of Euro)
31 December
2020
31 December
2019
Europe
509
2,561
North America
444
790
Total
953
3,351
The acquisition in a business combination refers to the initial consolidation of the entities Arts S.r.l. and Aura 1 S.r.l., acquired in 2020 - for 
the details, see note 5 Business Combinations - and refers largely to the know how, classified under “others” and totaling 6,380 thousand 
Euro, resulting from the fair value measurement of the assets acquired and liabilities assumed in the business combination.As envisaged by 
the analysis procedure for impairment indicators adopted by the Group, at year-end an assessment was made of the possible presence of 
impairment indicators which can be assessed through internal or external information sources. External sources typically consist of changes 
in the technological, economic and legal framework in which the Company operates. Internal sources are corporate strategies which can 
change the use of intellectual property and software, and with reference to key money, they consist of the economic benefit to the Group 
arising from the geographic area served by the store for which this cost has been incurred. Specifically, the economic crisis associated with 
the Covid-19 emergency qualifies as an impairment indicator, therefore the Group took it into consideration when making estimates and 
assumptions.
The 1,832 thousand Euro impairment loss largely reflects the 1,616 thousand Euro loss arising from the impairment test conducted by the 
Group and recognized for the item “others” of the intangible assets of Ferragamo Deutschland GmbH, Ferragamo U.K. Limited, Ferragamo USA 
Group, Ferragamo (Thailand) Limited, and Ferragamo Espana S.L. - for the details, see note 11 Impairment of Property, Plant and Equipment, 
Right-of-use Assets, and Intangible Assets with a Finite Useful Life.
Consolidated Financial Statements 
Salvatore Ferragamo Group
280 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

11. Impairment of Property, Plant and Equipment, Right-of-use Assets,  
and Intangible Assets with a Finite Useful Life
The economic crisis associated with the Covid-19 emergency qualifies as an impairment indicator, therefore the Group took it into 
consideration when making estimates and assumptions.
As in the past, impairment tests were carried out by considering the individual geographic areas in which the Group operates as CGUs (Cash 
Generating Units). Said areas usually coincide with the Group’s individual legal entities, except where multiple legal entities of the Group 
operate in the same country or in neighboring territories or markets with a shared and homogeneous customer base. 
As required by IAS 36, the Group performed an analysis to identify any indicators of impairment and/or impairment losses for Property, plant 
and equipment, Right-of-use assets, and Intangible assets with a finite useful life. Following these analyses, the following CGUs were tested 
for impairment: Ferragamo U.K. Limited, Ferragamo Espana S.L., Ferragamo France S.A.S., Ferragamo Deutschland GmbH, Ferragamo (Suisse) 
SA, Ferragamo Australia Pty Ltd, Ferragamo (Thailand) Limited, Ferragamo Japan K.K., and Ferragamo USA Group. The Group did not find 
indicators of impairment for the other CGUs.
The value used to determine the recoverable amount of the CGU is the value in use. This was calculated based on expected cash flows, which 
were discounted at an appropriate rate (Discounted cash-flow- DCF analysis).
The DCF analysis was performed based on the budget for the year 2021, prepared and approved by the Board of Directors of Salvatore 
Ferragamo S.p.A.; as for the two following explicit forecast years, the Group used the estimates made by management, which represent the 
best estimate the Group can make of the economic conditions expected for the period. The values assigned to the main assumptions reflect 
management’s assessment of how the sectors will perform in the future and are based on both internal and external sources.
The main assumptions to determine the recoverable amount are given below. 
 
Discount rate (WACC)
Growth rate "g"
Ferragamo Japan K.K.
6.7%
1.0%
Ferragamo (Thailand) Limited
8.0%
1.8%
Ferragamo Australia Pty Ltd
7.6%
2.4%
Ferragamo USA Group
7.4%
2.2%
Ferragamo Deutschland GmBH
6.1%
2.0%
Ferragamo Espana S.L.
6.7%
1.7%
Ferragamo UK Limited
7.0%
2.0%
Ferragamo (Suisse) SA
6.2%
1.0%
Ferragamo France S.A.S.
6.3%
1.5%
The discount rate (Weighted Average Cost of Capital, WACC), considering the Group’s positive net financial position, is based on government 
bond yields in the reference markets and in the same currency as the cash flows, adjusted to account for the risk premium expected by 
investors for the specific investment in equity instruments as well as the correlation of such instruments to the relevant market.
The growth rate “g” was assumed to be equal to the rate of inflation expected to prevail over the medium - long term in the reference market.
The Terminal Value was determined using the perpetuity model with a long-term growth rate “g” which represents the present value, in the 
final projected year, of all the expected future cash flows.
The impairment test resulted in an impairment loss for Property, plant and equipment and Intangible assets with a finite useful life in the 
281
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

following CGUs: Ferragamo U.K. Limited, Ferragamo Espana S.L., Ferragamo Deutschland GmbH, Ferragamo (Thailand) Limited, Ferragamo 
Japan K.K., and Ferragamo USA Group.
Below are the results of the impairment tests carried out.
(In thousands of Euro)
Property, plant  
and equipment
Intangible assets with  
a finite useful life
Ferragamo Japan K.K.
10,116
-
Ferragamo (Thailand) Limited
807
-
Ferragamo USA Group
13,414
182
Ferragamo Deutschland GmBH
782
1,029
Ferragamo Espana S.L.
3,913
333
Ferragamo UK Limited
3,979
72
Total
33,011
1,616
The impairment tests resulted in a 34,627 thousand Euro impairment loss, including 33,011 thousand Euro relating to Property, plant and 
equipment and 1,616 thousand Euro to Intangible assets with a finite useful life. For more details, see notes 6 Property, plant and equipment 
and 10 Intangible assets with a finite useful life.
The sensitivity analysis of the above assumptions (WACC and g) used to measure the recoverable amount, conducted on the CGUs tested for 
impairment, found that negative changes in key assumptions could lead to an additional impairment loss. 
12. Other non current assets
The breakdown of the item “Other non current assets” as at 31 December 2020 and 31 December 2019 is set out in the following table:
(In thousands of Euro) 
31 December
2020
31 December
2019
Change
2020 vs 2019
Advances to suppliers
650
1,150
(500)
Due from tax authorities
1,076
336
740
Other non current assets
792
1,156
(364)
Total
2,518
2,642
(124)
Advances to suppliers relate to the non current portion of advances of royalties paid by Ferragamo Parfums S.p.A. for the use under license 
of the Ungaro brand, as provided for by the license contract which was partially renegotiated in July 2017. These advances are recovered as 
the royalties become due starting from 2019 through presumably 2023, and they were down 500 thousand Euro compared to 31 December 
2019 because of the reclassification of the current portion.
Due from tax authorities refer to the non-current portion of the Research and Development, design and aesthetic conception, and 
technological innovation tax credit (replacing the former R&D Credit as per art. 1, paragraphs 198-209 of Italian Law no. 160 of 27 December 
2019 (so-called 2020 Budget Law), as amended), which both the Parent company and Ferragamo Parfums S.p.A. were eligible for, as well as 
the “Art Bonus” tax credit to promote donations in support of cultural activities (Italian Law Decree no. 83 of 31 May 2014, Italian Law no. 106 
Consolidated Financial Statements 
Salvatore Ferragamo Group
282 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

of 29/07/2014) and the Tax credit for investments in operating assets, introduced by art. 1, paragraphs 184-197 of Italian Law no. 160 of 27 
December 2019 (so-called 2020 Budget Law) as amended, which the Parent company was eligible for.
The item “Other non current assets” mainly includes the impact relating to the straight-line charging of lease income from operating leases 
in the USA for 792 thousand Euro, as provided for by the relevant standards, and it was down 364 thousand Euro from 1,156 thousand Euro 
as at 31 December 2019.
13. Other non current financial assets
Other non current financial assets, totaling 15,574 thousand Euro (16,939 thousand Euro as at 31 December 2019), refer to guarantee 
deposits, mainly for existing rental contracts, and are accounted for at amortized cost. 
14. Inventories 
Inventories include the following categories:
(In thousands of Euro)
31 December
2020
31 December
2019
Change
2020 vs 2019
Gross value of raw materials, accessories and consumables
42,250
60,457
(18,207)
Provision for obsolete inventory
(7,779)
(6,836)
(943)
Raw materials, accessories and consumables
34,471
53,621
(19,150)
Gross value of finished products and goods for resale
383,469
387,377
(3,908)
Provision for obsolete inventory
(76,304)
(51,467)
(24,837)
Finished products and goods for resale
307,165
335,910
(28,745)
Total
341,636
389,531
(47,895)
The change in raw materials compared to 2019 depends on production volumes for the period; the relevant provision reflects the obsolescence 
of raw materials (mainly leather goods and accessories) which are no longer deemed suitable for the production plans. Inventories of finished 
products were down 28,745 thousand Euro from 31 December 2019 (-8.6%) as a result of the write-downs recognized in 2020, accounting 
for the risk of a future reduction in the sales of certain products, also because of the current situation created by the Covid-19 emergency. 
For a better understanding of how the above provisions for obsolete inventory were calculated, please see note 2 “Basis of presentation” 
paragraph Discretionary valuations and significant accounting estimates.
Net (uses) of and/or allocations to the provision for obsolete inventory were as follows: 
(In thousands of Euro)
2020
2019
Change
2020 vs 2019
Raw materials
943
274
669
Finished products
27,711
4,754
22,957
Total
28,654
5,028
23,626
283
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

15. Right of return assets
Concerning the right of return as per “Revenue from contracts with customers”, the line item “Right of return assets”, amounting to 4,545 
thousand Euro (5,473 thousand Euro as at 31 December 2019), includes the estimated cost of the products expected to be returned, equal 
to the lower of the previous carrying amount of inventories (estimated cost of production) and net realizable value, less potential future costs 
associated with their recovery.
16. Trade receivables
The breakdown of the item is set out in the following table:
(In thousands of Euro) 
31 December
2020
31 December
2019
Change
2020 vs 2019
Trade receivables
119,540
152,543
(33,003)
Provision for bad debt
(5,631)
(5,341)
(290)
Total
113,909
147,202
(33,293)
Trade receivables mainly refer to wholesale sales and refer for around 15,173 thousand Euro to fragrances (down from 25,695 thousand Euro 
as at 31 December 2019, largely because of the contraction in revenues from this product category) and, for the remainder, to other product 
categories. They are interest-free and are generally due in 90 days or less. The relevant provision for bad debt was deemed adequate to 
deal with potential defaults, and the amount set aside for the period largely refers to risk assessments associated with the specific situation 
during the period. In addition, during the year the Group reported 276 thousand Euro in credit losses after writing off non-performing trade 
receivables.
The changes in the provision for bad debt during 2020 were as follows:
(In thousands of Euro)
Value at 
01.01.2020
Translation 
difference
Provisions
Uses
Value at 
31.12.2020
Provision for bad debt
5,341
(114)
528
(124)
5,631
For an analysis of past due but not impaired trade receivables reference should be made to note 3 “Management of financial risks - Credit risk”.
Consolidated Financial Statements 
Salvatore Ferragamo Group
284 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

17. Tax receivables
The breakdown of the item is set out in the following table:
(In thousands of Euro)
31 December
2020
31 December
2019
Change
2020 vs 2019
Due from tax authorities (value added tax and other taxes)
7,547
8,405
(858)
Due from tax authorities for direct taxes
8,135
11,695
(3,560)
Withholding taxes
292
7
285
Total
15,974
20,107
(4,133)
Tax receivables mainly refer to VAT receivables and amounts due from tax authorities for income taxes relating to advances paid during the 
year. They were down 4,133 thousand Euro year-on-year, primarily because of the decline in amounts due from tax authorities for income taxes.
18. Other current assets 
The breakdown of other current assets is set out in the following table:
(In thousands of Euro)
31 December
2020
31 December
2019
Change
2020 vs 2019
Other receivables 
15,796
16,690
(894)
Accrued income
164
129
35
Prepaid expenses
13,106
14,695
(1,589)
Short-term hedging derivatives
6,878
1,466
5,412
Total
35,944
32,980
2,964
As at 31 December 2020, other receivables mainly include:
• receivables due from credit card management companies for retail sales amounting to 6,213 thousand Euro (9,234 thousand Euro as at 
31 December 2019);
• the 2,690 thousand Euro IRES receivable (2,599 thousand Euro as at 31 December 2019) due from the Holding company Ferragamo 
Finanziaria S.p.A. of Salvatore Ferragamo S.p.A and Ferragamo Parfums S.p.A. under the domestic fiscal unity;
• advances to suppliers amounting to 2,708 thousand Euro (3,404 thousand Euro as at 31 December 2019).
Prepaid expenses mainly include 7,888 thousand Euro in contributions to customers relating to the fit-out of tailored single brand stores and/
or stores-in-stores, 643 thousand Euro in insurance premiums, and 182 thousand Euro in rents outside the scope of the new standard IFRS16. 
“Short-term hedging derivatives”, amounting to 6,878 thousand Euro (1,466 thousand Euro as at 31 December 2019), refer to the fair value 
measurement of outstanding derivative contracts (hedging component) entered into by the Parent company to manage exchange rate risk 
on sales in currencies other than the Euro.
285
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

19. Other current financial assets
The breakdown of the item “Other current financial assets” is set out in the following table:
(In thousands of Euro)
31 December
2020
31 December
2019
Change
2020 vs 2019
Derivatives
287
101
186
Other current financial assets
279
-
279
Total
566
101
465
“Other current financial assets”, totaling 566 thousand Euro as at 31 December 2020, included 287 thousand Euro referring to the fair value 
measurement of the non-hedging component of derivative instruments (101 thousand Euro as at 31 December 2019), and 279 thousand Euro 
largely referring to time deposits at banks with maturities greater than three months.
20. Cash and cash equivalents
The breakdown of the item is set out in the following table:
(In thousands of Euro) 
31 December
2020
31 December
2019
Change
2020 vs 2019
Time deposits
31,188
27,705
3,483
Bank and post office sight deposits
295,791
193,475
102,316
Cash and values on hand
901
1,152
(251)
Total
327,880
222,332
105,548
Time deposits at banks have maturities ranging from one day to twenty-four months and, in any case, can be promptly liquidated without 
penalties. Bank and post office deposits refer to temporary cash holdings maintained mainly to meet imminent payments. 
Also during 2020, the Group continued using a significant part of its cash surpluses not in time-deposit investments, but to take out 
intercompany loans, regulated at current market conditions, so as to contain the increase in bank debt.
As at 31 December 2020, the Group had unused credit lines amounting to 773,084 thousand Euro; as at 31 December 2019, unused credit 
lines totaled 661,231 thousand Euro. For more details, see note 28 Interest-bearing loans & borrowings.
Consolidated Financial Statements 
Salvatore Ferragamo Group
286 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

For the purposes of the consolidated statement of cash flows, the item “Cash and cash equivalents” as at 31 December 2020 and 31 
December 2019 was broken down as follows:
(In thousands of Euro) 
31 December
2020
31 December
2019
Change
2020 vs 2019
Cash and bank sight deposits
296,692
194,627
102,065
Time deposits
31,188
27,705
3,483
Total
327,880
222,332
105,548
Below is the reconciliation of the liabilities from financing activities as reported on the statement of cash flows for the years ended 31 
December 2020 and 2019.
(In thousands of Euro) 
Value at
01.01.2020
Cash flow
Translation 
difference
New leases
Other non-
cash changes
Value at 
31.12.2020
for principal 
repaid/received
for interest 
paid/received
Other current financial assets
-
286
-
(7)
-
-
279
Total assets from financing 
activities
-
286
-
(7)
-
-
279
Non current interest-bearing loans 
& borrowings
-
129,904
-
(602)
-
-
129,302
Current interest-bearing loans 
& borrowings (excluding bank 
overdrafts)
48,060
11,218
(1,577)
(2,580)
-
1,577
56,698
Non current lease liabilities
559,267
-
-
(22,883)
72,772
(144,756)
464,400
Current lease liabilities
117,062
(93,573)
(16,136)
(5,084)
-
101,240
103,509
Total liabilities from financing 
activities
724,389
47,549
(17,713)
(31,149)
72,772
(41,939)
753,909
(In thousands of Euro) 
Value at 
31.12.2018
IFRS 16 
impacts at 
01.01.2019
Cash flow
Translation 
difference
New leases
Other 
non-cash 
changes
Value at 
31.12.2019
for principal 
repaid/received
for interest 
paid/received
Other current financial assets
960
-
(971)
-
11
-
-
-
Total assets from financing 
activities
960
-
(971)
-
11
-
-
-
Non current interest-bearing loans 
& borrowings
15,892
-
-
-
501
-
(16,393)
-
Current interest-bearing loans 
& borrowings (excluding bank 
overdrafts)
20,936
-
10,009
(469)
722
-
16,862
48,060
Non current lease liabilities
-
625,406
-
-
11,172
156,729
(234,040)
559,267
Current lease liabilities
-
-
(114,388)
(16,004)
269
-
247,185
117,062
Total liabilities from financing 
activities
36,828
625,406
(104,379)
(16,473)
12,664
156,729
13,614
724,389
The column “Other non-cash changes” includes the reclassification of debt into the non current and current portions of Interest-bearing 
loans & borrowings and Lease liabilities, interest on Interest-bearing loans & borrowings and Lease liabilities accrued during the period, the 
proceeds relating to lease payment reductions obtained from negotiations to revise the terms and conditions of the leases of the Group’s 
distribution network, as well as the effect of the early termination of some leases on Lease liabilities.
287
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

21. Share capital and reserves
The authorized share capital of the Parent company as at 31 December 2020 totaled 16,939,000 Euro; the subscribed and paid up share 
capital amounted to 16,879,000 Euro and consisted of 168,790,000 ordinary shares with a nominal value of 0.10 Euro each. During 2020, 
there were no changes in the number of shares outstanding.
The treasury share reserve, amounting to 2,776 thousand Euro, consisted of 150,000 shares in Salvatore Ferragamo S.p.A., purchased in 
2018 (no. 14,000) and 2019 (no. 136,000) at an average unit price of 18.50 Euro.
Share capital contributions of 2,995 thousand Euro, which refer entirely to the Parent company, were paid in a single amount in 2003 by the 
Holding company Ferragamo Finanziaria S.p.A. and were reduced in 2007, due to the demerger.
The legal reserve of 4,188 thousand Euro was set up in previous years and refers entirely to the Parent company. This reserve cannot be 
distributed.
The extraordinary reserve of 628,530 thousand Euro, which refers entirely to the Parent company, is comprised of retained earnings; the 
124,211 thousand Euro increase recorded in the period refers to Salvatore Ferragamo S.p.A.’s entire profit for the year 2019. 
The cash flow hedge reserve was positive for 5,123 thousand Euro and is the result of the measurement of the financial instruments defined 
as cash flow hedges as at 31 December 2020, given the hedges against exchange rate risk, and is shown net of the tax effect.
The translation reserve, negative for 25,368 thousand Euro, reflects value changes in the Group share of shareholders’ equity of the 
consolidated companies, due to changes in the exchange rates of the companies’ functional currencies against the presentation currency 
of the consolidated financial statements. 
Retained earnings amounting to 129,770 thousand Euro include profits/losses capitalized during the years, taking due account of consolidation 
adjustments, in particular unrealized profit on inventories. During 2020, this reserve was affected by the combined impact of several factors. 
On the one hand, it rose by 1,457 thousand Euro due to the recognition of the put and call agreements on pre-existing minority interests, 
mainly because of the adjustment to financial debt recognized through equity under the terms of the shareholders’ agreement between the 
parties (note 43); on the other hand, the reserve declined by 36,930 thousand Euro because of the capitalization of the 2019 result, net of the 
Parent company’s profit which was allocated to the extraordinary reserve, and by 1,267 thousand Euro because of other translation effects; 
As at 31 December 2020, the items “Other reserves” and “Effect IAS 19 equity” (net total of 638 thousand Euro) include the amounts 
recognized for the valuation differences required by IFRS compared to the local standards of the Group’s companies. In addition, the item 
“Other reserves” includes:
• the specific reserve set up in 2016 to service the future free share capital increase of the Parent company for 60 thousand Euro (nominal 
value of 0.10 Euro each) for the 2016-2020 Stock Grant Plan, which ended in 2020 without granting any shares in Salvatore Ferragamo 
S.p.A.;
• the 2016-2020 Stock Grant Reserve (921 thousand Euro) referring to the fair value measurement as at 31 December 2020 of the rights to 
receive shares in the Parent company: their impact on the period amounted to 80 thousand Euro. For details on the 2016-2020 Stock Grant 
Plan, which ended in 2020 without granting any shares, see note 42.
The amounts are net of the tax effects where applicable.
The changes in shareholders’ equity items occurred in 2020 and 2019 are shown in the related statements.
Consolidated Financial Statements 
Salvatore Ferragamo Group
288 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Here below is a breakdown of reserves and retained earnings:
31 December 2020
(In thousands of Euro)
Reserves made 
up of profits
Translation 
reserve
Other reserves
Total
Treasury share reserve
 - 
 - 
(2,776)
(2,776)
Share capital contributions
 - 
 - 
2,995
2,995
Legal reserve
4,188
 - 
 - 
4,188
Extraordinary reserve
628,530
 - 
 - 
628,530
Cash flow hedge reserve
 - 
 - 
5,123
5,123
Translation reserve
 - 
(25,368)
 - 
(25,368)
Retained earnings
129,770
 - 
 - 
129,770
Other reserves
 - 
 - 
638
638
Total
762,488
(25,368)
5,980
743,100
31 December 2019
Share premium
 - 
 - 
(2,776)
(2,776)
Share capital contributions
 - 
 - 
2,995
2,995
Legal reserve
4,188
 - 
 - 
4,188
Extraordinary reserve
504,319
 - 
 - 
504,319
Cash flow hedge reserve
 - 
 - 
(499)
(499)
Translation reserve
 - 
(16,002)
 - 
(16,002)
Retained earnings
166,510
 - 
 - 
166,510
Other reserves
 - 
 - 
752
752
Total
675,017
(16,002)
472
659,487
289
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

22. Provisions for risks and charges
The breakdown of, and changes in, the item are provided in the following table:
(In thousands of Euro) 
Value at
01.01.2020
Translation
difference
Additions
Uses
Value at
31.12.2020
Legal disputes
2,084
(19)
1,773
(765)
3,073
Other
11,837
(463)
1,200
(1,246)
11,328
Total
13,921
(482)
2,973
(2,011)
14,401
Legal disputes mainly refer to allocations against likely future liabilities relating to legal proceedings against the Parent company and some 
proceedings regarding subsidiaries as well as labor disputes with reference to both litigation and estimated amounts that Group companies 
expect to have to disburse for out-of-court settlements. The use of the provision for legal disputes mainly refers to the settlement of a 
number of legal and labor proceedings and/or disputes largely related to the Parent company during the period. The amounts set aside are 
primarily associated with labor and legal disputes that arose during 2020.
The provision for other risks mainly includes allocations against likely contingent liabilities; the main allocation concerns expenses for 
the restoration of premises leased from third parties recognized pursuant to the contractual obligations under the relevant leases (11,077 
thousand Euro as at 31 December 2020 and 11,583 thousand Euro as at 31 December 2019); in addition, it includes the additional allowance 
set aside by Ferragamo Parfums S.p.A. for agents operating in Italy. The provision for the period included 1,186 thousand Euro referring to 
costs for the restoration of premises. 
As regards contingent liabilities at Group level, for which no provisions have been made, reference should be made to the Directors’ Report 
on Operations, section “Significant events occurred during the year - Tax and customs disputes and audits”.
23. Employee benefit liabilities
The following table shows the breakdown of employee benefits as at 31 December 2020 and 31 December 2019:
(In thousands of Euro)
31 December
2020
 31 December 
2019
 Change 
 2020 vs 2019 
Employee defined benefit liabilities
11,713
11,686
27
Other employee benefit liabilities 
154
215
(61)
Total
11,867
11,901
(34)
The item “Employee defined benefit liabilities” includes employee severance indemnities of Italian companies and other employee defined 
benefit liabilities.
Consolidated Financial Statements 
Salvatore Ferragamo Group
290 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

The following table shows the changes in employee defined benefit liabilities in 2020 and 2019: 
(In thousands of Euro) 
31 December 2020
31 December 2019
Employee 
benefit 
obligations
Fair value 
of plan assets
Employee 
defined benefit 
liabilities
Employee 
benefit 
obligations
Fair value 
of plan assets
Employee 
defined benefit 
liabilities
Value at 01.01
16,265
(4,579)
11,686
15,087
(3,948)
11,139
Acquisitions in business combinations
64
 - 
64
 - 
 - 
 - 
Current service cost
571
 - 
571
557
 - 
557
Financial charges/(income)
183
(68)
115
270
(76)
194
Changes included in net profit/(loss)  
for the period
754
(68)
686
827
(76)
751
Returns on plan assets
 - 
(121)
(121)
 - 
(164)
(164)
Actuarial loss/(gain) arising from:
 
 
 
 
 
 
- financial assumptions
636
 - 
636
1,006
 - 
1,006
- demographic assumptions
5
 - 
5
4
 - 
4
- experience-based adjustments
(231)
 - 
(231)
(150)
 - 
(150)
Translation differences
(654)
423
(231)
168
(108)
60
Changes included in other comprehensive 
income
(244)
302
58
1,028
(272)
756
Contributions paid by the employer
 - 
(270)
(270)
 - 
(436)
(436)
Benefits paid
(666)
155
(511)
(677)
153
(524)
Other changes
(666)
(115)
(781)
(677)
(283)
(960)
Value at the end of the period
16,173
(4,460)
11,713
16,265
(4,579)
11,686
Employee defined benefit liabilities of the Group’s Italian companies (the Parent company and Ferragamo Parfums S.p.A.) amounted to 8,833 
thousand Euro, up by 136 thousand Euro compared to 31 December 2019. 
Here below are the main financial assumptions used in determining the present value of employee severance indemnities:
 
31 December 
2020
31 December 
2019
Annual rate of salary increase
2.98%
3.17%
Annual discount rate
(0.12%)
0.46%
Inflation rate
2.00%
2.00%
291
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

As regards the demographic assumptions used in determining defined benefit liabilities of the Group’s Italian companies, the figure used as 
a benchmark for the mortality rate is that for the Italian population recorded by ISTAT in 2000, less 25%, broken down by age and gender; 
meanwhile, the staff turnover rate has been estimated at 5.55% per year.
Employee defined benefit liabilities of the Group’s non-Italian companies refer to Ferragamo Japan KK, Ferragamo Retail Taiwan Limited, 
Ferragamo France S.A.S., Ferragamo Monte-Carlo SAM, Ferragamo Belgique SA, Ferragamo Mexico S.de R.L.de C.V., Ferragamo Usa Inc., 
Ferragamo (Thailand) Limited, and Ferragamo Retail India Private Limited. They amounted to 2,880 thousand Euro, down by 109 thousand 
Euro compared to 31 December 2019. The value is net of the fair value of plan assets mainly consisting of insurance policies.
Here below are the main financial assumptions used in determining the present value of employee benefit liabilities:
 
31 December 
2020
31 December 
2019
Annual rate of salary increase
1.39% - 6.00%
2.0% - 6.0%
Annual discount rate
0.35% - 7.20%
0.36% - 7.98%
As for the demographic assumptions used in measuring the defined benefit liabilities of the Group’s non-Italian companies, the figure used 
as a benchmark for the mortality rate is the standard one for each local population, broken down by age and gender, while for the staff 
turnover rate annual frequencies have been calculated based on the individual companies’ data.
Here below is a quantitative sensitivity analysis for the main assumptions as at 31 December 2020 and 31 December 2019 concerning 
employee benefit obligations of Italian companies, which have the highest impact on total defined benefit obligations: 
(In thousands of Euro)
2020
2019
Change %
Additions
Disposals
Change %
Additions
Disposals
Annual rate of salary increase
+/- 0.5%
28
(26)
+/- 0.5%
28
(27)
Annual discount rate
+/- 0.5%
(395)
426
+/- 0.5%
(401)
433
Mortality rate
+/- 0.025%
(4)
3
+/- 0.025%
(3)
3
Staff turnover rate
+/- 0.5%
(66)
70
+/- 0.5%
(55)
59
The above sensitivity analyses are based on reasonable changes in the key assumptions at the end of the two reporting periods being 
compared. 
Consolidated Financial Statements 
Salvatore Ferragamo Group
292 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

The average number of employees (in terms of full-time equivalents) by category is shown in the following table:
Average staff
 
(Full time equivalent)
2020
2019
Top managers, middle managers and store managers
736.15
747.23
White collars
2,495.34
2,943.95
Blue collars
235.85
297.46
Temporary Agency staff
59.35
122.62
Total
3,526.69
4,111.26
Average staff was down compared to the previous year, accounting also for the reduction in work hours resulting from the use of social 
welfare schemes activated by the various Governments in the countries where the Group operates to support employment in response to 
the Covid-19 pandemic. 
24. Other non current liabilities
The breakdown of the item is set out in the following table:
(In thousands of Euro)
31 December
2020
31 December
2019
Change
2020 vs 2019
Payables for deferred liabilities
12,256
11,188
1,068
Other payables
308
705
(397)
Total
12,564
11,893
671
Payables for deferred liabilities (amounting to 12,256 thousand Euro as at 31 December 2020) largely refer to the straight-lining of the 
amounts received from lessors for the costs incurred to fit out the stores. 
As at 31 December 2020, “Other payables” include 292 thousand Euro in guarantee deposits received for lease contracts (186 thousand 
Euro as at 31 December 2019). 
293
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

25. Lease liabilities
Below are the changes in lease liabilities occurred in 2020 and 2019, broken down between current and non current.
(In thousands of Euro)
Lease liabilities
non current
current
Total
Value at 01.01.2020
559,267
117,062
676,329
Translation difference
(22,883)
(5,084)
(27,967)
Additions
72,772
-
72,772
Disposals
(39,779)
-
(39,779)
Repayment of lease liabilities
-
(93,573)
(93,573)
Interest expense on lease liabilities paid
-
(16,136)
(16,136)
Other changes
(104,977)
101,240
(3,737)
Value at the end of the period
464,400
103,509
567,909
(In thousands of Euro) 
Lease liabilities
non current
current
Total
Value at 31.12.2018
-
-
-
IFRS 16 impact at 01.01.2019
625,406
-
625,406
Translation difference
11,172
269
11,441
Additions
156,729
-
156,729
Disposals
(4,685)
-
(4,685)
Repayment of lease liabilities
-
(114,388)
(114,388)
Interest expense on lease liabilities paid
-
(16,004)
(16,004)
Other changes
(229,355)
247,185
17,830
Value at the end of the period
559,267
117,062
676,329
The average weighted IBR applicable to leases outstanding as at 31 December 2020 was 2.60%. As for the other cash outflows related to 
leases, see note 36 Breakdown by nature of income statement cost items.
Consolidated Financial Statements 
Salvatore Ferragamo Group
294 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

26. Trade payables
The breakdown of trade payables was as follows:
(In thousands of Euro) 
31 December
2020
31 December
2019
Change
2020 vs 2019
Trade payables
134,094
197,460
(63,366)
Advances from customers
2,305
1,474
831
Total
136,399
198,934
(62,535)
Trade payables do not bear interest and usually become due after 60/90 days. 
This item consists of payables relating to the normal commercial activity carried out by Group companies, in particular costs for the purchase 
of raw materials, parts and costs relating to manufacturing.
27. Refund liabilities
Concerning the right of return as per “Revenue from contracts with customers”, the line item “Refund Liabilities” totaled 9,139 thousand 
Euro as at 31 December 2020 (8,720 thousand Euro as at 31 December 2019) and refers to the liability to customers for the amount of the 
products expected to be returned.
28. Interest-bearing loans & borrowings
A breakdown of current and non current interest-bearing loans & borrowings is given below:
(In thousands of Euro)
31 December
2020
31 December
2019
Change
2020 vs 2019
Medium/long-term financial payables to banks
129,302
 - 
129,302
Short-term financial payables to banks
56,698
48,060
8,638
Total
186,000
48,060
137,940
During 2020, in light of the emergency caused by the spread of Covid-19, the Group saw it fit to further strengthen its financial structure by 
increasing its committed lines with diversified counterparties, meeting its financial requirements in the first half of the year with short-term 
debts that were repaid in the second half after entering into a medium/long-term loan agreement with Intesa Sanpaolo S.p.A. in July 2020. 
For details, see the Directors’ report on operations, paragraph “Significant events occurred during the year”. 
295
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

As it has in the past, the Group used a significant part of its cash surplus in order to take out intercompany loans, which are regulated at 
current market conditions. As a result, the following were outstanding as at 31 December 2020: the term loan related to the subsidiary 
Ferragamo Japan K.K., which can be fully repaid at maturity, has been extended, and had a residual maturity of thirty-one months, and the 
new 125,000 thousand Euro term loan related to the Parent company, repayable according to a repayment schedule, and with a final residual 
duration of fifty-five months. The Group’s loans and credit lines are at floating rates. The cost of debt is generally benchmarked to the market 
rate for the period (usually Euribor/Libor or the benchmark of the loan currency on the specific interbank market) increased by a spread 
which depends on the type of credit line used. For term loans with maturity of more than one year, the interest period and the market rate 
used (Euribor/Libor), does not exceed six months, including for drawdowns beyond the year. Drawdowns range from one day to a maximum 
of less than five years (term loans). 
The margins applied are in line with the best market standards.The financial instruments used are:
i) uncommitted credit lines made available in the currency and country of residence of the individual company in order to meet short-term 
financial needs linked to the management of working capital;
ii) short- and medium/long-term committed credit lines, in the form of either revolving credit lines or term loans, negotiated on a bilateral 
basis by the Parent company. 
As at 31 December 2020, committed credit lines had a maximum residual duration of fifty-five months and a weighted average residual 
duration of thirty-two months. The credit lines and the related financial business are spread among leading national and international banks. 
As at the reporting date, drawdowns were below five years.
As far as financial payables to banks are concerned, the following table provides a breakdown by type of the credit lines granted to the Group 
and the relevant uses:
(In thousands of Euro)
31 December 2020
31 December 2019
Agreed
Used
Agreed
Used
Committed credit lines
 532,671 
 151,564 
 188,703 
 28,703 
- Revolving credit lines
 391,859 
 10,752 
 172,301 
 12,301 
- Term loans
 140,812 
 140,812 
 16,402 
 16,402 
Uncommitted credit lines
 426,467 
 34,490 
 520,588 
 19,357 
Total
 959,138 
 186,054 
 709,291 
 48,060 
 
Consolidated Financial Statements 
Salvatore Ferragamo Group
296 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

The following table provides the breakdown and changes in the net financial position as at 31 December 2020 and 31 December 2019, in 
accordance with the model included in CONSOB Communication no. DEM/6064293 of 28 July 2006. 
(In thousands of Euro) 
31 December
2020
31 December
2019
Change
12.20 vs 12.19
A. Cash
901
1,152
(251)
B. Other cash equivalents
326,979
221,180
105,799
C. Cash and cash equivalents (A)+(B)
327,880
222,332
105,548
Derivatives – non-hedging component
287
101
186
Other financial assets
279
-
279
D. Current financial receivables
566
101
465
E. Current bank payables
56,698
48,060
8,638
F. Derivatives – non-hedging component
74
238
(164)
G. Other current financial payables*
107,138
119,301
(12,163)
H. Current financial debt (E)+(F)+(G)
163,910
167,599
(3,689)
I. Current financial debt, net (H)-(C)-(D)
(164,536)
(54,834)
(109,702)
J. Non current bank payables
129,302
-
129,302
K. Derivatives – non-hedging component
-
-
-
M. Other non current payables*
464,400
559,267
(94,867)
N. Non current financial debt (J)+(K)+(M)
593,702
559,267
34,435
O. Net financial debt (I)+(N)
429,166
504,433
(75,267)
* As at 31 December 2020, Other current financial payables included 14,155 thousand Euro in Current lease liabilities to related parties (21,910 thousand Euro as at 31 December 2019). As at 31 December 
2020, Other non current payables included 89,138 thousand Euro in Non current lease liabilities to related parties (99,261 thousand Euro as at 31 December 2019). For more details, please refer to 
note 45 “Transactions with Related Parties”.
Limitations on the use of financial resources
In general, the Group’s committed credit lines (both revolving credit lines and term loans) that are currently outstanding do not require 
compliance with financial covenants. 
One exception is the loan agreement entered into with Intesa Sanpaolo S.p.A. on 24 July 2020, which includes a financial covenant based 
on the ratio of Adjusted net financial debt/(surplus) to restated EBITDA (EBITDA excluding the impact of the introduction of the accounting 
standard IFRS16), to be tested annually starting from 31 December 2021.
Financial covenants are also included in some local loan agreements entered into by Asian companies, even though these are 
uncommitted credit lines. 
As at 31 December 2020, the financial and non-financial covenants were complied with by all the companies involved.
297
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

29. Tax payables
 As at 31 December 2020, tax payables amounted to 25,974 thousand Euro (26,491 thousand Euro as at 31 December 2019) and concerned 
payables for income taxes pertaining to the period, VAT and other taxes due by Group companies. The net 517 thousand Euro decline from 
31 December 2019 was largely attributable to the reduction in tax payables as a result of the payment in 2020 of the amount due under the 
settlement of the tax dispute involving Salvatore Ferragamo S.p.A., which was finalized in November 2019, totaling 9.4 million Euro. This was 
partly offset by the 2,870 thousand Euro recognized by Ferragamo France S.A.S. for the tax audit relating to the tax years 2008-2010 that 
started in 2011 (for details, see the Directors’ report on operations, paragraph “Significant events occurred during the year - Tax and customs 
disputes and audits”), in addition to the increase in the direct tax liability of the other Group companies. 
30. Other current liabilities 
The breakdown of the item “Other current liabilities” is set out in the following table:
(In thousands of Euro) 
31 December
2020 
31 December
2019 
Change
2020 vs 2019
Other payables
17,712
37,382
(19,670)
Payables to social security institutions
4,695
5,224
(529)
Accrued expenses
1,648
2,548
(900)
Deferred income
3,654
3,609
45
Hedging derivatives
1,653
5,554
(3,901)
Total
29,362
54,317
(24,955)
 Other payables mainly include the Group’s payables to employees for amounts accrued but not yet paid at the reporting date (13,378 thousand 
Euro, down from 24,267 thousand Euro as at 31 December 2019). 
The item “payables to social security institutions” refers to payables to social security institutions paid in the month after the reporting period 
and relating to amounts due to employees. 
The item “Hedging derivatives” shows the fair value measurement at the end of the year of outstanding derivatives (hedging component) 
entered into by the Parent company to manage exchange rate risk. For further details, please refer to note 32.
31. Other current financial liabilities
The breakdown of the item “Other current financial liabilities” is set out in the following table:
(In thousands of Euro) 
31 December
2020
31 December
2019
Change
2020 vs 2019
Short-term derivatives
74
238
(164)
Other current financial payables
3,629
2,239
1,390
Total
3,703
2,477
1,226
Consolidated Financial Statements 
Salvatore Ferragamo Group
298 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

“Other current financial payables” include the amount owed by Salvatore Ferragamo S.p.A., totaling 3,629 thousand Euro as at 31 December 
2020, for the purchase price adjustment relating to the acquisition of Arts S.r.l. and Aura 1 S.r.l. that closed in 2020. This amount was paid 
in February 2021. The comparative amount as at 31 December 2019 entirely refers to the measurement of the put option granted to the 
minority shareholders of Ferragamo Japan KK, to sell to Salvatore Ferragamo S.p.A. their 29% investment in the Japanese company, which 
was determined under the terms of the shareholders’ agreement between the parties. As at 31 December 2020, this liability amounted to 
zero, and the change was recognized through the Group’s equity. For further details, please refer to note 43.The item “Short-term derivatives” 
mainly refers to the fair value of financial derivatives with a negative mark to market at the reporting date. For further details, please refer to 
note 32 below.
32. Financial instruments and fair value measurement
The classification of financial instruments under IFRS 9 involves various items. The following table sets out the book value of outstanding 
financial instruments, divided by category, compared to the corresponding fair values, as at 31 December 2020 and 31 December 2019.
Classification of financial instruments and presentation of their fair value
Financial assets
(In thousands of Euro)
31 December 2020
31 December 2019
Book value
Fair Value 
Book value
Fair Value 
Current
 portion
Non current
portion
Current
 portion
Non current
portion
Financial assets at fair value through profit or loss
- Derivatives - non-hedging component
287
-
287
101
-
101
Assets measured at amortized cost
- Receivables from others (M/L term)
892
650
1,542
709
1,150
1,859
- Receivables due from credit cards
6,213
-
6,213
9,234
-
9,234
- Trade receivables
113,909
-
113,909
147,202
-
147,202
- Guarantee deposits
-
15,574
15,574
-
16,939
16,939
- Other current financial assets
279
-
279
-
-
-
Cash and cash equivalents
327,880
-
327,880
222,332
-
222,332
Financial assets at fair value through other 
comprehensive income
- Derivatives - hedging component
6,878
-
6,878
1,466
-
1,466
Total
456,338
16,224
472,562
381,044
18,089
399,133
299
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Financial liabilities
(In thousands of Euro)
31 December 2020
31 December 2019
Book value
Fair Value 
Book value
Fair Value 
Current
 portion
Non current
portion
Current
 portion
Non current
portion
Liabilities measured at amortized cost
- Trade payables and payments on account
136,399
136,399
198,934
-
198,934
- Payables to banks 
56,698
129,302
186,000
48,060
-
48,060
- Other financial payables
3,629
3,629
2,239
2,239
- Guarantee deposits 
108
292
400
67
186
253
- Lease liabilities
103,509
464,400
n/a*
117,062
559,267
n/a*
Financial liabilities at fair value through profit 
or loss
- Derivatives – non-hedging component
74
-
74
238
-
238
Financial liabilities at fair value through other 
comprehensive income
- Derivatives – hedging component
1,653
-
1,653
5,554
-
5,554
Total
302,070
593,994
328,155
372,154
559,453
255,278
* Under the new standard IFRS16, Lease liabilities are not measured at fair value.
The table shows that most outstanding financial assets and liabilities refer to short-term financial items, except for lease liabilities; taking 
into account their nature, the book value of most of these items is a reasonable approximation of their fair value.
In all other cases, fair value is measured according to methods which can be classified as Level 2 of the hierarchy of data significance levels 
used in the fair value calculation as defined by IFRS 13. 
The Group uses internal valuation models, which are generally used in finance, on the basis of prices provided by market participants or 
prices collected on active markets through leading info-providers.
To determine the fair value of derivatives, the Company uses a pricing model based on market interest rate values and exchange rates at the 
measurement date.
“Receivables from others (M/L term)” included receivables due to Ferragamo Parfums S.p.A. from Emanuel Ungaro Italia S.r.l. for advance 
payments under the licensing agreement for the production and distribution of Ungaro-branded fragrances, which was renegotiated in 
July 2017. Under the agreement, both the 892 thousand Euro current portion and 650 thousand Euro non-current portion are to be repaid 
based on a repayment plan, to be calculated in accordance with future royalties. Payments are expected to be made in annual installments 
starting from 2019 through 2023. The fair value was calculated by discounting the nominal amount using the market IRS rates quoted for the 
individual annual maturities, in accordance with the discounted cash flow method. The negative market interest rates for some maturities 
until 2023 were assumed to be zero, resulting in a fair value equal to the nominal amount. Also for “Guarantee deposits” the book value is a 
reasonable approximation of the fair value. There have been no changes in the valuation methods used compared to the previous years or 
transfers from one Level to another in the hierarchy of assets or liabilities measured at fair value.
The Group calculates non-performance risk, i.e. the risk that one of the parties may not fulfill its contractual obligations due to a potential 
default before the derivative expires, both in reference to counterparty risk (Credit Value Adjustment: CVA), and to its own risk (Debt Risk 
Consolidated Financial Statements 
Salvatore Ferragamo Group
300 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Adjustment: DVA), applying it to the market value of the risk-free portfolio. Taking into account the type of derivatives in the portfolio 
(solely sales and purchases through currency forward contracts), the related expiry dates (not over twelve months), and the Group’s and 
counterparties’ ratings, these adjustments are immaterial.
In addition, it should be noted that, in compliance with the ISDA Master Agreements and the existing framework agreements relating to 
derivatives, it is generally possible to offset (through netting) all the outstanding financial assets and liabilities arising from these derivatives.
The table summarizes the effects on the income statement and shareholders’ equity in reference to each category of outstanding financial 
instruments for the Group in the years 2020 and 2019.
(In thousands of Euro)
2020
2019
Net gains/(losses) on financial instruments recognized in profit or loss:
- Financial assets/liabilities held for trading
9,977
(18,069)
- Derivatives – hedging component
6,734
(8,894)
Net gains/(losses) on financial instruments recognized in shareholders’ equity:
- Derivatives – hedging component
7,398
3,354
Interest income/expense (calculated using the internal rate of return method) accrued on financial assets/liabilities  
not at FVTPL 
- Interest income
9,457
1,537
- Interest expense
2,042
2,519
- Interest expense on lease liabilities
15,986
17,830
Expenses and fees not included in the effective interest rate 
- regarding financial liabilities
857
325
Interest income accrued on financial instruments written-off
Provisions for impairment on financial assets
- Receivables/loans
528
145
301
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Comments on the main income statement items
 For a better understanding of the development in income statement items, reference should also be made to the comments in the Directors’ 
report on operations relating to the comparison between the data for 2020 and 2019.
33. Revenues from contracts with customers 
In the years ended 31 December 2020 and 31 December 2019, revenues totaled 913,572 thousand Euro and 1,372,449 thousand Euro, 
respectively. The tables below provide the breakdown by channel and geographical area of the main categories of revenues from contracts 
with customers for the years 2020 and 2019. 
2020
(In thousands of Euro) 
Retail
Wholesale
Licenses and 
services
Total Revenues 
from contracts 
with customers
Europe
69,240
124,003
6,472
199,715
North America
131,432
58,553
398
190,383
Japan
84,940
4,512
1
89,453
Asia Pacific
314,094
66,675
224
380,993
Central and South America
37,377
15,357
294
53,028
Total
637,083
269,100
7,389
913,572
2019
(In thousands of Euro) 
Retail
Wholesale
Licenses and 
services
Total Revenues 
from contracts 
with customers
Europe
164,059
173,310
9,874
347,243
North America
214,484
97,993
591
313,068
Japan
108,287
10,154
12
118,453
Asia Pacific
353,734
156,992
587
511,313
Central and South America
58,921
22,923
528
82,372
Total
899,485
461,372
11,592
1,372,449
The Group discloses the disaggregation of revenue using a quali-quantitative approach. 
The Group recognizes revenue from the sale of goods through both the retail and wholesale channels when control over the asset is 
transferred to the customer, generally upon delivery; in the case of licenses and services, revenue is recognized when the service is rendered 
to customers.
The item “Licenses and services” includes royalties deriving from the license contract with the Marchon Group for the production and 
distribution of glasses (“Salvatore Ferragamo” brand) and with the Timex Group for the production and distribution of watches (“Salvatore 
Ferragamo” brand). Revenues from royalties are accounted for based on the stage of completion of the licensee’s sale. 
Consolidated Financial Statements 
Salvatore Ferragamo Group
302 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

34. Rental income investment properties
Rental income investment properties were wholly due to the Ferragamo USA Group for the lease of space in owned or leased and sub-leased 
properties. In 2020, they amounted to 2,253 thousand Euro, down 2,559 thousand Euro from 4,812 thousand Euro in 2019, as some real 
estate leases came to an end during the reporting period. 
35. Cost of goods sold and operating costs
 Cost of goods sold and operating costs in the years ended 31 December 2020 and 31 December 2019 totaled 1,000,722 thousand Euro and 
1,248,354 thousand Euro, respectively, and were classified by function as follows: 
(In thousands of Euro)
2020
2019
Change  
2020 vs 2019
Cost of goods sold
350,284
483,767
(133,483)
Style, product development and logistics costs
35,868
50,292
(14,424)
Sales & distribution costs
414,906
482,315
(67,409)
Marketing & communication costs
54,246
79,676
(25,430)
General and administrative costs
122,154
127,837
(5,683)
Other operating costs
23,264
24,467
(1,203)
Total
1,000,722
1,248,354
(247,632)
Costs were down 19.8% compared to 2019 as a direct consequence of the reduction in revenues and the steps taken by the Group’s 
management to mitigate the negative impacts of the economic crisis caused by the Covid-19 pandemic.
36. Breakdown by nature of income statement cost items
 The breakdown by nature of the cost of goods sold and operating costs is set out in the following table:
(In thousands of Euro)
2020
2019
Change  
2020 vs 2019
Raw materials, finished products and consumables used
208,549
266,670
(58,121)
Costs for services
359,902
536,954
(177,052)
Personnel costs
187,240
234,431
(47,191)
Amortization and depreciation of tangible and intangible assets
67,085
67,278
(193)
Depreciation of right-of-use assets
119,612
118,334
1,278
Write-downs of tangible/intangible assets
35,070
220
34,850
Other charges
23,264
24,467
(1,203)
Total
1,000,722
1,248,354
(247,632)
303
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Costs for services and personnel costs were sharply down from 31 December 2019 as a consequence of: the steps promptly taken by the 
Group to curb costs – including, among others, applying for state aid aimed at supporting employment in the various countries in which the 
Group operates, where available, and negotiating the terms and conditions of the leases of its distribution network; and the reduction in 
variable costs associated with the contraction in revenues.
The following table shows the impacts of leases on profit or loss, broken down by nature, in the years 2020 and 2019:
(In thousands of Euro)
2020
% of Total
2019
% of Total
Change  
2020 vs 2019
Depreciation of right-of-use assets
119,612
67.7%
118,334
56.0%
1,278
Interest and expenses on lease liabilities
15,996
9.1%
17,830
8.4%
(1,834)
Income from lease liabilities
(1,622)
(0.9%)
(78)
 - 
(1,544)
Costs relating to short-term leases
8,126
4.6%
13,722
6.5%
(5,596)
Costs relating to low-value leases
552
0.3%
656
0.3%
(104)
Costs relating to leases with variable payments not included  
in the measurement of lease liabilities
53,786
30.4%
61,017
28.8%
(7,231)
Lease payment reductions
(19,729)
(11.2%)
-
 - 
(19,729)
Total
176,721
100.0%
211,481
100.0%
(34,760)
Some of the Group’s leases contain variable lease payments linked to the revenues generated by stores (DOS), inside leased premises that 
are not included in the measurement of leases, in accordance with the accounting standard IFRS 16, and are recognized on an accrual basis. 
As at 31 December 2020, overall variable lease payments accounted for 30.4% of the total expense recognized in profit or loss associated 
with leases either included or not in the lease liability as per the accounting standard IFRS 16. Variable lease payments depend on sales, and 
therefore the Group’s performance in subsequent years. The Group estimates that in the future variable lease payments will continue to be 
proportionate to the sales of finished goods.
To curb the negative impacts of the Covid-19 pandemic, the Group entered into important negotiations to revise the terms and conditions 
of the leases of its distribution network, resulting in a 19,729 thousand Euro positive variable lease payment in 2020 that was directly 
recognized through profit or loss – rather than as a lease modification. This accounting treatment is consistent with the amendment to IFRS 
16 relating to renegotiations resulting from the Covid-19 pandemic.
In general, the Group’s lease contracts include terms that prohibit subleasing the leased asset, but do not require the Group to comply with 
financial covenants. 
The Group does not have termination options that it intends to exercise but did not consider when measuring the lease liability. With respect 
to renewal options, under its accounting policy for determining the lease term the Group considered the renewal options it intends to exercise.
The Group reports commitments for short-term leases expected for 2021 in line with those reported in the 2020 income statement. 
Consolidated Financial Statements 
Salvatore Ferragamo Group
304 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

37. Other income and revenues
Other income and revenues are broken down as follows:
(In thousands of Euro)
2020
2019
Change  
2020 vs 2019
Expense recovery
3,156
3,713
(557)
Rental income from operating properties
25
433
(408)
Advertising contributions
6
13
(7)
Other income and revenues
13,967
13,350
617
Gains on disposal of tangible/intangible assets 
8
83
(75)
Windfall profit 
6,194
3,199
2,995
Total
23,356
20,791
2,565
Other income, totaling 23,356 thousand Euro, climbed 2,565 thousand Euro from 31 December 2019. The change was largely attributable 
to the increase in Windfall profit, which included the 4.1 million Euro refund that Ferragamo USA Inc. received for excess import duties paid 
between 1995 and 1997, as the request filed in 1999 was fully granted.
38. Financial operations
 Financial operations are broken down as follows:
Financial charges
 
(In thousands of Euro) 
2020
2019
Change  
2020 vs 2019
Interest expense
1,577
1,638
(61)
Discount charges and other financial charges
2,074
2,101
(27)
Interest expense on lease liabilities
15,986
17,830
(1,844)
Expenses on lease liabilities
10
-
10
Losses on exchange rate differences
43,385
19,844
23,541
Financial charges for fair value adjustment of derivatives
17,509
23,028
(5,519)
Total
80,541
64,441
16,100
305
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Financial income
 
(In thousands of Euro)
2020
2019
Change  
2020 vs 2019
Interest income
8,794
874
7,920
Other financial income
663
663
-
Income from lease liabilities
1,622
78
1,544
Gains on exchange rate differences
23,692
25,303
(1,611)
Financial income for fair value adjustment of derivatives
27,486
4,959
22,527
Total
62,257
31,877
30,380
The item Interest expense includes mainly interest on short-term bank loans and, to a lesser extent, on medium and long-term bank loans.
The item “Discount charges and other financial charges” refers mainly to bank charges and, to a lesser extent, to financial charges on 
employee benefits, in relation to the valuation of defined-benefit plans pursuant to IAS 19, and discount charges.
Interest expense on lease liabilities – which the Group started recognizing as of 1 January 2019, following the introduction of the accounting 
standard IFRS 16 – amounted to 15,986 thousand Euro.
In 2020, interest income included 7,530 thousand Euro received by Ferragamo USA Inc. for the refund of excess import duties paid between 
1995 and 1997, as the request filed in 1999 was fully granted; the refund of import duties, amounting to 1,816 thousand Euro net of the 
relevant legal fees, was recognized under net operating costs.
Gains and losses on exchange rate differences were recorded mainly by the Parent company Salvatore Ferragamo S.p.A., and derive from 
sales in currencies other than the Euro, to both Group companies (intercompany level) and to third parties. In 2020, the Group reported 
19,693 thousand Euro in net exchange rate losses, compared to net exchange rate gains of 5,459 thousand Euro in 2019. 
Financial income/(charges) for fair value adjustment of derivatives refer to the premium or discount on transactions to hedge the exchange 
rate risk undertaken by the Parent company and the changes in the fair value of non-hedge derivatives and are closely related to net gains 
and losses on exchange rate differences. In 2020, the Group reported 9,977 thousand Euro in net financial income for fair value adjustment 
of derivatives, compared to 18,069 thousand Euro in net financial charges in 2019.
Consolidated Financial Statements 
Salvatore Ferragamo Group
306 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

39. Income Taxes
 The taxes recorded in the income statement were as follows:
 
 
 
(In thousands of Euro)
2020
2019
Change  
2020 vs 2019
Current taxes
(18,387)
(42,571)
24,184
Deferred taxes
28,032
15,395
12,637
Use/(Provision) for taxes from previous years
(2,844)
6,704
(9,548)
Taxes from previous years
1,328
(9,297)
10,625
Total
8,129
(29,769)
37,898
Tax rate
na
25.4%
 
The 79,825 thousand Euro loss before taxes gave rise to a positive 8,129 thousand Euro in income taxes, mainly because of the positive 
impact of deferred tax assets. These were largely attributable to the deferred tax assets recognized on tax losses by Salvatore Ferragamo 
S.p.A. and other entities of the Groups as well as on the provision for obsolete inventory. The Group’s tax rate had been 25.4% in 2019. In 
2019, current taxes included the tax benefit of the Parent company Salvatore Ferragamo S.p.A. for direct taxes (IRES and IRAP) related to 
the so-called “Patent Box”, with an impact of 10,218 thousand Euro; in 2020, the Company notified the Inland Revenue Office that it would 
withdraw its application for an extension, thus intending to enter into the “Patent Box” self-assessment regime and assess the amount of 
the benefit on its own. No reduction in direct tax expense is expected for 2020, as Salvatore Ferragamo S.p.A. reported a tax loss for the 
year. For more details, please refer to “Significant events occurred during the year - Patent Box and Research and Development, Design, and 
Innovation Credits”.
The item Provision for taxes from previous years , totaling 2,844 thousand Euro in 2020, included 2,870 thousand Euro set aside by 
Ferragamo France S.A.S. for the tax audit relating to the tax years 2008-2010 that started in 2011; for more details, see the Directors’ report 
on operations, paragraph “Significant events occurred during the year - Tax and customs disputes and audits”. The item Taxes from previous 
years, totaling 1,328 thousand Euro, largely refers to the greater Patent Box benefit recognized by Salvatore Ferragamo S.p.A. for 2015 as 
a result of the restatement of taxable income assessed and agreed under the settlement entered into in November 2019 with the Inland 
Revenue Office, which required the Company to file a supplementary tax return for the year 2015. For more details, see the Directors’ report 
on operations, paragraph “Significant events occurred during the year - Proceedings settled with the Inland Revenue Office”.
Deferred taxes include the recognition in the year of deferred tax assets on tax losses totaling 11,968 thousand Euro, mainly related to 
Salvatore Ferragamo S.p.A.. 
 
307
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Deferred tax assets and liabilities
The following table provides a breakdown by nature of the assets and liabilities for deferred taxes as at 31 December 2020 and 31 
December 2019.
(In thousands of Euro) 
31 December 
2020
31 December 
2019
31 December 
2020
31 December 
2019
2020
2019
Statement of financial position
Other Comprehensive Income
Income statement
Deferred tax assets
 
 
 
 
 
 
 - on employee benefits
1,483
1,533
984
868
(109)
118
 - on tangible assets
10,498
7,653
 - 
 - 
3,635
1,102
 - on intangible assets
215
1,113
 - 
 - 
(898)
44
 - on right-of-use assets and lease liabilities
14,849
16,578
 - 
 - 
(534)
15,424
 - on the cash flow hedge reserve
 - 
 - 
 - 
158
158
550
 - on the valuation of inventories
17,867
12,403
 - 
 - 
5,979
876
 - on the elimination of the profit unrealized  
in inventories
48,747
46,867
 - 
 - 
1,880
11,122
 - on tax losses 
12,528
560
 - 
 - 
11,968
(617)
 - on taxed provisions
2,793
3,582
 - 
 - 
(657)
946
 - for other temporary differences
10,676
6,447
 - 
 - 
4,604
(14,178)
Deferred tax assets
119,656
96,736
984
1,026
26,026
15,387
Deferred tax liabilities
 
 
 
 
 
 
 - on employee benefits
(32)
(97)
 - 
 - 
65
(22)
 - on tangible assets
(336)
(373)
 - 
 - 
23
217
 - on right-of-use assets and lease liabilities
(130)
 - 
 - 
 - 
(135)
 - 
 - on intangible assets
(1,613)
 - 
 - 
 - 
167
 - 
 - on the cash flow hedge reserve
(1,616)
(274)
(1,618)
 - 
276
(274)
 - on the valuation of inventories
(2,249)
(2,433)
 - 
 - 
185
13
 - for other temporary differences
(967)
(2,393)
 - 
 - 
1,425
74
Deferred tax liabilities
(6,943)
(5,570)
(1,618)
-
2,006
8
Net effect
112,713
91,166
(634)
1,026
28,032
15,395
Deferred taxes reflect the net tax effect of temporary differences between the book value and the taxable amount of assets and liabilities. 
The accounting of assets for deferred taxes was duly adjusted to take account of the effective possibility to be realized.
Consolidated Financial Statements 
Salvatore Ferragamo Group
308 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Deferred tax assets on previous tax losses, recognized after assessing the actual probability that future taxable profit will be available against 
which they can be utilized, as at 31 December 2020 and 31 December 2019 were as follows:
31 December 2020
Expiry
(In thousands of Euro)
Previous tax 
losses
Tax rate 
Deferred tax 
assets
Without time limits
52,172
24.01%
12,528
Total
52,172
24.01%
12,528
31 December 2019
Expiry
(In thousands of Euro)
Previous tax 
losses
Tax rate 
Deferred tax 
assets
Without time limits
981
25.00%
245
Over 5 years
1,028
30.62%
315
Total
2,009
27.87%
560
The following table shows the tax losses of Group companies as at 31 December 2020 and 31 December 2019 on which deferred tax assets 
have not been calculated, as it is not probable that future taxable profit will be available against which the Group can utilize the relevant 
benefits, along with the relevant expiry dates:
31 December 2020
(In thousands of Euro) 
Expiry
Without time 
limits
Within 1 year
1 to 3 years
3 to 5 years
over 5 years
140,594
94,327
3,887
4,651
13,524
24,205
31 December 2019
(In thousands of Euro)
Expiry
Without time 
limits
Within 1 year
1 to 3 years
3 to 5 years
over 5 years
122,142
79,160
6,070
6,626
6,702
23,584
309
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

The reconciliation between the theoretical tax charge and the effective tax charge is as follows:
(In thousands of Euro)
2020
2019
Profit before taxes
(79,825)
117,134
IRES rate in force for the year
(24.0%)
(24.0%)
Theoretical tax charge
19,158
(28,112)
IRAP effect 
(11)
(6,427)
(Non-deductible costs) net of non-taxable income
(6,720)
(19)
Differences arising from different rates – foreign countries
(1,050)
2,480
Other effects
3,851
(3,128)
Effects from non-registration of deferred taxes
(5,945)
(3,085)
Patent Box impact (IRES and IRAP)
-
10,218
Research and Development Tax Credit impact (IRES-IRAP)
362
897
Effect of (allocation to)/use of the provision for risks and charges for taxes from previous years
(2,844)
6,704
Effect of taxes from previous years 
1,328
(9,297)
Total differences
(11,029)
(1,657)
Total taxes from the income statement
8,129
(29,769)
Effective tax rate
(10.2%)
(25.4%)
40. Earnings per share
As required by IAS 33, information is provided on the data used to calculate the earnings per share and the diluted earnings per share. The 
basic earnings per share is calculated by dividing the profit or loss for the period attributable to the shareholders of the Parent company by 
the weighted average number of outstanding shares during the reporting period, considering also the weighted average impact of treasury 
shares during the reporting period.
Below are the amounts used to calculate basic and diluted earnings per share.
 
 
 
 
2020
2019
Net profit (loss) – shareholders of the Parent company (Euro)
(66,396,670)
87,281,193
Average number of ordinary shares
168,640,000
168,698,181
Basic earnings per share – ordinary shares (Euro)
(0.394)
0.517
Diluted average number of ordinary shares
168,640,000
168,698,181
Diluted earnings per share – ordinary shares (Euro)
(0.394)
0.517
 
 
 
Consolidated Financial Statements 
Salvatore Ferragamo Group
310 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Other information
41. Dividends 
On 10 March 2020, the Company’s Board of Directors resolved to propose that the Shareholders’ Meeting convened for 21 April 2020 
distribute a dividend of 0.34 Euro per ordinary share.
On 6 April 2020, acknowledging that the global economic outlook has changed significantly since the Board met on 10 March 2020 following 
the outbreak of the Covid-19 pandemic, the Board of Directors, after resolving to postpone the Shareholders’ Meeting to 8 May 2020, in order 
to support the financial soundness of the Group and mitigate future economic-financial impacts, also resolved to withdraw the proposal for 
the distribution of dividends out of the Company’s profits for the year 2019, already approved on 10 March 2020 and disclosed to the market 
on the same date, and to propose that the Shareholders’ Meeting allocate Salvatore Ferragamo S.p.A.’s 124,211,203 Euro profit for the year 
2019 to the extraordinary reserve. 
Pursuant to the resolution passed by the Shareholders’ Meeting on 8 May 2020, the Parent Company Salvatore Ferragamo S.p.A. allocated 
the 124,211,203 Euro profit for the year to 2019 to the extraordinary reserve.
Other Group companies with third-party minority shareholders did not approve and/or pay any dividends during 2020. 
42. Share-based payments 
Stock Grant Plan
 (a) Plan Description
In order to adopt a medium/long-term incentive system based on the financial instruments of Salvatore Ferragamo S.p.A. for the top 
management of the Salvatore Ferragamo Group, at the proposal of the Nomination and Remuneration Committee, during 2016 the Board of 
Directors approved a specific plan (the 2016-2020 Stock Grant Plan or, in short, the Plan) with the characteristics described below and that 
ended in June 2020. For more details on the Plan’s objectives, scope, and term as well as the method for measuring fair value, please refer 
also to the Annual Report as at 31 December 2019 (note 40 of the Consolidated Financial Statements).
Plan Aims
The objectives the Company aimed to achieve by implementing the Plan can be identified in providing incentives for the key personnel of the 
Group, thus encouraging their loyalty to the Group, through the allocation of instruments representing the value of the Company and which 
can (i) align the remuneration of top managers who are the beneficiaries of the Plan with the interests of shareholders and the provisions 
of the Corporate Governance Code for listed companies drafted by Borsa Italiana S.p.A., (ii) retain the Group’s key personnel, and (iii) help 
management to take decisions aimed at creating further value for the Group in the medium-long term.
Object of the Plan
The Plan was divided into two Cycles:
• 1st cycle: Performance Period 2016/2017/2018;
• 2nd cycle: Performance Period 2017/2018/2019.
The Plan involved the following:
- granting Beneficiaries the Options to subscribe for up to a maximum of 600,000 ordinary shares in the Parent company Salvatore 
Ferragamo S.p.A. over the two cycles; 
- a three-year Performance Period for each cycle (1st cycle: 2016/2018 three-year period – 2nd cycle: 2017/2019 three-year period);
- granting the Shares contingent on a review by the Board of Directors of the Performance Targets achieved in each three-year cycle 
(2016/2018 - 2017/2019);
- that, at the date of the grant, there had to be a Relationship between the beneficiary and the Company or one of its subsidiaries (i.e. an 
employment and/or partnership and/or administrative relationship).
311
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

The Board of Directors set and approved the performance targets for each Cycle – specifically, on 30 June 2016 for the first Cycle and on 22 
June 2017 for the Second Cycle.
The performance period was from 1 January 2016 through 31 December 2018 for the First Cycle, and from 1 January 2017 through 31 
December 2019 for the Second Cycle.
Specifically, the Board of Directors had set two targets for both Cycles, and each of them accounted for 50% of the total options granted:
A. Total Shareholder Return (“TSR”) compared to a peer group. The number of shares for the portion related to this measure would have 
been granted based on the Company’s TSR compared to its peers. All or part of the shares would have been granted only if the TSR of 
the Company were positive and at least equal to the median of the peer group (so-called market condition), as shown in the table below.
B. Consolidated gross profit (before taxes). This target would have been measured using the three-year average of the actual consolidated 
gross profit (before taxes) compared to the three-year average of consolidated gross profit (before taxes) defined in the annual Budgets. 
The number of shares to be granted would have been based on the above ratio as shown in the following table (so-called non market 
condition).
Here below is how the shares would have been granted in both Cycles based on the performance targets met, with each one of them 
accounting separately for 50% of the options:
A. Total Shareholder Return (TSR)
Percentage of vesting options
TSR_SF lower than MEDIAN
0%
TSR_SF = MEDIAN
50%
TSR_SF = THIRD QUARTILE 
100%
TSR_SF higher than THIRD QUARTILE 
100%
B. Consolidated gross profit (before taxes) versus 2016 - 2017- 2018 Budget (1st Cycle) and versus 2017-2018  
and 2019 Budget (2nd Cycle)
Percentage of vesting options
Gross Profit Performance Measure lower than 90%
0%
Gross Profit Performance Measure = 90%
50%
Gross Profit Performance Measure = 100%
100%
Gross Profit Performance Measure higher than 100%
100%
The shares to service the Plan (which would have been granted by the Board of Directors at the end of each Performance Period for the two 
Cycles – 2016/2018 and 2017/2019 – contingent on the achievement of the performance targets) would have arisen, in whole or in part, from 
a specific free Share Capital increase of up to 600,000 ordinary shares amounting to 60,000 Euro, in accordance with article 2349, paragraph 
1 of the Italian Civil Code, submitted to the approval of the Extraordinary Shareholders’ Meeting of 21 April 2016 and/or, alternatively, through 
the grant of any treasury shares held by the Company Salvatore Ferragamo S.p.A. at the date of the grant.
At the meetings held on 30 June 2016, 2 August 2016, and 14 March 2017, as part of the 1st cycle, and 22 June 2017 as well as 8 March 2018, as 
part of the 2nd cycle, the Board of Directors, with the favorable opinion of the Nomination and Remuneration Committee, had granted 565,000 
rights to receive ordinary shares in Salvatore Ferragamo S.p.A. to managers of both Salvatore Ferragamo S.p.A. and some of its subsidiaries 
(Ferragamo Hong Kong Ltd, Ferragamo USA Inc., Ferragamo Parfums S.p.A., Ferragamo Mexico S. de R.L. de C.V., and Ferragamo Japan K.K.). 
Consolidated Financial Statements 
Salvatore Ferragamo Group
312 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Expiry of the Plan
At the meeting held on 18 June 2019, with respect to the 1st Cycle of the 2016-2020 Stock Grant Plan, which was set to end on 30 June 
2019, the Board of Directors of Salvatore Ferragamo S.p.A., having heard the Nomination and Remuneration Committee, confirmed that the 
performance targets of said Plan were not achieved and resolved to close the 1st Cycle of the 2016-2020 Stock Grant Plan without granting 
any shares in Salvatore Ferragamo S.p.A..
At the meeting held on 25 June 2020, with respect to the 2nd Cycle of the 2016-2020 Stock Grant Plan, which was set to end on 30 June 
2020, the Board of Directors of Salvatore Ferragamo S.p.A, after confirming that the performance targets of said Plan were not achieved, with 
the favorable opinion of the Nomination and Remuneration Committee, resolved to close also the 2nd Cycle of the 2016-2020 Stock Grant 
Plan without granting any shares in Salvatore Ferragamo S.p.A..
The following table shows the changes in the number of rights assigned to receive shares as part of the 2nd Cycle during the period. 
Changes in the period of the number of rights assigned to receive shares*
(i) outstanding at the start of the year
105,000
(ii) assigned in the period 
-
(iii) canceled in the period 
5,000
(iv) exercised in the period 
-
(v) expired in the period (2nd cycle)
100,000
(vi) outstanding at the end of the period
-
(vii) exercisable at the end of the period 
-
* The average price for the period has not been indicated since it is a plan with free assignment of shares.
313
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

(b) Changes to the Stock Grant Reserve in the year
31 December 2020
31 December 2019
Number
Fair Value 
(In thousands of 
Euro)
Number
Fair Value 
(In thousands of 
Euro)
Rights to receive shares assigned to the top managersof Salvatore Ferragamo S.p.A.
 
 
 
 
- at the start of the year
70,000
387
120,000
753
- assigned in the year
-
-
-
-
- canceled in the period
5,000
29
-
-
- expired in the period 
65,000
432
50,000
159
- at the end of the period
-
-
70,000
387
Rights to receive shares assigned to the subsidiaries’ top managers
 
 
 
 
- at the start of the year
35,000
184
60,000
431
- assigned in the period
-
-
-
-
- canceled in the period
-
-
-
-
- expired in the period 
35,000
219
25,000
111
- at the end of the period
-
-
35,000
184
Total rights to receive shares assigned to Ferragamo Group’s top managers
 
 
 
 
- at the start of the year
105,000
571
180,000
1,184
- assigned in the period
-
-
-
-
- canceled in the period
5,000
29
-
-
- expired in the period 
100,000
651
75,000
270
- at the end of the period 
-
-
105,000
571
(c) Fair value measurement
Considering the above assignment mechanism, it was necessary for two fair value assessments to be made:
• assessment A, which considers the market condition (TSR). In this case, the fair value of the shares at the beginning of the vesting period 
of the rights was calculated using a Monte Carlo simulation model;
• assessment B, which considers the non-market condition (Consolidated gross profit before taxes). 
Consolidated Financial Statements 
Salvatore Ferragamo Group
314 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Here below are the main assumptions used in the assessments made for the three start dates of the 1st Cycle’s vesting period:
Start date of the vesting period of the Rights
 4 July 2016
2 August 2016
14 March 2017
Assess. A (TSR)
Assess. B 
(CGP before 
Taxes)
Assess. A (TSR)
Assess. B 
(CGP before 
Taxes)
Assess. A (TSR)
Assess. B 
(CGP before 
Taxes)
Share price at the vesting period start date (in Euro)
18.56
18.56
20.57
20.57
28.20
28.20
- Expected volatility* 
33%
-
33%
-
32%
-
- Expected volatility of the share price of similar companies
20% <X<39%
- 20% <X<39%
- 20% <X<38%
-
- Correlation of the share price between Ferragamo and similar 
companies
33%
-
33%
-
30%
-
- Expected dividends
1.96%
1.96%
2.02%
2.02%
2.13%
2.13%
- Risk-free interest rate**
(0.61%)
-
(0.58%)
-
(0.75%)
-
Fair Value per share at the vesting period start date (in Euro)
7.189
17.686
9.255
19.6
17.506
27.15
*	 Expected volatility is based on the historic share price volatility in a period equal to the whole vesting period. 
** The risk-free interest rate has been identified at each grant date as the yield on Euro Area government bonds at the start date of the vesting period for a period equal to the remaining term of the Plan.
Here below are the main assumptions used in the assessments made for the start date of the 2nd Cycle’s vesting period.
Start date of the vesting period of the Rights
22 June 2017 
8 March 2018 
Assessment A 
(TSR)
Assessment B (CGP 
before Taxes)
Assessment A 
(TSR)
Assessment B (CGP 
before Taxes)
Share price at the vesting period start date (in Euro)
25.46
25.46
21.70
21.70
- Expected volatility* 
33%
-
31%
-
- Expected volatility of the share price of similar companies
20% <X<38%
-
18% <X<40%
-
- Correlation of the share price between Ferragamo and similar companies
30%
-
32%
-
- Expected dividends
1.98%
1.98%
1.91%
1.91%
- Risk-free interest rate**
(0.56%)
-
(0.56%)
-
Fair Value per share at the vesting period start date (in Euro)
13.8455
24.2311
5.64
20.97
*	 Expected volatility is based on the historic share price volatility in a period equal to the whole vesting period. 
** The risk-free interest rate has been identified at each grant date as the yield on Euro Area government bonds at the start date of the vesting period for a period equal to the remaining term of the plan.
315
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

43. Put and call agreements on minority interests
In recent years the Salvatore Ferragamo Group has expanded largely through internal growth. In some areas, mainly in Asia, it has also grown 
through partnerships with local distributors. In relation to these partnerships, the Shareholders’ Agreements regulate dealings between the 
partners, define the governance rules and contain some provisions on put and call options which shareholders can exercise under certain 
conditions.
The subsidiaries involved in these kinds of agreements are Ferragamo Japan K.K., Ferrimag Limited, Ferragamo Moda (Shanghai) Co. Ltd., 
and Ferragamo Retail Macau Limited. 
Below are the details on the agreements on minority interests and the effects of the options which have been recognized in the consolidated 
financial statements as at 31 December 2020. 
Ferragamo Japan K.K.’s Shareholders’ Agreement allows minority shareholders, collectively holding a 29% stake, to sell their shares to 
Salvatore Ferragamo S.p.A. at a contractually set price in the case of proven financial need or in the case of a change in their investment 
strategies in the luxury sector. Consequently, since the financial statements as at 31 December 2010, the Group has been recognizing a 
financial liability to take into account the possibility of minority shareholders exercising the put option on their 29% stake. Since the Salvatore 
Ferragamo Group believes it does not have access to the economic benefits associated with this interest, at each measurement date, any 
changes in the value of the put are recognized directly in equity.
44. Segment reporting
Accounting Standard IFRS 8 – Operating segments requires that detailed information is provided for each operating segment, understood as 
a component of an entity whose operating results are regularly reviewed by the entity’s top management to make decisions about resources 
to be allocated to the segment and assess its performance. 
At management level, the organization of the Salvatore Ferragamo Group is based on a matrix structure, divided by distribution channel, 
geographic area and product category, therefore operating segments cannot be identified and the top management reviews financial 
performance across the Group as a whole. Therefore, the Group’s activity has been represented as a single reportable segment pursuant to 
IFRS 8.
(In thousands of Euro)
2020 
2019
Retail revenues
637,083
899,485
Wholesale revenues
269,100
461,372
Licenses and services
7,389
11,592
Rental income investment properties 
2,253
4,812
Revenues
915,825
1,377,261
of which in Italy
90,605
138,187
Gross profit
565,541
893,494
Gross profit %
61.8%
64.9%
Personnel costs
(175,835)
(219,966)
Rental costs
(58,082)
(93,074)
Amortization, depreciation and write-downs of non current assets
(220,486)
(184,558)
Communication costs
(48,380)
(70,600)
Other costs (net of other income)
(124,299)
(175,598)
Operating profit/(loss)
(61,541)
149,698
Net financial (charges)/income
(18,284)
(32,564)
Profit before taxes
(79,825)
117,134
Income Taxes
8,129
(29,769)
Net profit/(loss) 
(71,696)
87,365
EBITDA*
160,226
335,530
* As regards the definition of EBITDA, reference should be made to the specific paragraph in the Directors’ report on operations on alternative performance measures.
Consolidated Financial Statements 
Salvatore Ferragamo Group
316 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

(In thousands of Euro)
31 December 
2020
31 December 
2019
Inventories and Right of return assets
346,181
395,004
Trade receivables
113,909
147,202
Tangible assets and investment property
214,945
290,896
Right-of-use assets
475,240
576,455
Intangible assets with a finite useful life and goodwill
45,570
42,484
Other assets
189,666
169,404
Total assets gross of cash and cash equivalents and current financial receivables
1,385,511
1,621,445
Net financial debt
429,166
504,433
Trade payables and Refund Liabilities
145,538
207,654
Other liabilities
101,111
124,093
Shareholders’ equity
709,696
785,265
Total liabilities and shareholders’ equity (net of cash and cash equivalents and current financial receivables)
1,385,511
1,621,445
As regards the information required by IFRS 8, reference should be made to the Directors’ report on operations for details and the relevant 
comments on revenues, broken down by geographical area, distribution channel and product category. 
Below is the information relating to non current assets (excluding financial instruments and deferred tax assets) broken down by 
geographical area.
(In thousands of Euro)
Italy
Europe 
(excluding Italy)
North America
Japan
Asia - Pacific
Central and 
South America
Consolidated
31 December 2020
249,658
168,254
160,559
18,877
147,543
8,956
753,847
31 December 2019
269,364
204,800
219,750
36,943
185,659
12,900
929,416
317
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

45. Transactions with related parties
This section describes the transactions with related parties undertaken in the years ended 31 December 2020 and 31 December 2019.
31 December 2020
(In thousands of Euro) 
Revenues
Operating 
costs (net of 
other income)
Financial 
charges
Right-of-
use assets
Trade 
receivables
Other 
assets
Trade 
payables
Other 
current 
liabilities
Lease 
liabilities
Holding company:
Ferragamo Finanziaria S.p.A. (company which exercises management and 
coordination on Salvatore Ferragamo S.p.A.)
 - 
(81)
(25)
668
 - 
2,690
 - 
 - 
(690)
Related companies 
 
 
 
 
 
 
 
 
 
Palazzo Feroni Finanziaria S.p.A.
30
(6,370)
(1,603)
42,969
2
70
(133)
 - 
(45,426)
Lungarno Alberghi S.r.l.
39
(1,782)
(727)
18,805
 - 
 - 
(1)
 - 
(20,254)
Ferragamo Foundation
2
(170)
 - 
 - 
 - 
 - 
(50)
 - 
 - 
Companies connected to members of the Board of Directors
Arpa S.r.l.
 - 
(31)
 - 
 - 
2
 - 
(19)
 - 
 - 
Bacco S.r.l.
 - 
(3)
 - 
8
 - 
 - 
 - 
 - 
(8)
Baia di Scarlino S.r.l.
6
 - 
 - 
 - 
2
 - 
 - 
 - 
 - 
Caretti & Associati S.r.l.
 - 
(202)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Castiglion del Bosco S.a.r.l.
 - 
(21)
 - 
 - 
 - 
 - 
(11)
 - 
 - 
Castiglion del Bosco Hotel S.r.l.
1
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Il Borro S.r.l. Company agricola
2
2
 - 
 - 
3
 - 
 - 
 - 
 - 
The European House Ambrosetti S.p.A.
 - 
(12)
 - 
 - 
 - 
 - 
(8)
 - 
 - 
Prisma Property Investment Management S.r.l.
1
 - 
 - 
 - 
1
 - 
 - 
 - 
 - 
Vivia di Vivia Ferragamo & C. SAS
 - 
(44)
 - 
 - 
 - 
 - 
(14)
 - 
 - 
Harbour City Estates Limited
 - 
(8,583)
(753)
18,838
269
2,609
(208)
 - 
(18,703)
Imaginex Management Co. Ltd.
 - 
3
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Times Square Ltd.
 - 
(1,628)
(10)
 - 
32
 - 
(141)
 - 
 - 
Harriman Property Management Limited
 - 
(5)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Harriman Leasing Limited
 - 
(2)
 - 
 - 
 - 
698
 - 
 - 
 - 
Lane Crawford (Hong Kong) Limited
 - 
(1)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Long Jin Complex Development (Chengdu) Co. Ltd
 - 
(2,373)
(148)
13,277
 - 
581
(3)
 - 
(13,453)
Dalian Times Square Commercial Co.ltd
 - 
(541)
(85)
1,807
 - 
173
 - 
 - 
(1,967)
Pedder Group Limited
58
 - 
 - 
 - 
25
 - 
 - 
 - 
 - 
OIS Realty Limited
 - 
(508)
(30)
937
 - 
119
(1)
 - 
(932)
Shanghai Wheelock square Development Co. Ltd.
 - 
(649)
(49)
1,331
 - 
214
 - 
 - 
(1,361)
Shanghai Harriman Property Management Co. Ltd.
 - 
(100)
 - 
 - 
 - 
26
 - 
 - 
 - 
Wharf (China) Property Management Co. Ltd - IFS Branch
 - 
(102)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Chongquing Jiayi Real Estate Development Co Ltd.
 - 
(297)
(24)
430
 - 
100
 - 
 - 
(499)
Chengdu Times Outlets Commerce Co., Ltd
 - 
(183)
 - 
 - 
 - 
4
(4)
 - 
 - 
Other related parties connected to members of the Board of Directors
Massimo Ferragamo
 - 
(66)
 - 
 - 
 - 
 - 
(31)
 - 
 - 
Riccardo Ferragamo
 - 
(17)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Vivia Ferragamo
 - 
(50)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Edoardo Ferragamo
 - 
(6)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Directors, Statutory Auditors and Managers with strategic responsibilities
Directors, Statutory Auditors and Managers with strategic responsibilities
 - 
(3,503)
 - 
 - 
 - 
 - 
 - 
(1,347)
 - 
Total
139
(27,325)
(3,454)
99,070
336
7,284
(624)
(1,347)
(103,293)
Group total
915,825
(627,082)
(80,541)
475,240
113,909
51,518 (136,399)
(29,362)
(567,909)
% ratio
0.0%
4.4%
4.3%
20.8%
0.3%
14.1%
0.5%
4.6%
18.2%
Consolidated Financial Statements 
Salvatore Ferragamo Group
318 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

31 December 2019
(In thousands of Euro)
Revenues
Operating 
costs (net of 
other income)
Financial 
income
Financial 
charges
Right-of-
use assets
Trade 
receivables
Other 
assets
Trade 
payables
Other 
liabilities 
Lease 
liabilities
Holding company:
Ferragamo Finanziaria S.p.A. (company which exercises management 
and coordination on Salvatore Ferragamo S.p.A.)
 - 
(94)
 - 
(28)
748
 - 
2,599
 - 
(8,489)
(760)
Related companies 
 
 
 
 
 
 
 
 
 
 
Palazzo Feroni Finanziaria S.p.A.
30
(7,319)
1
(1,374)
50,109
8
70
(182)
 - 
(51,726)
Lungarno Alberghi S.r.l.
153
(1,944)
 - 
(778)
20,686
34
 - 
(4)
 - 
(21,728)
Ferragamo Foundation
3
(195)
 - 
 - 
 - 
 - 
 - 
(56)
 - 
 - 
Companies connected to members of the Board of Directors
Arpa S.r.l.
40
(52)
 - 
 - 
 - 
16
 - 
(19)
 - 
 - 
Bacco S.r.l.
 - 
(3)
 - 
 - 
11
 - 
 - 
 - 
 - 
(11)
Baia di Scarlino S.r.l.
4
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Castiglion del Bosco S.a.r.l.
 - 
(11)
 - 
 - 
 - 
 - 
 - 
(12)
 - 
 - 
Castiglion del Bosco Hotel S.r.l.
14
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Il Borro S.r.l. Company agricola
17
(32)
 - 
 - 
 - 
7
 - 
 - 
 - 
 - 
The European House Ambrosetti S.p.A.
 - 
(5)
 - 
 - 
 - 
 - 
 - 
(5)
 - 
 - 
Nautor Holding s.r.l.
4
 - 
 - 
 - 
 - 
3
 - 
 - 
 - 
 - 
Osteria del Borro S.r.l.
 - 
(13)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Prisma Property Investment Management S.r.l.
3
 - 
 - 
 - 
 - 
1
 - 
 - 
 - 
 - 
Harbour City Estates Limited
 - 
(9,898)
 - 
(917)
38,557
 - 
2,791
 - 
 - 
(39,058)
Imaginex Management Co. Ltd.
 - 
(13)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Times Square Ltd.
 - 
(3,028)
 - 
(72)
1,590
 - 
 - 
 - 
 - 
(1,617)
Harriman Property Management Limited
 - 
(5)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Harriman Leasing Limited
 - 
 - 
 - 
 - 
 - 
 - 
771
 - 
 - 
 - 
Lane Crawford (Hong Kong) Limited
 - 
(3)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Long Jin Complex Development (Chengdu) Co. Ltd
 - 
(2,248)
 - 
(86)
1,480
 - 
596
(5)
 - 
(1,494)
Dalian Times Square Commercial Co.ltd
 - 
(592)
 - 
(105)
2,369
 - 
184
 - 
 - 
(2,515)
Pedder Group Limited
158
 - 
 - 
 - 
 - 
23
 - 
 - 
 - 
 - 
OIS Realty Limited
 - 
(467)
 - 
(28)
1,463
 - 
130
 - 
 - 
(1,445)
Shanghai Wheelock square Development Co. Ltd.
 - 
(542)
 - 
(10)
57
 - 
149
(38)
 - 
(13)
Shanghai Longxing Property Development Co. Ltd.
 - 
(150)
 - 
 - 
 - 
 - 
373
 - 
 - 
 - 
Shanghai Harriman Property Management Co. Ltd.
 - 
(82)
 - 
 - 
 - 
 - 
19
 - 
 - 
 - 
Shanghai Times Square Property Management (Shanghai) Co. Ltd.
 - 
(50)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Wharf (China) Property Management Co. Ltd - IFS Branch
 - 
(122)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Chongquing Jiayi Real Estate Development Co Ltd.
 - 
(338)
 - 
(35)
719
 - 
102
(32)
 - 
(804)
Changsha Times Outlet Commerce Limited
 - 
(35)
 - 
 - 
 - 
 - 
4
(2)
 - 
 - 
Chengdu Times Outlets Commerce Co., Ltd
 - 
(187)
 - 
 - 
 - 
 - 
4
(3)
 - 
 - 
Other related parties connected to members of the Board of Directors
Heirs of Wanda Miletti Ferragamo
 - 
(51)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Massimo Ferragamo
 - 
(134)
 - 
 - 
 - 
 - 
 - 
(33)
 - 
 - 
Edoardo Ferragamo
 - 
(32)
 - 
 - 
 - 
 - 
 - 
(32)
 - 
 - 
Directors, Statutory Auditors and Managers with strategic responsibilities
Directors, Statutory Auditors and Managers with strategic responsibilities
 - 
(5,454)
 - 
 - 
 - 
 - 
 - 
 - 
(2,313)
 - 
Total
426
(33,099)
1
(3,433)
117,789
92
7,792
(423)
(10,802)
(121,171)
Group total
1,377,261
(743,796)
31,877
(64,441)
576,455
147,202
49,919
(198,934)
(66,210)
(676,329)
% ratio
0.0%
4.5%
0.0%
5.3%
20.4%
0.1%
15.6%
0.2%
16.3%
17.9%
319
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Sales and purchases between related parties are carried out at normal market prices. The outstanding balances at the end of the period 
are not backed by guarantees, do not generate interest, and are settled in cash. Bank guarantees were issued in favor of Palazzo Feroni 
Finanziaria S.p.A. (1,901 thousand Euro), in favor of Lungarno Alberghi S.r.l. (488 thousand Euro), and in favor of Ferragamo Finanziaria 
S.p.A. (23 thousand Euro): they concerned the leasing of properties owned by said companies. There are no other guarantees, given or 
received, relating to receivables and payables with related parties. The Group has not set aside any provision for bad debt in relation to 
amounts due from related parties. 
Specifically:
Holding company
Ferragamo Finanziaria S.p.A.
Under the domestic fiscal unity in which the Parent company Salvatore Ferragamo S.p.A. participates together with Ferragamo Finanziaria 
S.p.A. (consolidating entity) and Ferragamo Parfums S.p.A., Other current assets included 2,690 thousand Euro in corporate income tax 
(IRES) receivables, 2,689 thousand Euro relating to Salvatore Ferragamo S.p.A. and 1 thousand Euro relating to Ferragamo Parfums S.p.A.. 
Salvatore Ferragamo S.p.A. has entered into one outstanding lease contract with Ferragamo Finanziaria S.p.A. concerning the lease of 
an industrial shed adjacent to the Osmannoro facility, which the Parent company converted into a design and prototyping laboratory 
for the development of leather goods; in addition, Salvatore Ferragamo S.p.A. had a contract for the lease of a parking area next to the 
Osmannoro facility that ended in 2020. Since they fall within the scope of IFRS 16, the two leases were accounted for by recognizing a 
right-of-use asset, depreciated over the lease term, and a corresponding lease liability.
Related companies 
These transactions mainly refer to trade transactions that affected revenues, operating costs, trade receivables and payables, right-of-
use assets, lease liabilities, and other assets and liabilities. They include mainly:
• sale of products;
• leases; if they fall within the scope of IFRS 16, they are accounted for accordingly (i.e. by recognizing right-of-use assets, lease liabilities, 
depreciation expense, and financial charges), otherwise lease payments are recognized through profit or loss on a straight-line basis 
over the lease term and the relevant payables are included in Trade payables;
• rendering of services.
In particular, the following transactions should be noted:
Palazzo Feroni Finanziaria S.p.A.
Revenues and the relevant receivables largely refer to IT and administrative services. 
Right-of-use assets and lease liabilities, operating costs (net of the reduction in lease payments granted because of the Covid-19 
pandemic), and finance expense largely refer to leases for the headquarters in Florence and some stores of the Italian chain, which mostly 
fall within the scope of IFRS 16. Other assets refer to the relevant guarantee deposits.
Lungarno Alberghi S.r.l.
Revenues (and the relevant credit balances) refer to product sales; right-of-use assets, lease liabilities, operating costs (net of the 
reduction in lease payments granted because of the Covid-19 pandemic), and interest expense largely refer to the lease of a space used 
as a store of the Italian retail chain, which falls within the scope of IFRS 16. 
Consolidated Financial Statements 
Salvatore Ferragamo Group
320 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Ferragamo Foundation 
The costs (and the related accounts payable balances) incurred refer for 100 thousand Euro to the services provided for the management 
of the Salvatore Ferragamo historical archive (105 thousand Euro in 2019) and for 70 thousand Euro to donations to support the 
institutional activities of the Foundation (90 thousand Euro in 2019). 
Companies connected to members of the Board of Directors
These transactions mainly refer to trade transactions that affected revenues, operating costs, trade receivables and payables, right-of-
use assets, lease liabilities, and other assets and liabilities. They include mainly:
• sale of products;
• leases; if they fall within the scope of IFRS 16, they are accounted for accordingly (i.e. by recognizing right-of-use assets, lease liabilities, 
depreciation expense, and financial charges), otherwise lease payments are recognized through profit or loss on a straight-line basis 
over the lease term and the relevant payables are included in Trade payables;
• rendering of services. 
In particular, the following transactions should be noted:
Harbour City Estates Limited
Right-of-use assets and lease liabilities, operating costs (net of the reduction in lease payments granted because of the Covid-19 
pandemic), and financial charges largely refer to leases for premises in Hong Kong, including mainly the Canton Road flagship store, 
which mostly fall within the scope of IFRS 16. Other assets refer to the relevant guarantee deposits.
Times Square Ltd. and Harriman Leasing Limited 
As regards Times Square Ltd., operating costs (net of the reduction in lease payments granted because of the Covid-19 pandemic) and 
financial charges (along with the relevant trade payables) mainly refer to leases for premises for a store in Hong Kong, which in the first 
half of 2020 fell within the scope of IFRS 16, while as regards Harriman Leasing Limited, other assets refer to the guarantee deposit for 
the same store in Hong Kong.
Long Jin Complex Development (Chengdu) Co. Ltd 
Right-of-use assets and lease liabilities, operating costs (net of the reduction in lease payments granted because of the Covid-19 
pandemic), and financial charges refer to the lease for a store of Ferragamo Moda (Shanghai) Limited, which largely falls within the scope 
of IFRS 16, whereas other assets refer to the relevant guarantee deposit.
Dalian Times Square Commercial Co. Ltd.
Right-of-use assets and lease liabilities, operating costs (net of the reduction in lease payments granted because of the Covid-19 
pandemic), and financial charges refer to the lease for a store of Ferragamo Moda (Shanghai) Limited, which falls within the scope of IFRS 
16, whereas other assets refer to the relevant guarantee deposit.
Shanghai Wheelock square Development Co. Ltd.
Right-of-use assets and lease liabilities, operating costs (net of the reduction in lease payments granted because of the Covid-19 
pandemic), and financial charges refer to the lease of the offices of Ferragamo Fashion Trading Shanghai Co. Limited and Ferragamo 
Moda Shanghai Limited, which falls within the scope of IFRS16, whereas other assets refer to the relevant guarantee deposits.
OIS Realty Limited
Right-of-use assets and lease liabilities, operating costs, and financial charges refer to the lease for the offices of Ferragamo Hong 
Kong Limited and Ferragamo Retail Hong Kong Ltd, which falls within the scope of IFRS 16, whereas other assets refer to the relevant 
guarantee deposit.
321
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Chongquing Jiayi Real Estate Development Co Ltd.
Right-of-use assets and lease liabilities, operating costs (net of the reduction in lease payments granted because of the Covid-19 
pandemic), and financial charges refer to the lease for a store of Ferragamo Moda (Shanghai) Limited, which largely falls within the scope 
of IFRS 16, whereas other assets refer to the relevant guarantee deposit.
Other related parties connected to members of the Board of Directors 
Massimo Ferragamo
Costs (and the relevant debt balance) refer to a consultancy agreement between Massimo Ferragamo and Ferragamo USA Inc..
Riccardo Ferragamo
Costs refer to the cost Salvatore Ferragamo S.p.A. incurred under the working relationship with Riccardo Ferragamo.
Vivia Ferragamo
Costs refer to the cost Salvatore Ferragamo S.p.A. incurred under the working relationship with Vivia Ferragamo.
Edoardo Ferragamo
The costs refer to social security costs associated with business consulting services that Edoardo Ferragamo rendered to Ferragamo 
Parfums S.p.A..
Directors, Statutory Auditors and Managers with strategic responsibilities
For information on Directors and Statutory Auditors, please refer to note 46 below.
The Managers with strategic responsibilities are listed in the following table:
Full name
Role
Giacomo Ferragamo*
Brand & Product and Communication Manager
Alessandro Corsi
Manager of Administration, Finance, and Control and Manager charged with preparing Company’s Financial Reports
*Deputy Chairman of the Board of Directors until 27 May 2020, when he resigned from his position as Director.
The costs associated with managers with strategic responsibilities referred to the cost incurred by the Group as part of the employment 
relationship and, in addition, they included the imputed cost of the 2016-2020 Stock Grant Plan for the rights assigned as part of the 1st and 
2nd cycles, which came to an end in 2020 without granting any shares in Salvatore Ferragamo S.p.A.. These costs amounted to 721 thousand 
Euro in 2020 (479 thousand Euro in 2019, not including Giacomo Ferragamo’s remuneration as manager with strategic responsibilities, as 
this is included in the remuneration of the Board of Directors), including 29 thousand Euro relating to the imputed cost of the 2016-2020 
Stock Grant Plan. Typically, the managers with strategic responsibilities receive non-monetary benefits such as cars, mobile phones, and 
insurance policies. 
Consolidated Financial Statements 
Salvatore Ferragamo Group
322 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

46. Fees paid to Directors and Statutory Auditors
Directors
Full name
(In thousands of Euro)
Position held
Term of 
office
End of 
term of 
office
Fees
Non-
monetary 
benefits
Salaries, 
bonuses 
and other 
incentives**
Other fees**
Stock 
Grant*
Total 
for the 
position 
held
as committee 
members
Ferruccio Ferragamo 
Chairman
1.01-31.12
a)
511
-
 b) c) d) 
-
(196)
-
315
Micaela Le Divelec 
Lemmi
Managing 
Director
1.01-31.12
a)
680
-
 b) c) d) 
-
35
-
715
Michele Norsa
Executive 
Deputy 
Chairman
28.05-31.12
a)
445
-
 b) c) d) 
-
191
-
636
Giacomo Ferragamo
Deputy 
Chairman
1.01-28.05
14
6
 b) c) d) 
410
-
17
447
Giovanna Ferragamo 
Director
1.01-31.12
a)
-
-
-
-
-
-
Leonardo Ferragamo 
Director
1.01-31.12
a)
35
-
-
-
-
35
Diego Paternò Castello 
di San Giuliano
Director
1.01-31.12
a)
35
15
-
-
-
50
Angelica Visconti
Director
1.01-31.12
a)
35
15
 b) c) 
d) e) 
179
-
6
235
Francesco Caretti 
Director
1.01-31.12
a)
242
-
-
-
-
242
Peter Woo Kwong Ching
Director
1.01-31.12
a)
-
-
-
-
-
-
Umberto Tombari
Director
1.01-31.12
a)
35
40
-
-
-
75
Marzio Alessandro 
Alberto Saà
Director
1.01-31.12
a)
35
64
-
-
-
99
Chiara Ambrosetti
Director
1.01-31.12
a)
35
35
-
-
-
70
Lidia Fiori
Director
1.01-31.12
a)
35
35
-
-
-
70
Total
 
 
 
2,137
210
 
589
30
23
2,989
a) upon approval of the 2020 financial statements; b) car; c) mobile phone; d) insurance policies; e) accommodation.
*	 Imputed cost of the 2016-2020 Stock Grant Plan for the rights granted as part of the 1st and 2nd cycles, which came to an end in 2020 without granting any shares in Salvatore Ferragamo S.p.A..
**Fees reported net of any potential adjustment to fees referring to previous years.
323
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Statutory Auditors
(In thousands of Euro) 
Full name
Position held
Term of office
End of term of 
office
Fees for the 
position held
Other fees*
Grand total
Andrea Balelli
Chairman
01.01-31.12
a)
64
15
79
Giovanni Crostarosa  
Guicciardi
Acting Statutory 
Auditor
08.05-31.12
a)
31
8
39
Fulvio Favini
Acting Statutory 
Auditor
01.01-08.05
17
4
21
Paola Caramella
Acting Statutory 
Auditor
01.01-31.12
a)
48
12
60
Total
 
 
 
160
39
199
a) upon approval of the 2022 financial statements
(*) Other fees refer to amounts due for the position as Chairman or member of the Supervisory Board pursuant to Italian Leg. Decree 231/2001
Please note that the members of the Board of Statutory Auditors have not received other fees from Group companies.
It should be noted that for Directors and Statutory Auditors no severance indemnities are envisaged.
47. Commitments and risks 
The breakdown of the risks and commitments is as follows:
(In thousands of Euro)
31 December
2020
31 December
2019
Sureties and guarantees provided by third parties to third parties in the interests of Group companies
21,500
21,227
Guarantees provided by Group companies to third parties in the interests of Group companies 
132,806
129,302
Total
154,306
150,529
The sureties and guarantees provided by third parties in the interests of Group companies largely refer to sureties and guarantees on lease 
contracts entered into by Group companies, including a guarantee for 6 million US dollars (equal to 4,890 thousand Euro) relating to a lease 
contract of the Ferragamo Usa Group. 
The guarantees provided by Group companies are mainly in favor of banks to guarantee credit lines which may be used locally.  
Consolidated Financial Statements 
Salvatore Ferragamo Group
324 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

48. Public funds Disclosure as per art. 1 paragraphs 125-129 of Italian 
Law no. 124/2017 
Pursuant to art. 1, paragraph 125, of Italian Law 124/2017, as for the requirement to disclose in the notes any funds received during the 
year in the form of subventions, grants, paid services, and generally economic benefits of any kind from public administrations and the 
entities as per paragraph 125 of the same article, in 2020 the Italian entity Ferragamo Parfums S.p.A. did not receive any funds, whereas the 
Italian entity Salvatore Ferragamo S.p.A. received 22 thousand Euro for paid curricular internships from Tuscany’s Regional Government. In 
accordance with art. 3-quater of Italian Law Decree 135/2018, converted with the relevant amendments into Law no. 12 11 February 2019, 
with respect to the funds received, please refer to the information in the National State Aid Register as per article 52 of Italian Law no. 235 
of 24 December 2012.
49. Significant non-recurring events and transactions 
During 2020, the Salvatore Ferragamo Group did not carry out significant non-recurring transactions and no significant non-recurring events 
occurred.
50. Transactions arising from atypical and/or unusual transactions
The Group did not undertake atypical and/or unusual transactions, i.e. those transactions which, due to their importance/size, the 
counterparties involved, the subject of the transaction, the means of determining the transfer price, and the timing of the event, may give rise 
to doubts about the fairness/completeness of the information provided in the financial statements, conflicts of interest, the safeguarding of 
the company’s equity, and the protection of minority interests.
325
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

51. Subsidiaries highlights
Subsidiaries highlights are shown in the table below.
(In thousands)
Company
2020 
2019 
Currency
Revenues 
Net profit/
(loss)
Shareholders’ 
equity
Revenues 
Net profit/
(loss)
Shareholders’ 
equity
Ferragamo Australia Pty Ltd.
AUD
20,110
(114)
21,979
30,741
376
22,093
Ferragamo Japan K.K.
JPY
10,426,130
(2,578,902)
(2,474,038)
13,450,746
(387,520)
84,290
Ferragamo Korea Ltd.
KRW
105,606,624
3,501,826
82,060,002
150,303,572
8,214,365
78,558,176
Ferragamo Espana S.L. 
EURO
4,461
(95)
3,732
12,932
43
3,827
Ferrimag Limited
HKD
-
940
125,726
-
115,326
124,786
Ferragamo Retail HK Limited
HKD
170,509
(177,479)
(72,822)
388,030
(93,298)
104,657
Ferragamo Retail Taiwan Limited
TWD
590,730
34,926
299,370
596,271
17,784
264,649
Ferragamo Mexico S. de R.L. de C.V.
MXN
910,960
26,856
652,873
1,277,966
76,397
626,041
Ferragamo Retail Nederland B.V.
EURO
2,538
(139)
1,185
5,602
(728)
1,323
Ferragamo Fashion Trading (Shanghai) 
Co. Ltd.
CNY
1,346,174
159,197
582,964
1,185,003
105,972
423,767
Ferragamo (Singapore) Pte. Ltd.
SGD
12,471
(8,483)
(26,957)
29,701
(7,576)
(18,474)
Ferragamo (Thailand) Limited
THB
135,597
(78,321)
(110,759)
170,988
(43,981)
(32,784)
Ferragamo (Malaysia) Sdn Bhd
MYR
26,758
(5,552)
18,695
44,232
(34)
24,247
Ferragamo Hong Kong Ltd.
USD
164,093
6,498
125,527
233,190
19,410
178,882
Ferragamo USA Group
USD
211,796
3,705
85,269
352,163
(366)
81,579
Ferragamo Deutschland GmbH
EURO
6,309
(1,405)
4,647
13,540
211
6,052
Ferragamo Belgique SA
EURO
921
8
669
1,540
(212)
672
Ferragamo Monte-Carlo S.A.M.
EURO
293
(360)
(74)
905
(196)
285
Ferragamo (Suisse) SA
CHF
4,872
46
1,546
8,246
91
1,500
Ferragamo U.K. Limited
GBP
10,347
(3,703)
5,142
24,288
(201)
8,845
Ferragamo France S.A.S.
EURO
9,409
1,501
10,625
23,114
521
9,121
Ferragamo Parfums S.p.A.
EURO
39,739
(3,967)
21,562
85,281
1,363
25,546
Ferragamo Chile S.A.
CLP
440,210
(243,890)
(710,201)
518,082
(325,389)
(466,311)
Ferragamo Austria GmbH
EURO
1,442
76
3,983
3,824
148
3,907
Ferragamo Retail India Private Limited
INR
-
(12,686)
(446,037)
-
(44,605)
(433,333)
Ferragamo Retail Macau Limited
MOP
55,624
(14,635)
69,541
138,047
(1,153)
84,176
Ferragamo Moda (Shanghai) Co.Ltd.
CNY
306,581
28,504
(10,215)
303,977
15,694
(38,720)
Ferragamo Brasil Roupas e Acessorios Ltda.
BRL
25,988
46
21,101
28,970
1,014
21,055
Ferragamo Argentina S.A.
ARS
121,023
(58,975)
(9,629)
98,830
(43,133)
36,611
Ferragamo Denmark ApS*
DKK
-
-
-
2,348
(1,198)
-
* company which ceased operations on 16 December 2019 and was struck off the Copenhagen Company Register on 7 January 2020.
Consolidated Financial Statements 
Salvatore Ferragamo Group
326 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

52. Significant events occurred after 31 December 2020
No significant events occurred after 31 December 2020.
Disclosure pursuant to art. 149-duodecies  
of the Issuers’ Regulation
Type of services
(In thousands of Euro)
Subject which supplied the service
Recipient
Notes
Total fees for 2020
Audit
Independent Auditors of the Parent 
company
Parent company
 
196
Altri Servizi 
i) Independent Auditors of the Parent 
company
Parent company
1
50
ii) Independent Auditors’ network of the 
Parent company
Parent company
2 
86
Subtotal
 
 
 
332
Audit
i) Independent Auditors of the Parent 
company
Subsidiaries
 
96
 
ii) Independent Auditors’ network of the 
Parent company
Subsidiaries
 
583
Altri Servizi
i) Independent Auditors’ network of the 
Parent company
Subsidiaries
 
11
Subtotal
 
 
 
690
Total
 
 
 
1,022
1) The item refers to the certification of the Consolidated Non-Financial Statement.
2) The item largely refers to the services rendered to Risk Management relating to assessments and benchmark analyses.
Florence, 9 March 2021
	
On behalf of the Board of Directors
	
The Chairman
	
Ferruccio Ferragamo
327
 Salvatore Ferragamo • Annual Report as at 31 December 2020 |
Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements

Statement pursuant to article 154 bis of Leg. 
Decree no. 58 of 24 February 1998 (Consolidated 
Law on Finance)  
1. The undersigned Micaela le Divelec Lemmi in her capacity as “Managing Director” and Alessandro Corsi in his capacity as “Manager 
charged with preparing Company’s Financial Reports” of Salvatore Ferragamo S.p.A. certify, having also taken account of the provisions of 
art. 154-bis, paragraphs 3 and 4, of Legislative Decree no. 58 of 24 February 1998:
• the adequacy in relation to the company’s structure and 
• the effective application of the administrative and accounting procedures for the preparation of the consolidated financial statements 
for the 1 January – 31 December 2020 period.
2. The adequacy of the administrative and accounting procedures for the preparation of the 2020 consolidated financial statements has 
been assessed on the basis of the Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the 
Treadway Commission which is the generally accepted model internationally.
3. It is also certified that
3.1 the consolidated financial statements for the year ended 31 December 2020:
a. have been prepared in accordance with the applicable international accounting standards as endorsed by the European Union 
pursuant to Regulation (EC) no. 1606/2002 of the European Parliament and Council, dated 19 July 2002, and subsequent integrations;
b. correspond with accounting books and records;
c. are suitable to provide a true and fair representation of the financial conditions, results of operations and cash flows of the Company 
and of the group of companies included in the consolidation area.
3.2 The Directors’ report on operations includes a reliable analysis of operating performance and results, as well as of the situation of the 
Company and of the group of companies included in the consolidation area, as well as a description of the main risks and uncertainties 
to which they are exposed.
Florence, 9 March 2021
	
Managing Director
	
Micaela le Divelec Lemmi
	
Manager charged with 
	
preparing Company’s Financial Reports
	
Alessandro Corsi
Consolidated Financial Statements 
Salvatore Ferragamo Group
328 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Independent 
Auditor’s 
Report

KPMG S.p.A.
Revisione e organizzazione contabile
Viale Niccolò Machiavelli, 29
50125 FIRENZE FI
Telefono +39 055 213391
Email it-fmauditaly@kpmg.it 
PEC kpmgspa@pec.kpmg.it
Ancona Bari Bergamo
Bologna Bolzano Brescia 
Catania Como Firenze Genova 
Lecce Milano Napoli Novara 
Padova Palermo Parma Perugia
Pescara Roma Torino Treviso 
Trieste Varese Verona 
Società per azioni
Capitale sociale
Euro 10.415.500,00 i.v.
Registro Imprese Milano Monza Brianza Lodi
e Codice Fiscale N. 00709600159
R.E.A. Milano N. 512867
Partita IVA 00709600159
VAT number IT00709600159
Sede legale: Via Vittor Pisani, 25
20124 Milano MI ITALIA
KPMG S.p.A. è una società per azioni di diritto italiano e fa parte del 
network KPMG di entità indipendenti affiliate a KPMG International
Limited, società di diritto inglese.
(Translation from the Italian original which remains the definitive version)
Independent auditors’ report pursuant to article 14 of 
Legislative decree no. 39 of 27 January 2010 and article 10 
of Regulation (EU) no. 537 of 16 April 2014  
To the shareholders of 
Salvatore Ferragamo S.p.A.
Report on the audit of the consolidated financial statements  
Opinion 
We have audited the consolidated financial statements of the Salvatore Ferragamo 
Group (the “group”), which comprise the statement of financial position as at 31 
December 2020, the income statement and the statements of comprehensive income, 
changes in equity and cash flows for the year then ended and notes thereto, which 
include a summary of the significant accounting policies.
In our opinion, the consolidated financial statements give a true and fair view of the 
financial position of the Salvatore Ferragamo Group as at 31 December 2020 and of its 
financial performance and cash flows for the year then ended in accordance with the 
International Financial Reporting Standards endorsed by the European Union and the 
Italian regulations implementing article 9 of Legislative decree no. 38/05.
Basis for opinion 
We conducted our audit in accordance with International Standards on Auditing (ISA 
Italia). Our responsibilities under those standards are further described in the “Auditors’
responsibilities for the audit of the consolidated financial statements” section of our 
report. We are independent of Salvatore Ferragamo S.p.A. (the “parent”) in 
accordance with the ethics and independence rules and standards applicable in Italy to 
audits of financial statements. We believe that the audit evidence we have obtained is 
sufficient and appropriate to provide a basis for our opinion.

Salvatore Ferragamo Group
Independent auditors’ report
31 December 2020
2
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most 
significance in the audit of the consolidated financial statements of the current year. 
These matters were addressed in the context of our audit of the consolidated financial 
statements as a whole, and in forming our opinion thereon, and we do not provide a 
separate opinion on these matters. 
Impairment of property, plant and equipment, right-of-use assets and intangible 
assets with a finite useful life
Notes to the consolidated financial statements: note 2 “Basis of presentation” and note 
11 “Impairment of property, plant and equipment, right-of-use assets and intangible 
assets with a finite useful life”
Key audit matter
Audit procedures addressing the key 
audit matter
The consolidated financial statements at 31 
December 2020 include property, plant and 
equipment, right-of-use assets and intangible 
assets with a finite useful life of €183 million, 
€475 million and €39 million, respectively. 
The group tests these assets for impairment 
annually whenever there are triggering 
events, by comparing the carrying amounts 
of the groups of CGUs, including goodwill, to 
the related recoverable amounts. In the case 
of an asset that do not generate cash inflows 
that are largely independent of those from 
other assets, the group estimates the 
recoverable amount of the cash-generating 
unit (CGU) to which the asset is allocated. 
The analysis of the triggering events, carried 
out in accordance with the impairment 
testing procedure approved by the board of 
directors, identified the economic crisis 
caused by the Covid-19 public health 
emergency as an indicator of impairment of 
certain CGUs. Accordingly, the group 
calculated the recoverable amount of its 
property, plant and equipment, right-of-use 
assets and intangible assets with a finite 
useful life. As a result of its impairment 
testing, the group recognised impairment 
losses of €33 million and €2 million on 
property, plant and equipment and intangible 
assets with a finite useful life, respectively. 
As described by the directors, the group 
calculated the recoverable amount based on 
the expected cash flows of each CGU 
discounted using an appropriate rate 
(discounted cash flow model). 
Our audit procedures, which also involved 
our own specialists, included:
—
understanding the process adopted to 
prepare the impairment test;
—
understanding the process adopted for 
preparing the expected cash flows used 
for impairment testing;
—
analysing the reasonableness of the 
main assumptions used by the directors 
to prepare the expected cash flows;
—
analysing the reasonableness of the 
impairment testing model and the main 
assumptions used by the directors to 
determine the recoverable amount of 
property, plant and equipment, right-of-
use assets and intangible assets with a 
finite useful life;
—
assessing the appropriateness of the 
disclosures provided in the notes about 
property, plant and equipment, right-of-
use assets and intangible assets with a 
finite useful life and the related 
impairment tests.

Salvatore Ferragamo Group
Independent auditors’ report
31 December 2020
3
Key audit matter
Audit procedures addressing the key 
audit matter
Impairment testing is complex and entails a 
high level of judgement, especially in relation 
to:
—
the expected cash flows, calculated 
starting from the 2021 budget approved 
by the board of directors and, for the 
2022-2023 explicit period projections, 
management estimates of the group’s
future performance, based on internal 
and external sources. After the explicit 
period, the group applied the perpetual 
method and a growth (g) rate 
determined on the basis of the expected 
inflation of the reference market in the 
medium to long term;
—
the financial parameters used to 
calculate the discount rate.
For the above reasons and due to the 
materiality of the relevant captions, we 
believe that the recoverability of property, 
plant and equipment, right-of-use assets and 
intangible assets with a finite useful life is a 
key audit matter.
Valuation of inventories
Notes to the consolidated financial statements: note 2 “Basis of presentation” and note 
14 “Inventories”
Key audit matter
Audit procedures addressing the key 
audit matter
The consolidated financial statements at 31 
December 2020 include inventories of €342 
million, net of the allowance for inventory 
write-down of €84 million.
Determining the allowance for inventory 
write-down is a complex accounting 
estimate, entailing a high level of judgement 
as it is affected by many factors, including:
—
the characteristics of the group’s
business sector;
—
the market performance and fashion 
trends;
—
the age of the collection in stock;
—
pricing policies and sales ability through 
the different distribution channels;
—
the emergency situation caused by 
Covid-19.
For the above reasons, we believe that the 
valuation of inventories is a key audit matter.
Our audit procedures included:
—
understanding the processes for the 
valuation of inventories and assessing 
the design and implementation of 
controls and procedures to assess the 
operating effectiveness of material 
controls;
—
analysing fluctuations in inventories 
during the year, considering their 
expected life cycle based on their age;
—
analysing documents and discussing the 
assumptions adopted to calculate the 
allowance for inventory write-down with 
the relevant internal departments, in 
order to understand the assumptions 
underlying the expectations of how 
goods will be sold;
—
assessing the appropriateness of the 
disclosures provided in the notes about 
inventories.

Salvatore Ferragamo Group
Independent auditors’ report
31 December 2020
4
Other matters
Management and coordination
As required by the law, the parent disclosed the key figures from the latest financial 
statements of the company that manages and coordinates it in the notes to its own 
consolidated financial statements. Our opinion on the consolidated financial statements 
of the Salvatore Ferragamo Group does not extend to such data.
Comparative figures
The group’s 2019 consolidated financial statements were audited by other auditors, 
who expressed their unqualified opinion thereon on 26 March 2020.
Responsibilities of the parent’s directors and board of statutory auditors 
(“Collegio Sindacale”) for the consolidated financial statements
The directors are responsible for the preparation of consolidated financial statements 
that give a true and fair view in accordance with the International Financial Reporting 
Standards endorsed by the European Union and the Italian regulations implementing 
article 9 of Legislative decree no. 38/05 and, within the terms established by the Italian 
law, for such internal control as they determine is necessary to enable the preparation 
of financial statements that are free from material misstatement, whether due to fraud 
or error.
The directors are responsible for assessing the group’s ability to continue as a going 
concern and for the appropriate use of the going concern basis in the preparation of 
the consolidated financial statements and for the adequacy of the related disclosures. 
The use of this basis of accounting is appropriate unless the directors believe that the 
conditions for liquidating the parent or ceasing operations exist, or have no realistic 
alternative but to do so.
The Collegio Sindacale is responsible for overseeing, within the terms established by 
the Italian law, the group’s financial reporting process.
Auditors’ responsibilities for the audit of the consolidated financial 
statements
Our objectives are to obtain reasonable assurance about whether the consolidated 
financial statements as a whole are free from material misstatement, whether due to 
fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable 
assurance is a high level of assurance, but is not a guarantee that an audit conducted 
in accordance with ISA Italia will always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error and are considered material if, individually 
or in the aggregate, they could reasonably be expected to influence the economic 
decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with ISA Italia, we exercise professional judgement 
and maintain professional scepticism throughout the audit. We also:
— identify and assess the risks of material misstatement of the consolidated financial 
statements, whether due to fraud or error, design and perform audit procedures 
responsive to those risks, and obtain audit evidence that is sufficient and 
appropriate to provide a basis for our opinion. The risk of not detecting a material

Salvatore Ferragamo Group
Independent auditors’ report
31 December 2020
5
misstatement resulting from fraud is higher than for one resulting from error, as 
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or 
the override of internal control;
— obtain an understanding of internal control relevant to the audit in order to design 
audit procedures that are appropriate in the circumstances, but not for the purpose 
of expressing an opinion on the effectiveness of the group’s internal control; 
— evaluate the appropriateness of accounting policies used and the reasonableness 
of accounting estimates and related disclosures made by the directors;
— conclude on the appropriateness of the directors’ use of the going concern basis of 
accounting and, based on the audit evidence obtained, whether a material 
uncertainty exists related to events or conditions that may cast significant doubt on 
the group’s ability to continue as a going concern. If we conclude that a material 
uncertainty exists, we are required to draw attention in our auditors’ report to the 
related disclosures in the consolidated financial statements or, if such disclosures 
are inadequate, to modify our opinion. Our conclusions are based on the audit 
evidence obtained up to the date of our auditors’ report. However, future events or 
conditions may cause the group to cease to continue as a going concern;
— evaluate the overall presentation, structure and content of the consolidated 
financial statements, including the disclosures, and whether the consolidated 
financial statements represent the underlying transactions and events in a manner 
that achieves fair presentation;
— obtain sufficient appropriate audit evidence regarding the financial information of 
the entities or business activities within the group to express an opinion on the 
consolidated financial statements. We are responsible for the direction, supervision 
and performance of the group audit. We remain solely responsible for our audit 
opinion.
We communicate with those charged with governance, identified at the appropriate 
level required by ISA Italia, regarding, among other matters, the planned scope and 
timing of the audit and significant audit findings, including any significant deficiencies in 
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have 
complied with the ethics and independence rules and standards applicable in Italy and 
communicate with them all relationships and other matters that may reasonably be 
thought to bear on our independence, and where applicable, related safeguards. 
From the matters communicated with those charged with governance, we determine 
those matters that were of most significance in the audit of the consolidated financial 
statements of the current year and are, therefore, the key audit matters. We describe 
these matters in our auditors’ report. 
Other information required by article 10 of Regulation (EU) no. 537/14
On 18 April 2019, the parent’s shareholders appointed us to perform the statutory audit 
of its separate and consolidated financial statements as at and for the years ending 
from 31 December 2020 to 31 December 2028.

Salvatore Ferragamo Group
Independent auditors’ report
31 December 2020
6
We declare that we did not provide the prohibited non-audit services referred to in 
article 5.1 of Regulation (EU) no. 537/14 and that we remained independent of the 
parent in conducting the statutory audit.
We confirm that the opinion on the consolidated financial statements expressed herein 
is consistent with the additional report to the Collegio Sindacale, in its capacity as audit 
committee, prepared in accordance with article 11 of the Regulation mentioned above. 
Report on other legal and regulatory requirements 
Opinion pursuant to article 14.2.e) of Legislative decree no. 39/10 and article 
123-bis.4 of Legislative decree no. 58/98
The parent’s directors are responsible for the preparation of the Board of Directors’ 
report on operations and report on corporate governance and ownership structure at 
31 December 2020 and for the consistency of such reports with the related 
consolidated financial statements and their compliance with the applicable law.
We have performed the procedures required by Standard on Auditing (SA Italia) 720B 
in order to express an opinion on the consistency of the Board of Directors’ report on 
operations and the specific information presented in the report on corporate 
governance and ownership structure indicated by article 123-bis.4 of Legislative 
decree no. 58/98 with the group’s consolidated financial statements at 31 December 
2020 and their compliance with the applicable law and to state whether we have 
identified material misstatements.
In our opinion, the Board of Directors’ report on operations and the specific information 
presented in the report on corporate governance and ownership structure referred to 
above are consistent with the group’s consolidated financial statements at 31 
December 2020 and have been prepared in compliance with the applicable law.
With reference to the above statement required by article 14.2.e) of Legislative decree 
no. 39/10, based on our knowledge and understanding of the entity and its 
environment obtained through our audit, we have nothing to report. 
Statement pursuant to article 4 of the Consob regulation implementing 
Legislative decree no. 254/16
The directors of Salvatore Ferragamo S.p.A. are responsible for the preparation of a 
consolidated non-financial statement pursuant to Legislative decree no. 254/16. We 
have checked that the directors had approved such consolidated non-financial 
statement. In accordance with article 3.10 of Legislative decree no. 254/16, we 
attested the compliance of the non-financial statement separately.
Florence, 30 March 2021
KPMG S.p.A.
(signed on the original)
Riccardo Cecchi
Director

Separate 
Financial 
Statements  
as at 31 December 2020

Separate Financial Statements
Salvatore Ferragamo S.p.A.
342 | Annual Report as at 31 December 2020 • Salvatore Ferragamo

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 343
Financial statements	
344
Statement of financial position - assets	
344
Statement of financial position - 
liabilities and shareholders’ equity	
345
Income statement	
346
Statement of comprehensive income	
347
Statement of cash flows	
348
Statement of changes in shareholders’ equity	
349
Explanatory notes to the separate financial statements	
350
Comments on the main statement 
of financial position items 
(assets, shareholders’ equity and liabilities)	
388
Comments on the main income statement items	
416
Other information	
427
Disclosure pursuant to art. 149-duodecies 
of the Issuers’ Regulation	
443
Statement pursuant to article 
154 bis of Leg. Decree no. 58 of 24 February 1998 
(Consolidated Law on Finance)	
444
Report of the Board of Statutory Auditors	
446
Independent Auditor’s Report	
460
Separate Financial Statements 
as at 31 December 2020

Separate Financial Statements
Salvatore Ferragamo S.p.A.
344 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Financial Statements 
Statement of Financial Position - Assets
(In Euro) 
Notes
31 December 
2020
of which with 
related parties
31 December 
2019
of which with 
related parties
NON CURRENT ASSETS
 
 
 
 
 
Property, plant and equipment
6
105,025,191
 
115,420,054
 
Right-of-use assets
7
95,734,537
62,450,054
110,878,094
71,553,252
Goodwill
8
6,679,274
-
Intangible assets with a finite useful life
9
35,346,341
 
35,722,662
 
Investments in subsidiaries
10
168,355,514
 
193,737,823
 
Other non current assets
11
1,026,289
 
335,833
 
Other non current financial assets
12
293,616
70,000
333,594
70,000
Deferred tax assets
41
26,872,654
 
10,661,884
 
TOTAL NON CURRENT ASSETS
 
439,333,416
62,520,054
467,089,944
71,623,252
CURRENT ASSETS
 
 
 
 
 
Inventories 
13
91,350,426
 
120,451,360
 
Right of return assets
14
9,688,383
 
13,487,023
 
Trade receivables 
15
144,139,153
112,186,149
194,185,598
161,392,314
Tax receivables 
16
3,879,883
 
10,888,074
 
Other current assets
17
14,476,755
2,688,967
8,556,160
1,962,391
Other current financial assets
18
166,938,839
166,651,372
99,874,958
99,773,509
Cash and cash equivalents 
19
212,453,231
 
120,088,330
 
TOTAL CURRENT ASSETS
 
642,926,670
281,526,488
567,531,503
263,128,214
TOTAL ASSETS
 
1,082,260,086
344,046,542
1,034,621,447
334,751,466

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 345
Statement of Financial Position - Liabilities and Shareholders’ Equity
(In Euro) 
Notes
31 December 
2020
of which with 
related parties
31 December 
2019
of which with 
related parties
SHAREHOLDERS’ EQUITY
 
 
 
 
 
 Share capital 
 Share capital 
20
16,879,000
 
16,879,000
 
 Reserves 
 Reserves 
20
673,921,547
 
545,593,637
 
Net profit/(loss) for the period
Net profit/(loss) for the period
 
(34,070,066)
 
124,211,203
 
TOTAL SHAREHOLDERS’ EQUITY 
 
656,730,481
 
686,683,840
 
NON CURRENT LIABILITIES
 
Non current interest-bearing loans & borrowings
Non current interest-bearing loans & borrowings
21
113,490,643
 
- 
 
Provisions for risks and charges
Provisions for risks and charges
22
36,872,126
 
15,481,850
 
Employee benefit liabilities
Employee benefit liabilities
23
6,503,770
 
6,502,822
 
Other non current liabilities
Other non current liabilities
24
420,822
 
306,100
48,889
Non current lease liabilities
Non current lease liabilities
25
85,908,348
59,506,851
96,181,026
65,740,964
Deferred tax liabilities
Deferred tax liabilities
41
6,126,963
 
3,171,404
 
TOTAL NON CURRENT LIABILITIES
 
249,322,672
59,506,851
121,643,202
65,789,853
 CURRENT LIABILITIES
 
 
 
 
 
Trade payables 
Trade payables 
26
115,458,834
25,751,367
145,232,230
9,670,921
Refund liabilities
Refund liabilities
27
16,097,679
 
20,873,450
 
Interest-bearing loans & borrowings
Interest-bearing loans & borrowings
21
11,428,279
 
-
 
Tax payables 
Tax payables 
28
2,753,523
 
13,727,363
 
 Other current liabilities 
 Other current liabilities 
29
11,007,165
1,346,384
28,834,597
10,752,432
Current lease liabilities
Current lease liabilities
25
15,792,103
6,871,759
17,455,412
8,483,721
Other current financial liabilities
Other current financial liabilities
30
3,669,350
 
171,353
 
TOTAL CURRENT LIABILITIES
176,206,933
33,969,510
226,294,405
28,907,074
 TOTAL LIABILITIES
 
425,529,605
93,476,361
347,937,607
94,696,927
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
1,082,260,086
93,476,361
1,034,621,447
94,696,927

Separate Financial Statements
Salvatore Ferragamo S.p.A.
346 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Income Statement
(In Euro) 
Notes
2020
of which with 
related parties
2019
of which with 
related parties
Revenues from contracts with customers
32
561,058,332
398,664,215 
836,947,210
622,053,967 
Change in inventories of finished products
 
(13,492,168)
-
5,995,568
-
Costs for raw materials, goods and consumables 
33
(158,818,927)
(451,608)
(237,462,166)
(708,721)
Costs for services
34
(202,627,748)
(6,002,917)
(305,678,102)
(11,264,757)
Personnel costs
35
(58,909,516)
(909,067)
(72,412,217)
(1,251,776)
Amortization, depreciation and write-downs
36
(44,308,779)
(9,094,195)
(40,573,259)
(7,843,668)
Other operating costs
37
(131,133,330)
(126,053,592)
(52,964,160)
(48,251,170)
Other income and revenues
38
9,104,839
1,537,224 
14,267,295
4,264,558 
Operating profit/(loss)
 
(39,127,297)
 
148,120,169 
 
Financial charges
39
(103,696,706)
(2,356,016)
(48,382,093)
(2,179,944)
Financial income
40
91,124,313
51,173,559
53,478,040
33,631,433
Profit/(loss) before taxes
 
(51,699,690)
 
153,216,116 
 
Income Taxes
41
17,629,624
(29,004,913)
Net profit/(loss) for the period
 
(34,070,066)
 
124,211,203

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 347
Statement of Comprehensive Income 
 
 
 
 (In thousands of Euro)
Notes
2020
2019
Net profit/(loss) for the period (A)
 
(34,070)
124,211
Other income/(losses) that will be subsequently reclassified to net profit/(loss) for the period
 
 
- Net gain/(loss) from cash flow hedge
3
5,593
2,207
- Tax consequences on components that will be subsequently reclassified to net profit/(loss) for the period
 
(1,342)
(529)
 
 
4,251
1,678
Total other income/(losses) that will be subsequently reclassified to net profit/(loss) for the period, net of 
taxes (B1)
4,251
1,678
Other income/(losses) that will not be subsequently reclassified to net profit/(loss) for the period
 
- Net gain/(loss) from recognition of defined-benefit plans for employees
23
(282)
(386)
- Tax consequences on components that will not be subsequently reclassified to net profit/(loss) for the period
 
68
93
 
 
(214)
(293)
Total other income/(losses) that will not be subsequently reclassified to net profit/(loss)  
for the period, net of taxes (B2)
(214)
(293)
Total other income/(losses) for the period, net of taxes (B1+B2 = B)
 
4,037
1,385
Total comprehensive income for the period, net of taxes (A+B)
 
(30,033)
125,596

Separate Financial Statements
Salvatore Ferragamo S.p.A.
348 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Statement of Cash Flows
(In Euro) 
Notes
2020
of which with 
related parties
2019
of which with 
related parties
Net profit/(loss) for the period
(34,070,066)
124,211,203
Adjustments to reconcile net profit (loss) to net cash from/(used in) operating activities:
Amortization, depreciation and write-downs of tangible and intangible assets 
and right-of-use assets
6-7-9
44,308,779
(9,094,195)
40,573,259
(7,843,668)
Income Taxes
41
(17,629,624)
 
29,004,913
 
Provision for employee benefit plans
23
29,818
 
77,863
 
Allocation to / (use of) the provision for obsolete inventory
13
6,623,961
 
6,580,338
 
Allocation to / (use of) the provisions for risks and charges
22
1,037,140
 
264,332
 
Losses and net provisions for bad debt
15
(67,249)
-
198,895
198,895
Losses / (gains) on disposal of tangible and intangible assets
 
27,192
 
303,760
 
Write-down / (revaluation) of investments in subsidiaries
10
46,157,739
 
11,668,051
 
Stock grant plan costs
42
45,276
 
(206,907)
 
Interest expense and interest expense on lease liabilities
39
4,234,748
2,356,016
4,479,372
2,179,945
Interest income
40
(2,579,837)
(1,808,072)
(1,235,723)
(1,107,974)
Dividend income from subsidiaries
40
(49,365,452)
(49,365,452)
(32,523,460)
(32,523,460)
Other non-monetary items
 
(4,657,709)
(1,277,192) 
1,666,090
 
Changes in operating assets and liabilities:
 
 
 
 
 
Trade receivables
15
46,342,012
49,206,165
(18,603,293)
(23,343,337)
Inventories
13
22,476,973
 
(4,592,611)
 
Trade payables
26
(29,379,486)
16,080,446
231,733
293,777
Other receivables and tax payables
16-28
(73,133)
 
(700,047)
 
Employee benefits payments
23
(374,497)
 
(402,142)
 
Other assets
 
288,619
 
(1,322,743)
 
Other liabilities
 
(5,056,126)
(917,443)
3,203,700
1,229,089
Other net
22
(387,688)
 
(350,743)
 
Income taxes paid
 
(12,764,454)
(9,177,694)
(10,990,418)
16,482,164
Interest expense and interest expense on lease liabilities paid
 
(4,338,539)
(2,409,007)
(2,512,138)
(1,507,919)
Interest received
 
2,579,837
1,808,072
1,235,723
1,107,974
Dividends received
 
49,365,452
49,365,452
32,523,460
32,523,460
NET CASH FROM (USED IN) OPERATING ACTIVITIES
 
62,773,686
44,767,096
182,782,467
(12,311,054)
Cash flow from investing activities:
 
 
 
 
 
Purchase of tangible assets
6
(3,096,668)
 
(21,072,985)
 
Purchase of intangible assets
9
(5,568,064)
 
(11,519,739)
 
Acquisition of Arts S.r.l. and Aura 1 S.r.l. net of cash acquired
5
(7,581,385)
 
-
 
Proceeds from the sale of tangible and intangible assets
 
20,409
 
30,201
 
Investments in subsidiaries
 
-
 
39,909
 
Net change in financial receivables
18
(66,877,862)
(66,877,862)
(50,251,970)
(50,251,970)
NET CASH FROM (USED IN) INVESTING ACTIVITIES
 
(83,103,570)
(66,877,862)
(82,774,584)
(50,251,970)
Cash flow from financing activities:
 
 
 
 
 
Net change in financial payables
21
124,918,922
 
-
 
Repayment of lease liabilities
25
(12,224,137)
(6,499,356)
(15,941,956)
(7,121,594)
Dividends paid 
46
-
-
(57,371,619)
(40,684,709)
Treasury share repurchase
20
-
 
(2,524,663)
 
NET CASH FROM (USED IN) FINANCING ACTIVITIES
 
112,694,785
(6,499,356)
(75,838,238)
(47,806,303)
NET INCREASE (DECREASE) IN NET CASH AND CASH EQUIVALENTS
 
92,364,901
 
24,169,645
 
OPENING NET CASH AND CASH EQUIVALENTS
 
120,088,330 
 
95,918,685 
 
Increase/(decrease) in net cash and cash equivalents
 
92,364,901
 
24,169,645
 
CLOSING NET CASH AND CASH EQUIVALENTS
19
212,453,231
-
120,088,330

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 349
Statement of changes in shareholders’ equity
Note 20
(In thousands of Euro)
Share 
capital
Treasury 
share 
reserve
Legal 
reserve
Share capital 
contributions
Extraordinary 
reserve
Revaluation 
reserve
Cash flow 
hedge 
reserve
Effect IAS 
19 Equity
Other 
reserves
Net profit/
(loss) for 
the period
Total 
Shareholders’ 
Equity
As at 01.01.2020
16,879
(2,776)
4,188
2,995
504,319
25,478
872
(1,492)
12,010
124,211
686,684
Profit/(loss) for 2020
 
 
 
 
 
 
 
 
 
(34,070)
(34,070)
Other comprehensive income/
(losses)
 
 
 
 
 
 
4,251
(214)
 
 
4,037
Total comprehensive  
income (loss)
-
 
-
-
-
-
4,251
(214)
-
(34,070)
(30,033)
Allocation of 2019 result
 
 
 
 
124,211
 
 
 
 
(124,211)
-
Stock Grant Reserve
 
 
 
 
 
 
 
 
79
 
79 
As at 31.12.2020
16,879
(2,776)
4,188
2,995
628,530
25,478
5,123
(1,706)
12,089
(34,070)
656,730
Note 20
(In thousands of Euro)
Share 
capital
Treasury 
share 
reserve
Legal 
reserve
Share capital 
contributions
Extraordinary 
reserve
Revaluation 
reserve
Cash flow 
hedge 
reserve
Effect IAS 
19 Equity
Other 
reserves
Net profit/
(loss) for 
the period
Total 
Shareholders’ 
Equity
As at 01.01.2019
16,879
(251)
4,188
2,995
478,378
25,478
(806)
(1,199)
12,353
83,313
621,328
Profit/(loss) for 2019
 
 
 
 
 
 
 
 
 
124,211
124,211
Other comprehensive  
income/(losses)
 
 
 
 
 
 
1,678
(293)
 
 
1,385
Total comprehensive  
income (loss)
-
 
-
-
-
-
1,678
(293)
-
124,211
125,596
Allocation of 2018 result
 
 
 
 
25,941
 
 
 
 
(25,941)
-
Distribution of dividends
 
 
 
 
 
 
 
 
 
(57,372)
(57,372)
Treasury share repurchase
 
(2,525)
 
 
 
 
 
 
 
 
(2,525)
Stock Grant Reserve
 
 
 
 
 
 
 
 
(343)
 
(343)
As at 31.12.2019
16,879
(2,776)
4,188
2,995
504,319
25,478
872
(1,492)
12,010
124,211
686,684

Separate Financial Statements
Salvatore Ferragamo S.p.A.
350 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Explanatory notes to the separate financial 
statements 
1. Corporate information
Salvatore Ferragamo S.p.A. is incorporated as a joint-stock company in Italy under Italian law and adopts a conventional organizational 
model, with the Shareholders’ Meeting, the Board of Directors, and the Board of Statutory Auditors. The Company’s Shares are listed on the 
Mercato Telematico Azionario (an electronic stock market) organized and operated by Borsa Italiana S.p.A..
The Company is one of the main players in the luxury sector and dates back to 1927.
The separate financial statements for the year ended 31 December 2020 were approved by the Board of Directors of Salvatore Ferragamo 
S.p.A. on 9 March 2021.
The main Company activities are set out in the Directors’ report on operations.
Management and coordination
Pursuant to art. 2497 ff. of the Italian Civil Code, the Company Salvatore Ferragamo S.p.A. is subject to management and coordination by 
Ferragamo Finanziaria S.p.A., whose consolidated financial statements are available at the registered office in Florence, Via Tornabuoni, 2.
In compliance with the provisions of art. 2497-bis, paragraph 4 of the Italian Civil Code, the key data from the financial statements of the 
Holding company Ferragamo Finanziaria S.p.A. as at 31 December 2019 and 2018 is given below.
Ferragamo Finanziaria S.p.A.
(In Euro)
31 December 2019
31 dicembre 2018
STATEMENT OF FINANCIAL POSITION 
ASSETS
B) Fixed assets
169,342,251
166,312,869
C) Current assets
64,709,800
142,466,156
D) Accruals and Deferrals
703
702
TOTAL ASSETS
234,052,754
308,779,727
LIABILITIES AND SHAREHOLDERS’ EQUITY
A) Shareholders’ equity
	
- Share capital
49,749,960
49,749,960
	
- Reserves
146,489,807
115,713,388
	
- Profit (loss) for the year
27,864,724
131,233,249
B) Provisions for risks and charges
 -
376,194
D) Payables
9,872,739
11,631,585
E) Accruals and Deferrals
75,524
75,351
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
234,052,754
308,779,727
Guarantees, commitments and other risks
 -
 -
INCOME STATEMENT
A) Value of production
126,413
100,283,774
B) Costs of production
(2,244,396)
(3,492,160)
Difference between value and costs of production
(2,117,983)
96,791,614
C) Financial income and charges
31,158,341
35,240,555
Profit before taxes
29,040,358
132,032,169
Income taxes for the year, current and deferred
(1,175,634)
(798,920)
Profit (loss) for the year
27,864,724
131,233,249

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 351
2. Statement of compliance with IFRS and basis of presentation
The Separate Financial Statements of Salvatore Ferragamo S.p.A. have been prepared in compliance with the International Financial Reporting 
Standards (IFRS), issued by the International Accounting Standards Board (“IASB”) adopted by the European Union and in force at the 
reporting date. The explanatory notes to the separate financial statements have been supplemented with the extra information requested by 
CONSOB and by the provisions it has issued in implementation of art. 9 of Leg. Decree 38/2005 (resolutions 15519 and 15520) dated 27 July 
2006 and communication DEM/6064293 dated 28 July 2006, pursuant to art. 78 of the Issuers’ Regulation, the EC document of November 
2003 and, where applicable, the Italian Civil Code. The term “IFRS” used herein includes International Accounting Standards (“IAS”) which 
are still in force as well as all the interpretations issued by the IFRS Interpretation Committee, previously referred to as International Financial 
Reporting Interpretations Committee (“IFRIC”) and before that Standing Interpretations Committee (“SIC”).
Financial statement structure adopted
The Separate Financial Statements of Salvatore Ferragamo S.p.A. as at 31 December 2020 comprise the statement of financial position, the 
income statement, the statement of comprehensive income, the statement of cash flows, the statement of changes in shareholders’ equity 
and the related explanatory notes.
The statement of financial position, the income statement and the statement of cash flows are presented in Euro, while the statement of 
comprehensive income and the statement of changes in shareholders’ equity and the related explanatory notes are presented in thousands 
of Euro, unless otherwise indicated.
The Company’s statement of financial position distinguishes between current and non current assets and liabilities, where:
• non current assets refer to positive balances to be realized after more than 12 months and include intangible, tangible and financial assets 
and deferred tax assets;
• current assets refer to positive balances to be realized within 12 months;
• non current liabilities refer to liabilities due after more than 12 months, including financial payables, provisions for risks and charges, 
employee benefit liabilities and deferred tax liabilities;
• current liabilities refer to liabilities due within 12 months, including the short-term portion of medium/long-term loans, provisions for risks 
and charges and employee benefit liabilities.
The income statement is shown in accordance with a classification of costs by nature. The statement of cash flows has been prepared 
according to the indirect method and is presented in compliance with IAS 7, breaking down financial flows into operating, investing and 
financing activities. 
It should be noted that in reference to CONSOB Resolution no. 15519 of 27 July 2006 and Communication no. DEM/6064293 of 28 July 2006, 
the financial statements show significant transactions with related parties, in order to provide better disclosure.
All amounts are expressed in Euro and are rounded to the nearest thousand Euro, unless otherwise indicated.
Accounting standards
General notes
The Separate Financial Statements have been prepared according to the historical cost principle, except for derivatives and financial assets 
classified as held for sale, which are recorded at fair value, and on a going concern basis.
The accounting standards adopted in the Separate Financial Statements as at 31 December 2020 are the same as those adopted in previous 
years with the exception of international accounting standards newly adopted in 2020.
Discretionary valuations and significant accounting estimates
The preparation of the Separate Financial Statements has entailed the use of estimates and assumptions, both in determining some assets 
and liabilities, and in assessing contingent assets and liabilities, by using the best available information. Actual results might not fully 
correspond to estimates.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
352 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
The main estimated data refer to:
• provisions for obsolete inventory of raw materials, accessories and finished products; since the Company’s products are subject to fashion 
market trends, product inventories at the end of the season or, in the case of fragrances, at the end of the life cycle of the individual 
item, are subject to impairment. Specifically, the provision for obsolete inventory of finished products reflects management’s estimate 
of the expected impairment losses on the products of the collections of previous seasons, considering the ability to sell them through 
the Company’s various distribution channels. Generally, impairment assumptions involve percentages of impairment that become greater 
the older the collections are, so as to reflect the decline in selling prices in secondary channels (mainly outlets) on the one hand, and on 
the other hand, the decrease in the probability of selling them as time goes by. This percentage is based on both a statistical analysis of 
the change in inventory age and an assessment of the consistency in the use of percentages over time. In case of changes in available 
information, the percentages are reassessed and adjusted as needed. The provision for obsolete raw materials reflects management’s 
estimates of the decline in the probability they will be used based on the calculation of slow-moving raw materials. In 2020, given the 
current situation associated with the Covid- 19 emergency, the provisions for obsolete inventory of raw materials, accessories, and finished 
products reflected also the risk of a potential further reduction in the use of raw materials and the sales of finished products in the future;
• provision for bad debt relating to wholesale sales, which is linked to the solvency and standing of customers with whom the Company has 
well-established and consolidated relations; the Company uses a matrix to calculate Expected Credit Losses (ECLs) on trade receivables. 
The provisioning rates are based on the days past due for each customer category grouped in the different segments that present 
similar historical loss experiences (for instance, by geographic area, product type, customer type, rating, and guarantees). The matrix is 
initially based on the Company’s historical observed default rates. The Company will calibrate the matrix to adjust the historical credit loss 
experience with forward-looking information. For instance, if forecast economic conditions (for example, country risk) are expected to 
deteriorate over the next year, which can lead to an increased number of defaults in the country concerned, the historical default rates are 
adjusted accordingly. At every reporting date, the Company updates historical observed default rates and analyzes changes in forward-
looking estimates. The assessment of the correlation between historical observed default rates, forecast economic conditions, and ECLs is 
a significant estimate. The amount of ECLs is sensitive to changes in circumstances and in forecast economic conditions. The Company’s 
historical credit loss experience and forecast of economic conditions may also not be representative of customer’s actual default in the 
future. For more details on the analysis of credit risks, please refer to notes 3 and 15;  
•  provisions for risks and charges, in particular expected future expenses and costs relating to ongoing or foreseeable disputes;
• rights of return to adjust revenues from contracts with customers, where envisaged under contracts to sell items or customary business 
practices. The Company has concluded that the expected value method is the most appropriate to estimate the amount of variable 
consideration on sales of goods with rights of return, considering the large number of contracts with similar characteristics;
• useful life of property, plant and equipment and intangible assets, as well as ensuring that development costs meet the recognition and 
measurement requirements for intangible assets;
• employee benefits, which are measured using actuarial assumptions; for the main actuarial assumptions, reference should be made to 
note 23 Employee benefit liabilities;
• deferred tax assets, which are recognized to the extent that it is probable that future taxable profit will be available against which the 
temporary differences or any tax losses can be utilized. In this regard, the Company’s management estimates the likely timing and amount 
of future taxable profit;
• fair value of financial instruments, chief among them derivative instruments, which the Company uses extensively to hedge exchange 
rate risk; for details about the assumptions underlying the measurement of fair value, reference should be made to note 31 Financial 
instruments and fair value measurement;
• fair value of share-based payment plans, settled in either cash or shares, that the Company uses to provide incentives to the Group’s 
management; for details about the assumptions underlying the measurement of share-based payment plans at fair value, reference should 
be made to note 43 Segment reporting;
• risk of defeat in the disputes involving the Company; the Company recognizes a liability when facing legal disputes and lawsuits if it believes 
it is probable that they will require an outflow of financial resources and a reliable estimate can be made of the amount of the potential 
losses. Given the uncertainty surrounding the outcome of these proceedings, it is hard to reliably estimate the outflow of resources that 
will be required to settle them, therefore the amount of the provisions for legal disputes may change as a result of future developments in

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 353
the outstanding proceedings. The Company monitors the status of ongoing lawsuit and proceedings and consults with its legal advisors 
as well as legal experts.  Moreover, the Company assesses uncertain tax positions and, if required, recognizes a liability
In addition, as of 1 January 2019, following the adoption of IFRS 16, the Company made the significant accounting estimates reported below 
in its capacity as lessee:
• Lease term: the identification of the lease term is a very significant issue, as the form, regulations, and business practices related to property 
lease agreements vary significantly from one jurisdiction to another, and assessing the impact on the estimated lease term of the options 
to renew the lease at the end of the non-cancellable period requires using assumptions. The IFRS Interpretation Committee clarified that, 
for the purposes of identifying the enforceable period, a lessee shall consider the contractual moment when both parties may exercise 
their right to terminate the contract without incurring penalties that are not immaterial; the concept of penalty is not to be interpreted in 
a strictly contractual sense, but shall rather be viewed considering all the economics of the contract. The Company has considered these 
conclusions in identifying the lease term. In defining the lease term, the Company considered whether either the lessee or lessor, or both, 
have renewal and termination options, respectively. When renewal options exercisable by both parties to the agreement exist, the Company 
considered whether there are significant economic incentives to refuse the renewal request, in accordance with paragraph B34 of IFRS 16. 
When there are options exercisable by only one of the two parties, the Company considered paragraph B35 of IFRS 16. 
Applying the above, considering the specifics facts and circumstances as well as the estimate of whether it will be reasonably certain that 
the option will be exercised, resulted in the following: 
- For annual leases that are automatically renewed except in the event of termination, the Company considered an average term of five 
years based on historical evidence; 
- In the other cases, if only the Company can exercise the option, we considered a lease term until the end of the second renewal term, 
based on historical evidence and the fact that a renewal beyond the second term could not be considered reasonably certain.
After the lease commencement date, the Company reassesses the lease term upon the occurrence of a significant event or a significant change 
in circumstances that is within the control of the Company and affects whether the lessee is reasonably certain to exercise an option not 
previously included in its determination of the lease term, or not to exercise an option previously included in its determination of the lease term. 
- Definition of the discount rate: as most leases entered into by the Company do not contain an implicit interest rate, the Company calculated 
an Incremental Borrowing Rate (IBR). To determine the IBR it should use to discount future lease payments, the Company identified existing 
leases as a portfolio of leases with similar characteristics and determined the relevant IBR as the interest rate of a risk-free instrument in Italy 
(where the leases were entered into), based on the different lease terms, increased by the Group’s Credit spread. 
The estimates and the assumptions are made by directors with the assistance of company departments and, when appropriate, independent 
experts, and are periodically reviewed - recognizing, if necessary, the impact of each change in the income statement in the period in which 
these estimates and assumptions should differ from actual circumstances.
Impairment of Tangible assets (Property, plant and equipment), Right-of-use assets, Intangible assets with a finite useful life, 
Investments, and Goodwill
The book value of Property, plant and equipment, Right-of-use assets, Intangible assets with a finite useful life, and Investments is subject 
to impairment testing when there are indicators of impairment (events or changed situations suggesting that the book value cannot be 
recovered) which require an immediate assessment of impairment, or when events have occurred which require the procedure to be 
repeated. Impairment exists when the book value of an asset or cash flow generating unit exceeds its recoverable value, which is the higher 
of its fair value less the costs of sale and its value in use. The calculation of the fair value less the costs of sale is based on the data available 
from sale binding transactions between free and independent parties involving similar assets or observable market prices, less the extra 
costs relating to the disposal of the asset. The value in use is calculated based on discounted cash flow models using a pre-tax discount rate 
which reflects the current market estimate of the cost of money over time and the specific risks of the asset. 
The impairment test is carried out by considering the individual geographic areas in which the Group operates as cash generating units 
(“CGUs”). Said areas usually coincide with the Group’s individual legal entities, except where multiple legal entities of the Group the same 
country or in neighboring territories or markets with a shared and homogeneous customer base.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
354 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
The cash flows are taken from the estimates made by senior management, which represent the best estimate made by the Company on the 
economic conditions set for the plan period. The plan forecasts refer to a time period of three years and the long-term growth rate (g) used 
to estimate the terminal value of the asset was assumed to be equal to the rate of inflation expected to prevail over the medium - long term 
in the main markets where the Group operates. Cash flows do not include restructuring activities for which the Company does not have a 
current obligation, or significant future investments which will increase the yield on the assets that make up the cash flow generating unit 
that is being valued. The recoverable amount is very dependent on the discount rate used in the discounted cash flow model and also on 
the expected future incoming cash flows and on the growth rate used for the purposes of the extrapolation.
Goodwill is tested for impairment at least once a year (as at 31 December) or more often, when circumstances indicate that the carrying 
amount may be subject to impairment.
The impairment loss for goodwill is determined by measuring the recoverable amount of the cash-generating unit (or group of cash-
generating units) to which goodwill has been allocated. Where the recoverable amount of the cash-generating unit is lower than the carrying 
amount of the cash-generating unit to which goodwill has been allocated, an impairment loss is recognized. An impairment loss recognized 
for goodwill shall not be reversed in subsequent periods.
Disclosure on impairment
the Company considers disclosure regarding impairment of assets as particularly important. Therefore, it has adopted a procedure to analyze 
indicators of impairment and a procedure for impairment testing. 
The negative impacts that the Covid-19 pandemic had on the Company’s results in 2020 when compared to the prior-year period were 
considered to be an indicator of impairment. Therefore, in 2020 the Company measured any impairment losses on its Cash Generating Units 
(CGUs).  
Property, plant and equipment
Tangible assets are recorded at historic cost, including the additional costs directly attributable and necessary to use the asset for the 
purpose for which it has been bought. This cost includes the costs to replace part of the plant and equipment when incurred, if they comply 
with the recognition criteria. The net value (cost less accumulated depreciation) of parts of replaced plant and equipment is recognized in 
the income statement at the time of replacement. 
Maintenance and repair expenses, which do not involve the creation of value from and/or extension of the residual life of the assets, are 
recognized in the income statement in the year in which they are incurred, otherwise they are capitalized.
Tangible assets are shown net of the related accumulated depreciation and any impairment determined in accordance with the method 
described below. Depreciation is calculated on a straight-line basis according to the estimated useful life of the asset, which is reviewed on 
an annual basis and any changes, if necessary, are applied on a prospective basis.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 355
The useful lives of the main classes of tangible assets are as follows:
Useful life
Buildings
33 years
Plant and Equipment
5 years
Industrial and commercial equipment
5 years
Other assets:
	
- Office furniture and furnishings
5.5 years
	
- Electronic machines
3 years
	
- Historic collection
5 years
	
- Vehicles
4 years
Leasehold improvements
On the basis of the residual duration of the asset’s lease contract
The residual value of the asset, its useful life, and the depreciation methods applied are reviewed at the end of each year and adjusted on a 
prospective basis if necessary.
Should significant parts of these tangible assets have different useful lives, these components are accounted for separately. Land, whether 
it is free of construction or attached to buildings, is recorded separately and is not depreciated since it has an unlimited useful life.
The book value of property, plant and equipment is subject to review to record any impairment, should events or changed situations indicate 
that the book value cannot be recovered. If there is an indication of impairment and, should the book value exceed the presumed realizable 
value, assets are written down to reflect their realizable value. The realizable value of property, plant and equipment is the higher of the net 
sale price and the value in use.
In defining the value in use, the expected future cash flows are discounted using a pre-tax discount rate which reflects the current market 
estimate of the cost of money over time and the specific risks of the asset. The realizable value of an asset which does not generate broadly 
independent cash flows is determined in relation to the cash flow generating unit to which this asset belongs. Impairment is recognized in 
the income statement under amortization, depreciation and write-down costs. 
Impairment is restored should the reasons for it no longer exist.
The carrying amount of an item of property, plant and equipment and each initially recognized significant component is derecognized on 
disposal (i.e. on the date the buyer obtains control over it) or when no future economic benefits are expected from its use or disposal. The 
gain/loss arising from the derecognition of the asset (calculated as the difference between the net carrying amount of the asset and the 
consideration received) is included in profit or loss when the item is derecognized.
Leases
At inception of a contract, the Company assesses whether the contract is, or contains, a lease. The contract is, or contains, a lease if it 
provides the right to control the use of a specific asset for a period of time in exchange for consideration. 
The Company uses the exemption under IFRS16 for intangible assets. 
The Company as lessee 
The Company applies a single accounting model for all leases to which it is lessee, except for short-term leases and leases of low-value 
assets. The Company recognizes a financial lease liability and a right-of-use asset.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
356 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Right-of-use assets: 
The Company recognizes a Right-of-use asset at the lease commencement date (that is the date on which the underlying asset is available 
for use by the lessee). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses determined 
as described below, and adjusted for any remeasurement of lease liabilities. The cost of Right-of-use assets includes the amount of the 
recognized lease liability, initial direct costs incurred, lease payments made at or before the commencement less any lease incentives 
received, and the estimate of costs to be incurred by the Company in restoring the underlying asset to its original condition, if required by 
the lease. 
Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, depreciation is calculated on 
a straight-line basis over the shorter of the lease term and the useful life of the asset as follows:
Useful life
Buildings 
33 years 
Equipment and other assets
3-5 years 
Vehicles 
3-4 years 
Right of-use assets are tested for impairment should events or changes in circumstances indicate that the book value cannot be recovered. 
If there is an indication of impairment and, should the book value exceed the presumed realizable value, assets are written down to reflect 
their realizable value. The realizable value is the higher of the net sale price and the value in use. In defining the value in use, the expected 
future cash flows are discounted using a pre-tax discount rate which reflects the current market estimate of the cost of money over time 
and the specific risks of the asset. The realizable value of an asset which does not generate broadly independent cash flows is determined in 
relation to the cash flow generating unit to which this asset belongs. Impairment is recognized in the income statement under amortization, 
depreciation and write-down costs. Impairment is restored should the reasons for it no longer exist. 
Lease liabilities: 
At the commencement date of the lease, the Company recognizes a lease liability measured at the present value of future lease payments 
to be made over the lease term. Future payments include fixed payments, less any lease incentives receivable, variable lease payments 
that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the 
exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating a lease, 
if the Company is reasonably certain to exercise the option to terminate. The variable lease payments that do not depend on an index or a 
rate, but that in the case of the Company mainly depend on sales volumes, continue to be recognized as costs for services in profit or loss. 
In calculating the present value of future payments, the Company uses the Incremental Borrowing rate (IBR) at the lease commencement 
date. Subsequently, the lease liability is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, 
the lease liability is remeasured to account for any change in the terms of the lease. 
Short-term leases and leases of low-value assets: 
the Company has elected not to apply IFRS 16 to short-term leases (leases with a lease term of 12 months or less) and leases for which 
the underlying asset is of low value (less than 5,000 Euro). Payments on these leases are recognized as expense on a straight-line basis in 
accordance with the terms and conditions of the lease.
The Company as lessor 
Lease contracts in which the Company largely retains all the risks and benefits of ownership of the asset are classified as operating leases. 
The Company capitalizes the initial direct costs incurred in obtaining an operating lease and recognizes those costs as an expense over the 
lease term on the same basis as the lease income.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 357
Business combinations and goodwill
Business combinations are accounted for using the acquisition method. 
The acquisition cost is valued as the total of the transferred consideration measured at fair value at the acquisition date and the amount of 
any minority interests in the acquired company. 
Business combinations between entities subject to joint control do not fall within the scope of application of IFRS 3. Should the business 
combination between entities subject to joint control not be of an economic nature but a mere corporate reorganization, the company will 
apply the business combination accounting method called “pooling of interest”, thus aggregating the assets and liabilities to the book 
values on a line-by-line basis.
Intangible assets
Intangible assets are recorded among assets at purchase cost when the use of the asset is likely to generate future income and when 
the cost of the asset can be reliably established. Intangible assets acquired through business combinations are recorded at fair value as 
established at the acquisition date, if this value can be reliably established. Intangible assets with a finite useful life are amortized on a 
straight-line basis over their estimated useful life; the useful life is reviewed on an annual basis and any changes, where necessary, are 
applied on a prospective basis.
Intangible assets are shown net of the related accumulated amortization and any accumulated impairment determined in accordance with 
the method described below. 
The useful lives of the main categories of intangible assets with a finite useful life are the following:
Useful life
Industrial patents and intellectual property rights
2-5 years
Concessions, licenses and trademarks
10 years
Development costs 
3-5 years
Know-how
8 years
An intangible asset is derecognized on disposal (i.e. on the date the buyer obtains control over it) or when no future economic benefits are 
expected from its use or disposal. Any gain or loss arising from the derecognition of the asset (calculated as the difference between the net 
disposal proceeds and the carrying amount of the asset) is included in profit or loss.
The book value of intangible assets is subject to review to record any impairment, should events or changed situations indicate that the 
book value cannot be recovered. Impairment is recognized in the income statement under amortization, depreciation and write-down costs. 
Impairment is restored should the reasons for it no longer exist.
Development costs
Research costs are charged to the income statement when they are incurred. 
Development costs incurred in relation to a particular project are capitalized only when the Company can demonstrate the technical possibility 
of completing the intangible asset in such a way as to make it available for use or for sale, as well as its intention to complete the asset in 
order to use it or sell it, the means by which it will generate probable future income, the availability of technical, financial or other resources 
to complete the development and its ability to make a reliable assessment of the cost attributable to the asset during its development.
During the development period, the asset is reviewed annually to assess any impairment. Following the initial recognition, development 
costs are assessed at cost less any accumulated amortization or impairment loss. Amortization of the asset starts when the development is 
completed and the asset is available for use. It is amortized with reference to the period in which the project is likely to generate revenues 
for the Company.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
358 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Industrial patents and intellectual property rights
Industrial patents and intellectual property rights refer to costs for software licenses and to costs for the deposit and registration of 
trademarks and patents relating to Company products.
Concessions, licenses, trademarks and similar rights 
This item refers to costs for the deposit and registration of the Salvatore Ferragamo trademark. Purchase costs are amortized over the useful 
life of the right purchased.
Know-how
The item includes the know how acquired through the business combination of Arts S.r.l. and Aura 1 S.r.l., recognized at its fair value at the 
acquisition date. This charge is amortized over 8 years
Financial Instruments 
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another 
entity.
The general rule in IFRS 9 is that an entity shall recognize a financial asset or a financial liability on its balance sheet when, and only when, 
the entity becomes a party to the contractual provisions of the instrument. 
Financial assets
On initial recognition, financial assets are classified according to their contractual cash flow characteristics and the business model under 
which they are held. The assessment of the contractual cash flow characteristics is known as the SPPI (‘solely payments of principal and 
interest “SPPI’”) test and is conducted for each instrument. However, identical financial instruments may be analyzed in groups, since the 
outcome of the test would not be different than under an individual or separate assessment. 
The Company’s business model for managing financial assets refers to how the Company manages financial assets in order to generate cash 
flows. The business model determines whether the cash flows will result from the collection of contractual cash flows, sales proceeds, or 
both. Based on these characteristics, financial assets are classified into four categories:
• Financial assets at amortized cost (debt instruments);
• Financial assets at fair value through other comprehensive income with reclassification of cumulative gains and losses (debt instruments);
• Financial assets at fair value through other comprehensive income without reclassification of cumulative gains or losses on disposal (equity 
instruments);
• Financial assets at fair value through profit or loss.
At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through 
profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Company has 
applied the practical expedient are measured at the transaction price determined under IFRS 15.
After initial recognition, the Company measures financial assets at amortized cost, at fair value through other comprehensive income, and 
at fair value through profit or loss. 
Financial assets at amortized cost (debt instruments)
The Company measures financial assets at amortized cost if both of the following conditions are met:
• the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows;
• the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on 
the principal amount outstanding.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 359
Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and 
losses are recognized in the statement of profit or loss when the asset is derecognized, modified or impaired.
The Company’s financial assets at amortized cost include trade receivables, loans to subsidiaries, and guarantee deposits.
Financial assets at fair value through other comprehensive income (debt instruments)
The Company measures debt instruments at fair value through other comprehensive income if both of the following conditions are met: 
• The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling; and
• the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on 
the principal amount outstanding.
For debt instruments at fair value through other comprehensive income, gains and losses are recognized through other comprehensive 
income except for changes resulting from exchange differences and impairment losses, as well as reversals, which are recognized in the 
statement of profit or loss. Upon derecognition, the cumulative fair value change recognized in other comprehensive income is recycled to 
profit or loss; the amounts recognized through profit or loss are the same that would have been recognized if the financial assets had always 
been measured at amortized cost. The Company currently does not have this type of instruments.
Investments in equity instruments
Under IFRS 9, all equity instruments, including derivatives on these instruments, shall be measured at fair value through profit or loss on 
the assumption that they do not give rise to the contractual cash flows required to pass the SPPI test. However, upon initial recognition, the 
Company may irrevocably classify its equity investments as equity instruments at fair value through other comprehensive income when they 
meet the definition of equity instruments as per IAS 32 “Financial Instruments: Presentation” and are not held for trading. The classification 
is determined for each individual instrument. This category includes Investments in subsidiaries.
Investments 
Investments in subsidiaries are measured at purchase cost, in compliance with the provisions of IAS 27.
Should there be indications that the cost is no longer recoverable in full or in part, the carrying amount is reduced to the relevant recoverable 
amount, in accordance with the provisions of IAS 36. When, subsequently, this loss is reversed or reduced, the carrying amount is increased 
to the new estimated recoverable amount, which cannot exceed the original cost.
Financial assets at fair value through profit or loss
In general, IFRS 9 defines the classification at fair value through profit or loss as a residual category to be applied to all those financial assets 
that, because of their contractual characteristics, are not measured at amortized cost or at fair value through other comprehensive income. 
However, the Company may, at initial recognition, irrevocably designate a financial asset as measured at fair value through profit or loss if 
doing so would eliminate or significantly reduce an accounting mismatch that would otherwise arise from recognizing the gains and losses 
on the asset on different bases. Although this may be considered an accounting policy choice, the standard does not require applying it 
consistently to all similar transactions.
Financial instruments at fair value through profit or loss are carried in the statement of financial position at fair value, with net changes in fair 
value recognized in the statement of profit or loss.
This category includes derivative instruments. Derivatives, including separated embedded derivatives, are classified as financial instruments 
held for trading, unless they are designated as effective hedging instruments. 
A derivative embedded in a non-derivative hybrid contract, with a financial liability or non-financial host, is separated from the host and 
accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument 
with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair 
value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
360 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Reclassification 
A financial asset is reclassified only if there is either a change in the terms of the contract that significantly modifies the cash flows that would 
otherwise be expected or the Company changes its business model for managing financial assets. The reclassification shall be applied 
prospectively from the date of reclassification, without restating any previously recognized gains, losses, and interest.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., 
removed from the Company’s statement of financial position) when:
- the rights to receive cash flows from the asset have expired, or
- the Company has transferred the right to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in 
full without material delay to a third party and (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the 
Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, whereby 
it retains the contractual rights to receive cash flows from the asset, but assumes a contractual obligation to pay the cash flows to one or 
more recipients, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When all the risks and rewards of 
ownership of the financial assets are substantially transferred, the Company derecognizes the financial asset and recognizes any rights 
and obligations created or retained as separate assets or liabilities; otherwise, the financial asset continues to be recognized. When it has 
neither transferred nor retained substantially all of the risks and rewards, nor lost control over the asset, the Company continues to recognize 
the asset to the extent of its continuing involvement; when control over the financial assets is not retained, the Company derecognizes the 
financial asset and recognizes any rights and obligations created or retained as separate assets or liabilities. The transferred asset and the 
associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount 
of the asset and the maximum amount of consideration that the Company could be required to repay.
Impairment of financial assets
The Company recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. 
Specifically, the impairment model applies to all financial assets measured at amortized cost and at fair value through other comprehensive 
income, but not to financial assets at fair value through profit or loss. In addition, the following types of instruments also fall within the scope 
of the model:
• Loan Commitments not measured at FVTPL;
• Financial guarantees within the scope of IFRS 9;
• Lease receivables within the scope of IFRS 16;
• Contract Assets within the scope of IFRS 15.
ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the 
Company expects to receive, discounted at an approximation of the original effective interest rate. The cash flows that the Company expects 
to receive depend on the probability of a default by the counterparty and the amount it expects to be able to recover; the expected cash 
flows will therefore include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
Under the general approach of the Standard, the impairment of financial assets is determined based on the monitoring of the counterparties’ 
credit standing.  
For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit 
losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which 
there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the 
remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 361
track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. More specifically, for 
the above financial assets, the Company adopts the practical expedient of the provision matrix to calculate impairment, i.e. has established 
a matrix system based on historical collection information, adjusted for forward-looking factors specific to the debtors and the economic 
environment, as a means to determine expected credit losses.
Financial liabilities
Financial liabilities are classified and measured at amortized cost using the effective interest rate method, except for those financial liabilities 
that are classified at fair value through profit or loss because they do not meet the conditions for the measurement at amortized cost. This is 
the case of financial liabilities held for trading.  In addition, the Company may, at initial recognition, irrevocably designate a financial liability 
as at fair value through profit or loss if doing so would result in more relevant information, as:
• it eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as ‘an accounting mismatch’) that 
would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases;
• a group of financial assets or liabilities is managed and measured at fair value in accordance with a risk management policy or based on an 
investment strategy, and information about the group is provided internally on that basis to key management personnel.
Derivatives with negative fair values are also classified and measured at fair value through profit or loss, except for those held as effective 
hedging instruments. All financial liabilities are recognized initially at fair value plus, in the case of loans and borrowings as well as payables, 
directly attributable transaction costs. The Company’s financial liabilities include trade and other payables, loans and borrowings including 
bank overdrafts, and derivative financial instruments.
The measurement of financial liabilities depends on their classification as financial liabilities at fair value through profit or loss and loans & 
borrowings at amortized cost.
Financial liabilities at fair value through profit or loss: financial liabilities at fair value through profit or loss include financial liabilities 
held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities 
are classified as held for trading if they are incurred for the purpose of settling or transferring them in the near term. This category 
also includes derivative financial instruments entered into by the Company that are not designated as hedging instruments in hedge 
relationships as defined by IAS 39. Separated embedded derivatives are also classified as held for trading unless they are designated 
as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. Financial 
liabilities are designated at fair value through profit or loss upon initial recognition, only if the criteria in IFRS 9 are satisfied. Upon initial 
recognition, the Company has not designated any financial liability as at fair value through profit or loss.
Financial liabilities at amortized cost (loans and borrowings): after initial recognition, loans are measured at amortized cost using the 
effective interest rate method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through 
the amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs 
that are an integral part of the effective interest rate. The effective interest rate amortization is included as finance costs in the statement 
of profit or loss.
It is not possible to reclassify financial liabilities.  
Derecognition
A financial liability is derecognized when the obligation under the liability is discharged or canceled or expires. When an existing financial 
liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially 
modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The 
difference in the respective carrying amounts is recognized in the statement of profit or loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently 
enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle 
the liabilities simultaneously.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
362 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Company uses derivative financial instruments such as: foreign exchange forward contracts, to hedge financial risks relating to exchange 
rate fluctuations affecting commercial transactions in foreign currency. Such derivative financial instruments are initially recognized at fair 
value on the date on which a derivative contract is entered into, and are subsequently measured at fair value. Derivatives are carried as 
financial assets when the fair value is positive and as financial liabilities when the fair value is negative. As allowed under IFRS 9 paragraph 
7.2.21, the Company elected to apply IAS 39 for the purpose of hedge accounting.
In keeping with the provisions of IAS 39.88 and IFRS 9.6.4.1, hedging derivatives are eligible for hedge accounting only when:
• At the inception of the hedge, there is formal designation and documentation of the hedging relationship and the entity’s risk management 
objective and strategy for undertaking the hedge;
• the hedge is likely to be highly effective;
• for cash flow hedges, the forecast transaction that is the subject of the hedge must be highly probable and must present an exposure to 
the measurement of cash flows that could affect profit or loss;
• the effectiveness can be reliably measured; and 
• the hedge itself is highly effective during the various accounting periods for which it is designated.
All derivatives are measured at fair value. When derivatives possess the necessary features to be accounted for in accordance with hedge 
accounting, the following accounting treatments are applied:
• Fair value hedge - if a derivative is designated as a hedge against changes in the current value of an asset or a liability as well as a firm 
commitment which may have an impact on the income statement, the change in the fair value of the hedging instrument is recorded in 
the income statement and the change in the fair value of the hedged instrument attributable to the risk covered is recorded as part of the 
book value of the item being hedged and is also recorded in the income statement. In the case of a firm commitment, the fair value of the 
component related to the hedged risk is recognized as an asset or liability, adjusting the line item in the statement of financial position that 
will be affected by the firm commitment upon its realization.
• Cash flow hedge - if a derivative is designated as a hedge against the changes in cash flows from an asset or liability or from a transaction 
which is considered as highly likely or a firm commitment and which could affect the income statement, the effective portion of the 
gains or losses on the derivative is recorded under shareholders’ equity and accounted for in the statement of comprehensive income; 
the accumulated gain or loss is reversed from shareholders’ equity and charged to the income statement in the same period in which 
the hedged transaction is recorded; the gain or loss associated with a hedge or that part of the hedge which has become ineffective, is 
recorded in the income statement when its ineffectiveness is recognized.
Should the conditions to apply hedge accounting not occur, the effects arising from the fair value assessment of the derivative are charged 
directly to the income statement.
Cash and cash equivalents
Cash and short-term deposits refer to cash on hand and sight/short-term deposits, in the latter case originally expiring in no more than 
three months.
Treasury shares
Treasury shares are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on the purchase, sale or 
cancellation of treasury shares.  Any difference between the purchase value and the consideration, in the event of a sale and/or grant, is 
recognized in a reserve in equity.
Inventories
Inventories are measured at the lower of purchase and/or production cost, determined using the weighted average cost method, and the 
net realizable value. Purchase cost includes ancillary charges; production cost includes direct costs and a share of indirect costs which may 
be reasonably attributable to products. The presumed net realizable value is the normal estimated sale price less the estimated costs to 
complete the product and the estimated costs to complete the sale.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 363
Provisions for risks and charges  
Provisions for risks and charges are allocated when the Company must meet a current (legal or implicit) obligation resulting from a past 
event, whose occurrence is deemed as likely and whose amount can be reasonably estimated. 
When the Company believes that an allocation to the provision for risks and charges will be partly or fully reimbursed, for example in the case 
of risks covered by insurance policies, the compensation is recorded separately among assets if, and only if, it is almost certain. In this case, 
in the income statement the cost of any allocation is shown net of the amount recorded for the compensation. 
If there is a significant effect from discounting the value of money, the allocations are discounted using a pre-tax discount rate which reflects, 
where appropriate, the specific risks of the liabilities. When the discounting is carried out, the increase in the allocation due to the passing 
of time is recorded as a financial charge.
Employee benefit liabilities
The Company’s net obligation deriving from defined-benefit plans is calculated separately for each plan by estimating the amount of the 
future benefit which employees have accrued in return for the service provided in the current and previous years; this benefit is discounted 
in order to calculate the current value.  Actuarial gains and losses are recorded directly in the statement of comprehensive income, as 
provided for by IAS 19.
Effective 1 January 2007, the 2007 Budget Law and the relevant enabling legislation have introduced significant changes to employee 
severance indemnities, requiring to allocate them to either supplementary pension schemes or the Treasury Fund of the Italian Social 
Security Institute (INPS). Starting from said date, in accordance with IAS 19, severance indemnities are classified as “Defined-contribution 
plans”, while the amounts paid into the provision for employee severance indemnities up to 31 December 2006 still qualify as “Defined-
benefit plans”. 
The actuarial assessment of liabilities has been entrusted to an independent actuary.
Fair value
IFRS 13 establishes a single source of guidance for fair value measurement and for the relevant disclosures when such measurement is 
required or permitted. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction 
between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market 
participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. 
A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using 
the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair 
value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. 
All assets or liabilities whose fair value is measured or recognized are categorized based on the following fair value hierarchy: 
• Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; 
• Level 3 - valuation techniques using unobservable inputs for the asset or liability.
The fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant 
to the entire measurement.
The methods for determining fair value in reference to financial instruments, for accounting or disclosure purposes, are summarized below 
in reference to the main financial instrument categories, to which they have been applied:
• Derivatives: adequate pricing models have been adopted, based on the market values of interest and exchange rates;
• Receivables and payables and unlisted financial assets: for financial instruments expiring after more than one year, the discounted cash 
flow method has been applied, i.e. the discounting of expected cash flows given current interest rate and creditworthiness conditions; 
• Listed financial instruments: the market value at the reference date is used.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
364 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Costs
Costs are recognized when related to goods or services sold or consumed during the period or systematically allocated, or when it is not 
possible to identify their future usefulness.
Advertising and research costs, in accordance with IAS 38, are charged in full to the income statement, when the service has been provided 
and delivered to the Company. 
Costs are recognized according to their nature considering the standards applicable under IFRS.
Revenues from contracts with customers
Revenues from contracts with customers are recognized when control of goods or services transfers to the customer in an amount that 
reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.
Sale of goods
Revenues from the sale of goods are recognized when control of the good passes to the customer, generally upon shipment depending on 
the terms applied.
The Company considers whether the contract includes other promises representing performance obligations to which part of the 
consideration for the transaction must be allocated (for example guarantees). When determining the transaction price for the sale of goods, 
the Company considers the effects of variable consideration, significant financing components, non-cash consideration, and consideration 
payable to the customer (if any).   
Right of return
Some contracts allow customers to return goods within a specified period of time. The Company uses the expected value method to estimate 
the goods that will not be returned, as this method better predicts the amount of variable consideration to which the Company will be 
entitled. The guidance in IFRS 15 regarding the constraints on the recognition of variable consideration applies to the determination of the 
amount of variable consideration that can be included in the transaction price. The Company adjusts revenues for the goods expected to 
be returned, and recognizes a liability for the refunds. The right of return of an asset (and the corresponding adjustment to the changes in 
inventories of finished products) is recognized also for the right to recover goods from customers.
Royalties
Revenues from royalties derive from sales-based royalties arrangements with customers, and are therefore recognized based on the stage 
of completion of the licensee’s sales in accordance with the terms of the agreement.
Right of return assets
A right of return asset represents the Company’s right to recover goods expected to be returned from customers. The asset is measured at 
the previous carrying amount of inventories less any costs for its recovery, including any impairment of the returned products. The Company 
regularly updates the estimated amount of returns from customers as well as any additional impairment of the returned products.
Refund liabilities
The refund liability represents the obligations to refund some or all of the consideration received (or to be received) from the customer and 
is measured based on the amount the Company expects to be refunded to the customer. The Company updates its estimates of refund 
liabilities (and the corresponding change in the transaction price) at the end of each reporting period.
Share-based payment plans 
The Company recognizes additional benefits to some employees, directors and collaborators with particular positions, through equity-
settled share-based payments, which provide for the physical delivery of shares. In accordance with the provisions of IFRS 2 - Share-
based payments - rights in favor of employees are valued at fair value when the beneficiary is informed of their allocation, and this value is 
determined using the binomial model. This model takes account of all the features of the rights (duration, exercise price and conditions, etc.), 
as well as the value of the underlying shares at the grant date and their expected volatility.
If the right can be exercised after a certain period (vesting period) and on the occurrence of specific performance conditions, the cost of 
transactions settled with equity instruments, together with the corresponding increase in shareholders’ equity, is recorded in the period 
in which the conditions relating to the achievement of objectives and/or the provision of the service are satisfied, ending at the time the

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 365
beneficiaries have fully accrued the right to receive payment (“vesting date”).  
At the end of each year, the fair value of the rights which has been determined previously is not reviewed, but on this date the estimate of 
the number of rights which will vest up to the expiry is updated. The accumulated costs recorded for these transactions at the end of each 
year up to the vesting date are proportionate to the expiries of the vesting period and to the best available estimate of the number of options 
which will actually vest. The cost or revenue recorded in the income statement for the year represents the change in the accumulated cost 
recorded at the start and at the end of the year. 
No cost is recorded for rights which do not ultimately vest, except in the case of rights whose allocation is subordinate to market conditions.
The impact of the dilution of the rights not yet exercised is reflected in the calculation of the dilution of earnings per share.
Cash-settled transactions
In case of cash-settled share-based transactions, the cost of the cash-settled transactions is initially valued at the fair value at the date 
the beneficiary is informed of their allocation. This fair value is recognized in the income statement in the period until vesting, with the 
recognition of a corresponding liability. Until the liability is settled, the fair value is recalculated at each year-end date and at the settlement 
date, charging the related changes to the income statement.
Financial income and charges
Financial income and charges are recorded on an accrual basis according to the interest accrued on the net value of the related financial 
assets and liabilities, using the effective interest rate.
Dividends
Dividends are recognized when the shareholders’ right to receive payment arises.
Income Taxes
Current taxes
Current income taxes are determined in relation to taxable income and in compliance with the rates and provisions in force; payables for 
current taxes are recognized in the statement of financial position, net of any tax advances paid. The Company regularly assesses the 
position taken in its income tax filings where tax regulations are subject to interpretation and makes provisions, when appropriate.
Current taxes relating to items recorded directly under shareholders’ equity or in the statement of comprehensive income are also charged 
directly to shareholders’ equity or to the statement of comprehensive income. 
Deferred taxes
Deferred taxes are calculated on the temporary differences existing at the reporting date between the fiscal values taken as a reference for 
assets and liabilities and the values recognized in the financial statements.
Deferred tax liabilities are recorded for all taxable temporary differences, except:
• when the deferred tax liabilities derive from the initial recognition of goodwill or of an asset or a liability in a transaction which is not 
a business combination and which, at the time of the transaction, has no effect on the profit/(loss) for the year calculated for financial 
statement purposes or on the profit or loss calculated for tax purposes; 
• in reference to taxable temporary differences relating to investments in subsidiaries, associated companies and joint ventures, when the 
reversal of temporary differences may be managed and it is not likely to occur in the foreseeable future.
Deferred tax assets are recorded against all deductible temporary differences and for tax assets and liabilities which are carried forward, to 
the extent that adequate future tax profits are likely to exist which make it possible to use the deductible temporary differences and the tax 
assets and liabilities which have been carried forward, except when:
• the deferred tax asset connected to deductible temporary differences arises from the initial recognition of an asset or liability in a transaction 
which is not a business combination and which, at the time of the transaction, does not affect profit/(loss) for the year calculated for 
financial statement purposes or the profit or loss calculated for tax purposes; 
• in reference to taxable temporary differences relating to investments in subsidiaries, associated companies and joint ventures, deferred 
tax assets are only recorded to the extent that the deductible temporary differences are likely to be reversed in the immediate future and 
there are adequate tax profits against which the temporary differences may be used.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
366 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
The value to be recorded for deferred tax assets is reviewed at each reporting date and is reduced to the extent that it is no longer likely that 
sufficient tax profits will be available in the future so as to allow all or part of this credit to be used. Unrecognized deferred tax assets are 
reviewed annually at the reporting date and are recorded to the extent that it has become likely that the tax profit is sufficient to ensure that 
these deferred tax assets can be recovered.
To determine whether taxable profit will be available against which a deductible temporary difference can be utilized, the entity shall consider 
whether local tax laws restrict the sources of taxable profits against which it may make deductions on the reversal of that deductible 
temporary difference. 
Deferred tax assets and liabilities are measured on the basis of the tax rates which are expected to be applied in the year in which the assets 
are realized or the liabilities are settled, taking into account the rates in force and those already issued or basically issued at the reporting 
date.
Current and deferred taxes relating to items recorded directly under shareholders’ equity or in the statement of comprehensive income are 
also charged directly to shareholders’ equity or to the statement of comprehensive income.
Deferred tax assets and liabilities are offset when there is a legal right to offset current tax assets against current tax liabilities and the 
deferred taxes refer to the same fiscal entity and the same tax authority.
Value added tax
Revenues, costs and assets are recorded net of value added taxes except when:
• this tax, applied to the purchase of goods or services, is non-deductible, in which case it is recognized as part of the purchase cost of the 
asset or part of the cost item charged to the income statement; 
• it refers to trade receivables and payables for which the invoice has already been issued or received and which are shown including the 
tax amount.
The net amount of indirect taxes on sales and purchases which may be recovered from or paid to the Inland Revenue Office is recorded 
among tax receivables or payables depending on the nature of the balance. 
Put and call agreements on minority interests
Put and call agreements are financial instruments in compliance with the provisions of IFRS 9. 
The fair value of the financial instruments traded on an active market is determined at each reporting date with reference to market prices 
or operators’ prices (ask price for long-term positions and bid price for short-term positions), without any deduction for transaction costs.
For financial instruments which are not traded on an active market, the fair value is determined using a valuation technique. This technique 
may include: the use of recent transactions at market conditions; reference to the current fair value of another instrument which is substantially 
the same; an analysis of discounted cash flows or other valuation models.
The accounting policy chosen by the Company envisages the recognition in the income statement and the recognition under financial 
liabilities of the fair value at the valuation date.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 367
Changes in international accounting standards
The Company has not adopted in advance any standard, interpretation or improvement that has been issued but which is not yet in force, 
except for the amendment to IFRS16 Leases Covid-19 Related Rent Concessions.  
Amendment to IFRS16 Leases - Covid-19 Related Rent Concessions
On 28 May 2020, the International Accounting Standard Board (“IASB”) approved the amendment to IFRS16 “Covid-19 Related Rent 
Concessions (Amendment to IFRS 16)”, endorsed by the European Union in October 2020.
Said amendment introduces a practical expedient to simplify lessee accounting for rent concessions (i.e. lease payment reductions, holidays 
and/or deferrals granted to a lessee by a lessor) received in the wake of the Covid-19 pandemic. If specified conditions are met, the practical 
expedient allows recognizing a “positive variable lease payment” through profit or loss as operating income deducted directly from the lease 
liability.
The practical expedient only applies to rent concessions occurring as a direct consequence of the Covid-19 pandemic and only if all of the 
following conditions are met:
• following the rent concession, the revised consideration for the lease is substantially the same as, or less than, the original consideration 
for the lease;
• the rent concession refers exclusively to payments originally due on or before 30 June 2021;
• there is no substantive change to other terms and conditions of the lease.
If the above conditions are not met, rent concessions shall be recognized according to the general principle concerning lease modifications 
under IFRS 16.  
The amendment is applicable for reporting periods beginning on or after 1 June 2020, and earlier application is permitted. The Group elected 
to early adopt the amendment starting with the Half-Year Report as at 30 June 2020. This approach aims to represent the concessions 
granted by lessors as a result of the Covid-19 pandemic in line with expected industry practices. Not adopting said practical expedient 
would have given rise to significant accounting costs (the same costs that led the IASB to issue the amendment) and made it impossible 
to adopt it also for the Consolidated Financial Statements as at 31 December 2020. These considerations were decisive in electing to adopt 
the amendment early, given also the number of leases being renegotiated across the different geographies and jurisdictions in which the 
Group operates.
Adopting the amendment caused the Group to recognize rent concessions related to the Covid-19 emergency amounting to 3,249 thousand 
Euro in the period to 31 December 2020, accounted for largely as a deduction from costs for services, and specifically Costs for the use of 
third-party assets.  
Amendments to “References to the Conceptual Framework in IFRS Standards”
The IASB issued the Conceptual Framework in March 2018, setting out a comprehensive set of concepts for financial reporting, the definition 
of standards, the development of consistent accounting policies, and the assistance to understand and interpret standards. It introduces 
some new concepts, provides updated definitions and recognition criteria for assets and liabilities, and clarifies some important concepts. 
These amendments did not have any impact on the Group’s Consolidated Financial Statements.
Amendments to IFRS 3 - Definition of a Business
The IASB issued amendments to the definition of a business in IFRS 3 Business Combinations to assist entities to determine whether an 
acquired set of assets and liabilities is a business. These clarify the minimum requirements for a business; remove the assessment of 
whether market participants are capable of replacing any missing elements; add guidance to help entities assess whether an acquired 
process is substantive; and narrow the definitions of a business. The amendments to IFRS 3 clarify that to be considered a business, a set

Separate Financial Statements
Salvatore Ferragamo S.p.A.
368 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
of activities and assets must include, at a minimum, an input and an underlying process that together significantly contribute to the ability 
to create output. In addition, they clarified that a business may exist without including all inputs and processes required to create output. 
The Board provided also new illustrative examples in addition to the amendments. This standard was adopted effective 1 January 2020 with 
respect to the business combinations occurred in 2020.
Amendments to IAS 1 and IAS 8
In October 2018, the IASB issued amendments to IAS 1 Presentation of financial statements and IAS 8 Accounting policies, changes in 
accounting estimates and errors to align the definition of “material” across the standards and to clarify certain aspects of the definition. The 
new definition states that “Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions 
that the primary users of general purpose financial statements make on the basis of those financial statements.” The amendments clarify 
that materiality will depend on the nature or magnitude of information, or both. An entity will need to assess whether the information, either 
individually or in combination with other information, is material in the context of the financial statements. Information is obscured if it is 
communicated in a way that would have a similar effect for primary users of financial statements to omitting or misstating that information. 
These amendments did not have any impact on the Separate Financial Statements.
Interest Rate Benchmark Reform - Amendments to IFRS 9, IAS 39, and IFRS 7
In September 2019, the IASB issued amendments to IFRS 9, IAS 39, and IFRS 7 “Financial Instruments: Disclosures”, which mark the end 
of the Phase 1 of its project to address the effects of the Interbank Offered Rates (IBOR) reform on financial reporting. The amendments 
include temporary changes that make hedge accounting applicable during the period of uncertainty caused by the replacement of the pre-
existing Interest Rate Benchmark with an alternative risk-free interest rate. The amendments assume that the benchmark on which the 
hedged cash flows and/or the hedging instrument are based will not be altered as a result of the IBOR reform. The amendments shall be 
applied retroactively. The amendments are effective for annual periods beginning on or after 1 January 2020. The Company will monitor the 
evolution of the changes being made to the reform. These amendments did not have any impact on the Separate Financial Statements, as 
the Company does not have interest rate hedges outstanding.
Standards issued but not yet in force
Set out below are the standards which, when preparing the separate financial statements had already been issued but were not yet in force. 
The list refers to the standards and interpretations which the Company expects will in all likelihood be applicable in the future. The Company 
intends to adopt these standards when they come into force. 
Amendment to IAS 1: Classification of Liabilities as Current or Non-current 
In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current 
or non-current. The amendments clarify: 
• what is meant by a right to defer settlement; 
• that a right to defer must exist at the end of the reporting period; 
• that classification is unaffected by the likelihood that an entity will exercise its deferral right; 
• that only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its 
classification. 
The amendments will be effective for annual periods beginning on or after 1 January 2023, and must be applied retrospectively. The 
Company is currently assessing the impact the amendments will have on the current situation.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 369
Amendment to IFRS 3 - Reference to the Conceptual Framework 
In May 2020, the IASB issued amendments to IFRS 3 Business Combinations - Reference to the Conceptual Framework. The amendments 
are intended to replace the references to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989, 
with references to the Conceptual Framework for Financial Reporting, that was issued in March 2018, without significantly changing the 
requirements of the standard. The Board also added an exception to the recognition principles of IFRS 3 to avoid the risk of potential “day 2” 
gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 or IFRIC 21 Levies, if incurred separately. 
At the same time, the Board decided to clarify that the existing guidance in IFRS 3 for contingent assets would not be affected by replacing 
the references to the Framework for the Preparation and Presentation of Financial Statements.  The amendments will be effective for annual 
periods beginning on or after 1 January 2022 and apply prospectively.	
Amendment to IAS 16 - Property, Plant and Equipment: Proceeds before Intended Use 
In May 2020, the IASB issued Property, Plant and Equipment — Proceeds before Intended Use, which prohibits entities from deducting from 
the cost of an item of property, plant and equipment, any proceeds of the sale of items produced while bringing the asset to the location and 
condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds 
from selling such items, and the costs of producing those items, in profit or loss. The amendment will be effective for annual periods 
beginning on or after 1 January 2022 and must be applied retrospectively to items of property, plant and equipment made available for use 
on or after the beginning of the earliest period presented when the entity first applies the amendment. The Company does not anticipate 
material impacts with respect to these amendments.
Amendment to IAS 37 - Onerous Contracts - Costs of Fulfilling a Contract  
In May 2020, the IASB issued amendments to IAS 37 to specify which costs an entity needs to include when assessing whether a contract 
is onerous or loss-making. The amendments apply a “directly related cost approach”. The costs that relate directly to a contract to provide 
goods or services include both incremental costs and an allocation of costs directly related to contract activities. General and administrative 
costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. 
The amendments will be effective for annual periods beginning on or after 1 January 2022. The Company will apply these amendments to 
contracts for which it has not yet met all its obligations at the beginning of the period in which it will first apply these amendments.
IFRS 1 First-time Adoption of International Financial Reporting Standards - Subsidiary as a first-time adopter
As part of the 2018-2020 annual improvements to IFRS standards, the IASB issued an amendment to IFRS 1 First-time Adoption of International 
Financial Reporting Standards. The amendment permits a subsidiary that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative 
translation differences using the amounts reported by the parent, based on the parent’s date of transition to IFRS. This amendment is 
also applied to an associate or joint venture that elects to apply paragraph D16(a) of IFRS 1. The amendment is effective for annual periods 
beginning on or after 1 January 2022, and earlier application is permitted.
IFRS 9 Financial Instruments - Fees in the ’10 per cent’ test for derecognition of financial liabilities
As part of the 2018-2020 annual improvements to IFRS standards, the IASB issued an amendment to IFRS 9. This amendment clarifies 
the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from 
the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including 
fees paid or received by either the borrower or lender on the other’s behalf. An entity applies this amendment to financial liabilities that 
are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. The 
amendment is effective for annual periods beginning on or after 1 January 2022, and earlier application is permitted. The Company will apply 
this amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the 
entity first applies the amendment. The Company does not anticipate material impacts with respect to this amendment.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
370 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
3. Management of financial risks (IFRS 7) 
Salvatore Ferragamo S.p.A. monitors, also on a Group basis, the exposure in different measure to the various financial risks related to its 
business, in particular to the market risk category which includes the following types of risk:
• interest rate risks relating to the impact of changes in market interest rates;    
• exchange rate risks, due to operations in currency areas other than that of the accounting currency; 
• liquidity risks relating to the availability of financial resources and the ease of access to the credit market and connected to the need to 
fulfill the Group’s financial commitments in the short term;
• credit, commercial or counterparty risks, representing the risks of default on commercial or financial obligations assumed by the various 
counterparties and arising from normal commercial transactions or from use, financing and risk hedging activities.
Financial risks are managed on the basis of guidelines defined by the Company, in compliance with the goals set centrally by the Board of 
Directors. This enables the supervision and coordination of the operations of the individual Group companies, also through more effective 
financial planning and control, the systematic monitoring of the levels of exposure to financial risks as well as the trend in cash management, 
and the provision of useful indications in order to optimize the management of dealings with the reference credit institutions. 
In accordance with these directives, control over the management of individual financial risks is ensured through intervention aimed at 
containing their impact, also by using derivatives. Derivatives are used for hedging purposes only. In accordance with IFRS, some derivatives 
have been classified as held for trading, although they have been entered into solely for hedging purposes.
Financial liabilities largely consist of trade payables, payables to banks (if any), other financial payables, and lease liabilities following the 
introduction of the accounting standard IFRS16. The management of these liabilities is largely aimed at financing the Group’s operations.
Interest rate risk
Movements in market interest rates affect the level of net financial charges and the market value of financial assets and liabilities.
Interest rate risk can be classified as follows:
• flow risk, which refers to the variability in interest income and expense received and paid following changes in market interest rates;
• price risk, relating to the sensitivity of the assets and liabilities market value to changes in the level of interest rates (it refers to fixed rate 
assets or liabilities).
Salvatore Ferragamo S.p.A. is mainly exposed to flow risk, i.e. to the risk of recording in the income statement an increase in financial charges 
due to an unfavorable change in interest rates. The Company uses third-party financial resources largely in the form of floating rate bank debt 
and deploys the available liquidity mainly in money market instruments. Changes in market interest rates only affect the cost of loans and 
the yield on uses and thus the level of the Company’s financial charges and income, and not their fair value.
Bank debt is represented by both short-term and medium/long-term, floating-rate loans. The cost of bank debt is benchmarked to the 
market rate (generally euribor/Libor for the period or the benchmark of the loan currency on the specific interbank market) in the period 
increased by a spread which depends on the type of line of credit used. Drawdowns range from one day to a maximum of less than five years 
(term loan); the interest period and the market rate used (euribor/libor) does not exceed six months, including for drawdowns beyond the 
year. The margins applied are in line with best market standards. 
Cash surpluses are held in current accounts or time deposits with reference banks, which bear interest at the Euribor/Libor rate or the 
benchmark of the currency on the specific interbank market, or invested in intercompany loans, regulated at current market conditions, in 
order to in order to limit the Group’s exposure to the banking system, counterparty risk, and the impact of financial charges.
Sensitivity to interest rate risk is monitored by keeping the overall exposure in due consideration, through coordinated management of debt 
and available liquidity and of the relevant due dates.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 371
At the reporting date there were no outstanding interest rate risk hedge derivatives aimed at transforming floating rate debt into fixed rate 
debt, nor did the Company make use of such derivatives in the previous year.
The Company carried out the sensitivity analysis of the interest rate risk to which it is exposed by considering the financial statement items 
which give rise to floating rate interests and by assuming parallel increases or decreases in the benchmark interest rate curves by individual 
currency in proportion to the respective annual volatility observed on the market. The result of the analysis carried out for 2020 and 2019, 
considering the amounts of sensitive assets and liabilities, interest rate trends, and the relevant market volatility, which reached negative 
levels or levels close to zero, showed no contingent gains or losses through profit or loss.
The possible upward or downward change in the market’s benchmark interest rates has an immaterial impact on the Company’s income 
statement.
Exchange rate risk
The exposure to exchange rate risk derives from operations in currencies other than the accounting currency, i.e. the Euro.
In particular, the exchange rate risk can be classified based on the nature of the exposure and of the effects on operating results due to the 
different relevance of costs and revenues in foreign currency compared to the moment when the price conditions were defined (economic 
risk) and due to the translation of trade or financial receivables and payables denominated in foreign currency (settlement risk).
The Company operates internationally and therefore is exposed to risks arising from exchange rates fluctuations, which have an impact on 
the operating results and on the value of shareholders’ equity.
The objective of the exchange rate risk hedging policy is to minimize the economic and settlement exchange rate risks, i.e. the risks arising 
from the possibility that currency parity changes unfavorably during the period between the moment in which a commitment to pay or a right 
to collect a currency other than the Euro is expected for a future date (definition of budgets, setting of price lists, arrangement of orders), the 
registration of the accounting document (invoicing) and the moment in which the receipt or payment effectively occurs, generating an effect 
in terms of translation differences, with an impact on the income statement.
In keeping with the exchange rate risk management policy adopted in recent years, the Company manages exchange rate risk arising 
from its business, in line with the provisions of the exchange rate risk management policy and the risk management objectives that are 
periodically established, through the systematic hedging of commercial flows arising from sales forecast in currencies other than the Euro, to 
both subsidiaries and third parties, with the aim of mitigating the expected risk of variability in margins arising from sales relating to future 
collections.
The Group has a strong presence on international markets, including through commercial companies located in countries which use 
currencies other than the Euro, mainly the US dollar, Japanese yen and Chinese renminbi. In the year ended 31 December 2020, around 32% 
of the Company’s net revenues were denominated in US dollars, around 13% in Chinese renminbi, around 8% in Japanese yen, around 7% 
in South Korean won, and around 4% in Mexican peso. In the year ended 31 December 2019, around 38% of the Company’s net revenues 
were denominated in US dollars, around 8% in Chinese renminbi, around 6% in Japanese yen, around 5% in South Korean won, and around 
5% in Mexican peso. The currency risks originate mainly from exports of the Company in US dollars, Chinese renminbi, Japanese yen, South 
Korean won, and Mexican peso.
In relation to its business model, the Group incurs a significant part of its costs in Euro (costs relating to production and management of the 
corporate structure borne by Salvatore Ferragamo S.p.A.), while the revenues and costs recorded by Group companies are mainly expressed 
in the local currencies of the respective reference markets. Exchange rate risk management is mostly focused on the Company through the 
direct invoicing in the accounting currency of the subsidiary in order to hedge the exposure deriving from sales in currencies other than 
the Euro by entering into derivatives. In particular, the Company is exposed to changes in the exchange rate between the Euro and the US 
dollar, in relation both to sales in Dollars on the North American market and on some markets, mainly in Asia. In this context, the Company

Separate Financial Statements
Salvatore Ferragamo S.p.A.
372 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
is exposed to changes in the exchange rates of the currencies in which sales are denominated. This implies the risk that the corresponding 
value in Euro of revenues determined at the moment of collection is insufficient to cover production costs or to achieve the desired profit 
margin. This risk is heightened during the significant period between the moment when the sale prices of a collection are set and the 
moment when revenues are converted into Euro, which extends up to 18 months.
The Company (as a manufacturing company) enters into currency forward exchange contracts or options, to establish the conversion rate 
in advance, or a predefined range of conversion rates at future dates with an estimated period of maximum 24 months. In the years under 
examination, the Company covered its exchange rate risk almost exclusively with currency forward exchange contracts.
To this end, on the basis of market expectations and conditions, before establishing price lists, and in any case not after the beginning of the 
sales campaign, hedging is arranged for an amount generally between 50% and 90% of forecast sales in foreign currency. This proportion 
is calculated based on the expected overall exposure, rather than the individual foreign currency. In the period following the preparation of 
the price list, the total outstanding hedge is added for the orders effectively managed and put into production. This way, the Company limits 
the commercial risk just to the risk arising from sales volumes, excluding the risk arising from the exchange rate.
In addition, the Company checks the exposure and the related exchange rate risk management procedures of some Asian and Latin American 
subsidiaries which make purchases of goods in US dollars or in Euro and sell in the currency of the country in which they operate. The values 
of the contracts involved are, nonetheless, significantly lower than those concluded directly by the Company to mitigate the exchange rate 
risk arising from sales in the accounting currency of the various subsidiaries.
In addition, the Company controls and hedges exposure deriving from changes due to exchange rate changes in the value of assets or 
liabilities denominated in currencies other than the accounting currency of the individual company, which may affect the income statement 
(typically intercompany financial receivables/payables) by offsetting financial receivables and payables denominated in the same currency 
or through financial instruments, whose recognition in accordance with IFRS follows the rules of fair value hedge: the profit or loss arising 
from subsequent assessments of the present value of the hedging instrument is recorded in the income statement as well as the profit or 
loss on the hedged item.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 373
The hedges of the Company’s future transactions in foreign currencies (which can be classified as cash flow hedge pursuant to IFRS) are 
accounted for in accordance with hedge accounting rules.
The following table shows the development of the cash flow hedge reserve for the years ended 31 December 2020 and 31 December 2019:
(In thousands of Euro)
2020
2019
Opening balance
1,148 
( 1,059)
 + increases for recognition of new positive effectiveness
18,851 
3,686 
 - decreases for recognition of new negative effectiveness
( 5,099)
( 9,225)
 - decreases for reversal of positive effectiveness from shareholders’ equity and recognition of income 
in profit or loss
(12,397)
( 2,854)
 + increases for reversal of negative effectiveness from shareholders’ equity and recognition of cost in 
profit or loss
4,237
10,600 
Closing balance
6,740
1,148
The “Reserve”, which consists of the value changes in hedges for expected transactions in foreign currency, increased by 5,593 thousand 
Euro overall during 2020, whereas it had increased by 2,207 thousand Euro in 2019. The changes in value reflect the Euro’s performance 
against the main hedged currencies, and specifically the Euro’s exchange rate with the Dollar and the Japanese yen, as the single currency 
appreciated sharply during the year. The effective amount transferred directly from the “Reserve” to the income statement under “Revenues 
from sales” on occurrence of the underlying flows was a positive total of 8,539 thousand Euro in 2020 while it was a negative total of 7,746 
thousand Euro in 2019. In 2020, there were limited interruptions of hedges due to the cancellation of the expected underlying value; the 
relevant impact resulted in overall accumulated financial charges totaling 379 thousand Euro. The remaining hedges were one hundred 
percent effective for the whole duration of the underlying asset.
A hedge may become ineffective as a result of:
• differences in the timing of cash flows of the hedged item and the hedging instrument;
• changes in the expected amount of cash flows of the hedged item and the hedging instrument.
The following table sets out the average time horizon and the relevance by risk factor of exchange rate hedges which the Company held at 
the end of 2020 and 2019. The number of foreign currencies in the table shows how exchange rate risk management is all but centralized 
at the Parent company.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
374 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Cash flow analysis (hedged items) 
31 December 2020
Foreign exchange forward contracts
(In thousands)
Less than 1 
month
1 to 3 
months
3 to 6 
months
6 to 9 
months
9 to 12 
months
Total 
expected
Notional amount in USD
19,000
41,000
34,000
28,000
-
122,000
Average forward exchange rate (EUR/USD)
1.121
1.120
1.121
1.180
-
 
Notional amount in AUD
-
-
-
-
-
-
Average forward exchange rate (EUR/AUD)
-
-
-
-
-
 
Notional amount in CAD
1,000
2,500
-
-
-
3,500
Average forward exchange rate (EUR/CAD)
1.517
1.540
-
-
-
 
Notional amount in CHF
-
-
-
-
-
-
Average forward exchange rate (EUR/CHF)
-
-
-
-
-
 
Notional amount in CNY
65,000
80,000
128,000
135,000
25,000
433,000
Average forward exchange rate (EUR/CNY)
7.977
7.982
8.155
8.123
8.040
 
Notional amount in GBP
500
500
600
-
-
1,600
Average forward exchange rate (EUR/GBP)
0.909
0.910
0.911
-
-
 
Notional amount in HKD
-
10,000
25,000
-
-
35,000
Average forward exchange rate (EUR/HKD)
-
9.025
8.901
-
-
 
Notional amount in JPY
300,000
1,300,000
600,000
1,350,000
-
3,550,000
Average forward exchange rate (EUR/JPY)
120.383
120.393
123.362
124.293
-
 
Notional amount in KRW
4,000,000
6,500,000
12,000,000
16,000,000
2,500,000
41,000,000
Average forward exchange rate (EUR/KRW)
1,334.900
1,336.022
1,380.062
1,365.784
1,328.000
 
Notional amount in MXN
70,000
230,000
150,000
50,000
-
500,000
Average forward exchange rate (EUR/MXN)
25.930
24.594
26.152
25.140
-
 
Notional amount in SGD
-
-
-
-
-
-
Average forward exchange rate (EUR/SGD)
-
-
-
-
-

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 375
31 December 2019
Foreign exchange forward contracts
(In thousands)
Less than 1 
month
1 to 3 
months
3 to 6 
months
6 to 9 
months
9 to 12 
months
Total 
expected
Notional amount in USD
31,000
55,000
91,000
45,000
-
222,000
Average forward exchange rate (EUR/USD)
1.142
1.150
1.144
1.005
-
 
Notional amount in AUD
1,000
2,500
1,000
-
-
4,500
Average forward exchange rate (EUR/AUD)
1.629
1.621
1.614
-
-
 
Notional amount in CAD
1,000
3,000
1,000
-
-
5,000
Average forward exchange rate (EUR/CAD)
1.540
1.522
1.548
-
-
 
Notional amount in CHF
500
500
-
-
-
1,000
Average forward exchange rate (EUR/CHF)
1.132
1.116
-
-
-
 
Notional amount in CNY
70,000
130,000
110,000
50,000
-
360,000
Average forward exchange rate (EUR/CNY)
7.915
7.900
7.973
8.039
-
 
Notional amount in GBP
1,500
2,000
1,500
-
-
5,000
Average forward exchange rate (EUR/GBP)
0.881
0.866
0.881
-
-
 
Notional amount in HKD
30,000
50,000
45,000
20,000
-
145,000
Average forward exchange rate (EUR/HKD)
8.930
8.918
8.900
8.842
-
 
Notional amount in JPY
400,000
1,200,000
1,600,000
1,500,000
-
4,700,000
Average forward exchange rate (EUR/JPY)
125.330
124.793
120.370
118.860
-
 
Notional amount in KRW
4,000,000
10,500,000
16,000,000
14,000,000
-
44,500,000
Average forward exchange rate (EUR/KRW)
1,300.084
1,312.443
1,336.612
1,333.471
-
 
Notional amount in MXN
40,000
210,000
130,000
40,000
-
420,000
Average forward exchange rate (EUR/MXN)
22.168
23.016
23.335
23.206
-
 
Notional amount in SGD
-
2,000
1,000
-
-
3,000
Average forward exchange rate (EUR/SGD)
-
1.564
1.561
-
-

Separate Financial Statements
Salvatore Ferragamo S.p.A.
376 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Cash flow analysis (hedged items): impact on the income statement
31 December 2020
Exchange rate risk
(In thousands)
Total expected 
flows
within 3 
months
3 to 6 
months
6 to 9 
months
9 months 
to 1 year
over 1 
year
Sales expected in USD
79,000
49,000
28,000
2,000
Sales expected in JPY
3,250,000
1,300,000
1,300,000
650,000
-
-
Sales expected in GBP
1,100
500
600
-
-
-
Sales expected in MXN
375,000
175,000
150,000
50,000
-
-
Sales expected in CHF
-
-
-
-
-
-
Sales expected in AUD
-
-
-
-
-
-
Sales expected in CAD
1,500
1,500
-
-
-
-
Sales expected in CNY
288,000
80,000
148,000
60,000
-
-
Sales expected in HKD
25,000
25,000
-
-
-
-
Sales expected in SGD
-
-
-
-
-
-
Sales expected in KRW
30,500,000
8,000,000
14,000,000
8,500,000
-
-
31 December 2019
Exchange rate risk
(In thousands)
Total expected 
flows
within 3 
months
3 to 6 
months
6 to 9 
months
9 months 
to 1 year
over 1 
year
Sales expected in USD
160,000
90,000
65,000
5,000
-
-
Sales expected in JPY
4,300,000
1,900,000
1,200,000
1,200,000
-
-
Sales expected in GBP
3,500
3,500
-
-
-
-
Sales expected in MXN
250,000
160,000
90,000
-
-
-
Sales expected in CHF
500
500
-
-
-
-
Sales expected in AUD
2,000
2,000
-
-
-
-
Sales expected in CAD
3,000
3,000
-
-
-
-
Sales expected in CNY
225,000
130,000
60,000
35,000
-
-
Sales expected in HKD
120,000
45,000
45,000
30,000
-
-
Sales expected in SGD
2,000
2,000
-
-
-
-
Sales expected in KRW
36,000,000
16,000,000
16,000,000
4,000,000
-
-

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 377
The most important hedge, in terms of volumes of notional amounts in foreign currency being hedged, is aimed at mitigating the risk 
generated by fluctuations in the exchange rate between the Euro and the following currencies: US dollar, Chinese renminbi, Japanese yen, 
South Korean won, and Mexican peso. 
From a time viewpoint, hedges lasting over one year show nil values as at 31 December 2020 as well as 31 December 2019. The above 
tables set out the financial recognition dates of underlying assets by currency and the dates on which the impact on the income statement 
is recognized. This is determined upon the invoicing of the estimated flows, which are the object of the exchange rate hedge, as at 31 
December 2020 and 2019.
Below is the impact of the hedged items on the statement of financial position.
Expected highly probable sales
(In thousands of Euro)
Notional 
amount
Cash flow hedge reserve / 
change in fair value used to 
measure ineffectiveness
Carrying amount
Line item “other 
current assets”
Line item 
“other current 
liabilities”
31 December 2020
168,971
6,740
5,502
(1,230)
31 December 2019
268,934
1,148
1,206
(3,363)
Sensitivity Analysis
The sensitivity analysis carried out in order to assess the Company’s exposure to exchange rate risk was undertaken on the basis of 
percentage increases and decreases in the exchange rates of the various currencies, proportional to their annual volatility, applied to all 
significant financial assets and liabilities expressed in original currencies. In particular, the analysis involved all currencies and the following 
items:
• exchange rate derivatives;
• trade and other receivables;
• trade and other payables;
• cash and cash equivalents;
• short- and long-term financial liabilities;
• short and long-term lease liabilities.
In addition, the table shows the most important effects and the related currencies and refers to the exposure to exchange rate risk in 
accordance with IFRS requirements. Exchange rates were considered for currencies whose changes generate an impact on the Income 
Statement and Shareholders’ Equity, in absolute terms, of over one million Euro.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
378 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Sensitivity analysis: exchange rate risk
31 December 2020
(In thousands of Euro)
Increase/reduction 
in underlying foreign 
exchange rates
Underlying 
asset
Impact on 
the income 
statement
Impact on 
shareholders’ 
equity
POSITIVE  
CHANGE
EUR/JPY
7.1%
Derivatives 
2,773
1,701
Non-derivatives
(3,015)
 
EUR/USD
6.4%
Derivatives 
5,352
3,844
Non-derivatives
(4,624)
 
EUR/KRW
9.2%
Derivatives 
409
1,918
Non-derivatives
(677)
 
EUR/CNY
5.1%
Derivatives 
869
1,726
Non-derivatives
(925)
 
EUR/MXN
13.0%
Derivatives 
1,861
1,767
Non-derivatives
(2,250)
 
EUR/GBP
7.0%
Derivatives 
312
80
Non-derivatives
(415)
 
EUR/HKD
6.5%
Derivatives 
64
160
Non-derivatives
(112)
 
EUR/SGD
5.2%
Derivatives 
1,274
-
Non-derivatives
(1,362)
 
EUR/THB
8.1%
Derivatives 
554
-
Non-derivatives
(599)
 
EUR/CAD
6.1%
Derivatives 
441
55
Non-derivatives
(448)
 
Total
 
 
 
(517)
11,250
31 December 2020
(In thousands of Euro)
Increase/reduction 
in underlying foreign 
exchange rates
Underlying 
asset
Impact on 
the income 
statement
Impact on 
shareholders’ 
equity
NEGATIVE
 CHANGE
EUR/JPY
(7.1%)
Derivatives 
(3,196)
(1,960)
Non-derivatives
3,475
 
EUR/USD
(6.4%)
Derivatives 
(6,078)
(4,365)
Non-derivatives
5,251
 
EUR/KRW
(9.2%)
Derivatives 
(491)
(2,305)
Non-derivatives
814
 
EUR/CNY
(5.1%)
Derivatives 
(961)
(1,909)
Non-derivatives
1,023
 
EUR/MXN
(13.0%)
Derivatives 
(2,417)
(2,295)
Non-derivatives
2,922
 
EUR/GBP
(7.0%)
Derivatives 
(359)
(92)
Non-derivatives
477
 
EUR/HKD
(6.5%)
Derivatives 
(73)
(183)
Non-derivatives
128
 
EUR/SGD
(5.2%)
Derivatives 
(1,413)
-
Non-derivatives
1,511
 
EUR/THB
(8.1%)
Derivatives 
(651)
-
Non-derivatives
704
 
EUR/CAD
(6.1%)
Derivatives 
(499)
(62)
Non-derivatives
506
 
Total
 
 
 
672
(13,171)

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 379
31 December 2019
(In thousands of Euro)
Increase/reduction 
in underlying foreign 
exchange rates
Underlying 
asset
Impact on 
the income 
statement
Impact on 
shareholders’ 
equity
POSITIVE  
CHANGE
EUR/JPY
6.7%
Derivatives 
2,514
2,207
Non-derivatives
(2,582)
 
EUR/USD
5.9%
Derivatives 
3,591
7,871
Non-derivatives
(4,154)
 
EUR/KRW
7.7%
Derivatives 
470
1,990
Non-derivatives
(668)
 
EUR/CNY
4.7%
Derivatives 
779
1,298
Non-derivatives
(637)
 
EUR/MXN
8.6%
Derivatives 
1,048
935
Non-derivatives
(2,124)
 
EUR/GBP
7.0%
Derivatives 
496
267
Non-derivatives
(619)
 
EUR/HKD
5.9%
Derivatives 
159
764
Non-derivatives
(175)
 
EUR/SGD
4.7%
Derivatives 
1,012
59
Non-derivatives
(1,039)
 
EUR/THB
6.5%
Derivatives 
466
Non-derivatives
(462)
 
EUR/CAD
5.2%
Derivatives 
454
102
Non-derivatives
(519)
 
Total
 
 
 
(1,990)
15,493
31 December 2019
(In thousands of Euro)
Increase/reduction 
in underlying foreign 
exchange rates
Underlying 
asset
Impact on 
the income 
statement
Impact on 
shareholders’ 
equity
NEGATIVE
 CHANGE
EUR/JPY
(6.7%)
Derivatives 
(2,874)
(2,522)
Non-derivatives
2,951
 
EUR/USD
(5.9%)
Derivatives 
(4,038)
(8,850)
Non-derivatives
4,670
 
EUR/KRW
(7.7%)
Derivatives 
(549)
(2,323)
Non-derivatives
780
 
EUR/CNY
(4.7%)
Derivatives 
(856)
(1,427)
Non-derivatives
700
 
EUR/MXN
(8.6%)
Derivatives 
(1,245)
(1,112)
Non-derivatives
2,525
 
EUR/GBP
(7.0%)
Derivatives 
(571)
(307)
Non-derivatives
711
 
EUR/HKD
(5.9%)
Derivatives 
(179)
(860)
Non-derivatives
197
 
EUR/SGD
(4.7%)
Derivatives 
(1,110)
(65)
Non-derivatives
1,140
 
EUR/THB
(6.5%)
Derivatives 
(530)
Non-derivatives
525
 
EUR/CAD
(5.2%)
Derivatives 
(504)
(113)
Non-derivatives
576
 
Total
 
 
 
2,319
(17,579)

Separate Financial Statements
Salvatore Ferragamo S.p.A.
380 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
As the table above shows, a positive change in the exchange rates (EUR/JPY, EUR/USD, EUR/KRW, EUR/CNY, EUR/MXN, EUR/GBP, EUR/
HKD, EUR/SGD, EUR/THB, and EUR/CAD) would have resulted in a 517 thousand Euro and 1,990 thousand Euro loss as at 31 December 
2020 and 31 December 2019, respectively; similarly, a negative change in the exchange rates would have generated a 672 thousand Euro 
and a 2,319 thousand Euro profit as at 31 December 2020 and 31 December 2019, respectively. The increase in shareholders’ equity caused 
by derivative instruments designated as hedges as a result of the assumed positive exchange rate changes would have amounted to 11,250 
thousand Euro and 15,493 thousand Euro as at 31 December 2020 and 31 December 2019, respectively; the decrease in shareholders’ 
equity as a result of the assumed negative exchange rate changes would have totaled 17,579 thousand Euro and 13,171 thousand Euro as 
at 31 December 2020 and 31 December 2019, respectively. The sensitivity analysis carried out as described above, which is significantly 
affected by market volatility in the exchange rates considered, points to a material impact on the Company shareholders’ equity from the 
potential change in the value of hedging derivatives. This is temporarily allocated to the “Cash flow hedge reserve” and will be recognized 
through profit or loss in the following years when the expected sales occur. The higher or lower impact on the income statement and on 
the statement of financial position in each of the years under consideration derives largely from the trend in the individual currencies at the 
reference dates and the change in the value of financial assets and liabilities exposed to fluctuations in exchange rates.
Liquidity risk
Liquidity risk represents the risk that the Company cannot meet its financial obligations due to problems in obtaining funds at current market 
price conditions (funding liquidity risk) or in liquidating assets on the market to find the necessary financial resources (asset liquidity risk).
The first consequence is a negative impact on the income statement, should the Company be forced to incur additional costs to meet its 
commitments.
The factors which mainly influence the Company’s liquidity are the resources generated or absorbed by current operating and investing 
activities, the possible distribution of dividends and the expiry and possibility of renewal of debt or the expiry and possibility of liquidation 
of financial investments of surplus cash.
Liquidity needs or surpluses are monitored on a daily basis by the Company’s Treasury Department in order to guarantee effective sourcing 
of financial resources or adequate investment of liquidity. 
The negotiation and management of credit lines is coordinated by the Company at Group level with the aim of satisfying the short and 
medium/long-term needs of the individual companies according to efficiency and cost-effectiveness criteria.
As at 31 December 2020, there were outstanding uncommitted short-term credit lines with a number of banks made available to the Company 
to meet financing needs connected to the management of working capital for a total of 155,000 thousand Euro as well as committed short 
and medium/long-term credit lines negotiated on a bilateral basis by the Company for a total of 505,000 thousand Euro, including 380,000 
thousand Euro in revolving lines and 125,000 thousand Euro in term loans. 
As at 31 December 2020, Salvatore Ferragamo S.p.A. had drawn down none of the uncommitted credit lines and 125,000 thousand Euro 
of the committed credit lines. As at 31 December 2020, the Parent company had a net financial position amounting to a surplus of 149,104 
thousand Euro, considering also lease liabilities in accordance with the accounting standard IFRS 16; as at 31 December 2019, the Company’s 
net financial position amounted to a surplus of 106,156 thousand Euro. 
As at 31 December 2020, committed credit lines had a maximum residual duration of fifty-five months and a weighted average residual 
duration of thirty-two months. In general, the Parent company’s committed credit lines (both revolving credit lines and term loans) that are 
currently outstanding do not require compliance with financial covenants. One exception is the loan agreement entered into with Intesa 
Sanpaolo S.p.A. on 24 July 2020. For more details, see note 21 Interest-bearing loans & borrowings - Limitations on the use of financial 
resources.
The credit lines and the related financial business are spread among leading national and international banks. It has always been the 
Company’s policy to sign and constantly maintain with various and diversified banks a total amount of committed credit lines that is 
considered consistent with the needs of the individual companies and suitable to ensure at any time the liquidity needed to satisfy and 
comply with all the Group’s financial commitments, at the established economic conditions, as well as guaranteeing the availability of an 
adequate level of operational flexibility for any expansion programs. During 2020, in light of the emergency caused by the spread of CoVid19, 
the Group saw it fit to further strengthen its financial structure by increasing its committed lines with diversified counterparties, meeting its 
financial requirements with both medium/long- and short-term debts. Cash surpluses are held in current accounts with reference banks, 
which bear interest at the Euribor/Libor rate or the benchmark of the currency on the specific interbank market, or invested in intercompany

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 381
loans, regulated at current market conditions, in order to reduce the Group’s exposure to the banking system and limit the counterparty risk 
as well as the impact of financial charges. Liquidity investments are carried out with the prime objectives of making resources available at 
short notice and neutralizing the risk of capital losses, avoiding speculative transactions. These choices, which also take account of the likely 
future trend in cash flows together with prompt renegotiation of credit lines (even before their expiry), enable a significant reduction in the 
exposure to the risk under review and allow to adjust the cost of debt to the best market conditions. The Company has constantly maintained 
access to a wide range of financing sources at competitive costs, despite the external scenario, which continues to be characterized by 
rigidity in the credit market. Despite the Group’s ability to generate high cash flows from current operations, the constant availability of 
an adequate amount of committed credit lines has allowed to face the most turbulent market phases and volatility in credit flows with 
confidence. The financial position of the Company and of the Group is measured on a monthly basis and compared with the latest Budget/
Forecast. Management believes that the funds and credit lines currently available, with the addition of the funds which are likely to be 
generated from current operations, will enable the Company to safely address the repayment of loans at their natural expiries and to meet 
the needs arising from investment activities and working capital management.
Liquidity risk - Maturity analysis
31 December 2020
 
 
 
(In thousands of Euro)
< 3 months 
3-12 months
1-5 years
> 5 years
Total
Trade payables
89,392
541
 
 
89,934
Payables to subsidiaries
25,525
25,525
Payables to banks and other lenders
 578 
 11,506 
 116,827 
 128,912 
Payables to third parties
3,629
3,629
Lease liabilities
5,154
11,562
46,333
53,925
116,974
Derivatives - non-hedging component
 93 
65
-
-
158
Derivatives - hedging component
587
1,940
-
-
2,527
Total
124,959
25,614
163,160
53,925
367,659
31 December 2019
 
 
 
(In thousands of Euro)
< 3 months 
3-12 months
1-5 years
> 5 years
Total
Trade payables
134,772
1,060
135,832
Payables to subsidiaries
9,400
9,400
Lease liabilities
5,485
14,526
50,737
63,422
134,170
Derivatives - non-hedging component
 122 
8
-
-
130
Derivatives - hedging component
3,985
3,917
-
-
7,902
Total
153,764
19,511
50,737
63,422
287,434
The analysis conducted on the items representing financial liabilities showed maturities distributed over time, with trade payables 
concentrated within three months. In 2020, payables to banks had a maximum residual duration below 5 years.
The reported financial assets have a shorter remaining life, as they mostly relate to cash and cash equivalents.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
382 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Credit risk
Credit risk represents the Company’s exposure to potential losses arising from failure to meet trade or financial obligations taken on by 
counterparties.
The Company’s exposure to credit risk depends on the nature of the activities which have generated the relevant receivables.
The Company’s exposure to commercial credit risk refers only to sales to third parties and to receivables arising from revenues generated 
by licensing activities, which together represent around 21 percent of global turnover: the remaining turnover refers to intercompany and 
retail sales with payment in cash or through credit and debit cards upon purchase. Trade receivables mainly refer to wholesale sales and are 
generally due in 90 days or less.
The Company generally favors trade dealings with customers with whom it has well-established and consolidated relations. Pursuant to 
its policy, Salvatore Ferragamo S.p.A. checks credit ratings of customers who ask for extended payment terms, based both on information 
which can be obtained from specialist agencies and on the observation and analysis of historical data of established customers. In addition, 
the balance of trade receivables is constantly monitored during the year in order to ensure prompt intervention and to reduce the risk of 
losses. The allocation of the credit risk among a number of customers and obtaining, where possible, guarantees or the adoption of means 
of payment which are less risky for the creditor, such as documentary letters of credit, are all actions aimed at further mitigating this risk.
Trade receivables are recorded net of write-downs, which are estimated based on the counterparty’s insolvency risk, determined by 
considering the information available on the customer’s solvency and its past history. 
In general, the Company believes that the credit risk management policies implemented enabled overdue and bad debts, which required the 
adoption of legal credit collection measures, to be kept within reasonable limits. 
The credit risk connected to financing, investing and operating activities in derivatives to hedge the exchange rate risk is represented by 
the inability of the counterparty or the issuer of the instruments to meet their contractual obligations, i.e. the so-called counterparty risk. The 
Company manages this type of risk by selecting counterparties with high credit ratings and who are considered solvent by the market and 
with whom it has routine and ongoing trade and banking service relations. The Company negotiated and entered into master agreements, 
in accordance with the international standards (ISDA Master Agreement), with all foreign counterparties of derivatives, in order to regulate 
the various cases.
The credit risk regarding the Company’s other financial assets, consisting of cash and cash equivalents, available-for-sale financial assets 
and some derivatives, has a risk equal to the book value of these assets in case of insolvency of the counterparty. 
Credit risk exposure
(In thousands of Euro)
31 December 2020
31 December 2019
Current
Non Current
Current
Non Current
Receivables and loans
- Trade receivables
144,139
194,186
- Receivables due from credit cards
440
178
- Cash and cash equivalents
212,453
120,088
- Guarantee deposits
-
329
369
Derivatives
7,166
-
1,567
-
Total 
364,198
329
316,019
369

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 383
The table shows how the Company’s exposure to credit risk - both commercial and counterparty risk - is defined by the book value of the 
items representing outstanding financial assets as at 31 December 2020 and 31 December 2019, and is almost exclusively limited to the 
current portion. The non current portion refers to the item ‘Guarantee deposits’ which mainly includes the cash deposits made by the 
Company for property lease contracts and is recognized at nominal value.
Concentration of credit risk by geographic area
(In thousands of Euro)
31 December 
2020
%
31 December 
2019
%
Italy
 24,547 
17.0%
 18,636 
9.6%
Europe
 8,546 
5.9%
 24,701 
12.7%
North America
 34,882 
24.2%
 63,859 
32.9%
Japan
 5,313 
3.7%
 4,968 
2.6%
Asia Pacific
 39,953 
27.7%
 45,219 
23.3%
Central and South America
 30,898 
21.4%
 36,803 
19.0%
Total
 144,139 
100.0%
 194,186 
100.0%
The table shows the concentration of commercial credit risk by geographic area of the Company’s activity in the two years under review.
Analysis on receivables’ expiry dates
(In thousands of Euro)
Receivables 
neither past due 
nor impaired
Receivables past due but not impaired
Total
<30 days
30-60 days
60-90 days
90-120 days
>120 days
31 December 2020
117,414
6,293
2,425
3,557
383
14,067
144,139
31 December 2019
163,387
7,593
3,319
3,897
4,266
11,724
194,186
Figures in % as at 31 
December 2020
81.5%
4.4%
1.7%
2.5%
0.3%
9.8%
100.0%
Figures in % as at 31 
December 2019
84.1%
3.9%
1.7%
2.0%
2.2%
6.0%
100.0%
The table provides an analysis of the expiries of receivables which are past due but not impaired for the years ended 31 December 2020 and 
31 December 2019.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
384 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
The concentration of sales to the main third party customers is shown in the table below; for the concentration of sales by geographic area, 
reference should be made to the contents in the specific section above:
Concentration of market risk
2020
2019
Percentage of revenues with the biggest customer
2.6%
1.5%
Percentage of revenues with the 3 biggest customers
4.1%
2.9%
Percentage of revenues with the 10 biggest customers
7.5%
6.1%
Capital management
The main objective of the Company’s capital management activity is to ensure that a solid credit rating as well as adequate levels of share 
capital indicators are maintained in order to support business and optimize value for shareholders. The Company manages the capital 
structure and modifies it according to changes in economic conditions. To maintain or adjust the capital structure, the Company can modify 
the dividends paid to shareholders, repay the capital or issue new shares. No change was made to the objectives, policies or procedures 
during 2020 and 2019.
To this end, the Company’s capital management aims to, among other things, ensure compliance with the covenants associated with 
financial payables to banks that define capital structure requirements. 
The Company includes under net debt, if any, interest-bearing loans, other financial payables, lease liabilities, trade and other payables, net of 
cash and cash equivalents. The table does not include the values and related effects produced by the derivatives used to manage exchange 
rate risk.
(In thousands of Euro) 
 31 December 
2020
 31 December 
2019
Interest-bearing loans
124,919
 - 
Lease liabilities
101,700
113,636
Trade and other payables
124,813
168,513
Cash and cash equivalents
212,453
120,088
Net debt
138,979
162,061
Total shareholders’ equity
651,607
685,812
Shareholders’ equity and net debt
790,587
847,873
Debt/Shareholders’ equity ratio
21.33%
23.63%

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 385
4. Impacts of the Covid-19 Emergency
The Covid-19 health emergency has led the Italian Government to restrict, ban and suspend business operations, the movement of people, 
and international traffic (so-called lockdown). This had an especially negative impact on tourist flows across the globe, causing most of the 
Company’s distribution network to shut down and traffic to significantly decrease. Against this backdrop, the Company saw revenues decline 
by 33.0%, which caused margins and profits to contract.
In 2020, the Company incurred direct costs to address this emergency, and specifically the expenses associated with the measures taken 
to protect the health of employees at both offices and directly operated stores: it also received, where possible, government grants and 
subsidies, such as the different kinds of aid aimed at supporting employment. In 2020, personnel costs were down 18.6% compared to 2019, 
in part because of the government benefits and subsidies received, such as employment support measures.
In addition, the Company successfully concluded important negotiations to reduce operating costs, especially with lessors, in order to 
revise the terms and conditions of leases relating mainly to its distribution network, resulting in a 3,249 thousand Euro positive variable 
lease payment in 2020 that was directly recognized through profit or loss (within the line item Costs for services under Costs for the use of 
third-party assets). 
In addition, the Company wrote down inventories, net of uses, by 6,624 thousand Euro, mainly to account for the potential risk of a further 
reduction in the sales of certain products in the future—also because of the current situation (see note 13 Inventories). The provision for bad 
debt, to which the Company allocated 437 thousand Euro in 2020, was adjusted in accordance with the risk assessments relating to the 
current situation (see note 15 Trade receivables). As for the analysis of liquidity and credit risks, see note 3 Management of financial risks. 
Specifically, in order to bolster its financial structure and soundness, the Company has seen it fit to increase the amount of committed lines 
outstanding with diversified banking counterparties, promptly opening additional short- and medium/long-term lines of credit. For more 
details, see note 21 Interest-bearing loans & borrowings.
5. Business combinations
On 27 April 2020, Salvatore Ferragamo S.p.A acquired:
• 49.2% of Arts S.r.l.; and
• 100% of Aura 1 S.r.l.. 
As a result of the above acquisitions, Salvatore Ferragamo S.p.A. directly owned 100% of Aura 1 S.r.l., and - since Aura 1 S.r.l. owned in turn 
the remaining 50.8% of Arts S.r.l. - directly and indirectly owned 100% of Arts S.r.l.. The Group pursued this deal to strengthen its control over 
its supply chain and acquire strategic capabilities in one of its key product categories. Based on the agreed economic conditions, Salvatore 
Ferragamo S.p.A. paid a total of 11.3 million Euro, and then an additional 3,629 thousand Euro (amount agreed on the basis of the net cash 
on hand as at 31 March 2020) at a later date, in February 2021.
In order to streamline the ownership structure, allowing for more flexible internal processes - and therefore optimize the management of 
resources and intercompany financial flows arising from the operations currently divided between Aura and Arts - the Company deemed 
it appropriate to merge said entities into Salvatore Ferragamo S.p.A.. The merger was finalized on 1 December 2020 after filing the deed of 
merger prepared on 24 November 2020 with the relevant Company Register on 25 November 2020. For further details, reference should be 
made to the Directors’ report on operations, paragraph “Significant events occurred during the year”.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
386 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
To allocate the consideration for the transaction in accordance with IFRS3 Business Combinations, Salvatore Ferragamo S.p.A. identified and 
measured the fair value of the assets acquired and liabilities assumed with the help of an independent consultant. The analysis estimated 
the value of know-how at 6,380 thousand Euro. This relates largely to Arts S.r.l.’s intellectual property, classified under Intangible assets with 
a finite useful life. Arts S.r.l. has been collaborating with Salvatore Ferragamo S.p.A. since its inception in 1984, helping with the prototyping, 
industrialization, and quality control of products as well as the monitoring of the Group’s network of suppliers with respect to men’s footwear. 
The useful life of this intangible asset was estimated at 8 years.  
To estimate the fair value of know-how, the Group used the Multi Excess Earning Method. Under this method, the fair value of know-how 
is determined on the basis of the present value of future benefits that the asset is capable of generating over its useful life. The cash flows 
used to measure the fair value were calculated on the basis of Arts S.r.l.’s business plan, considering the revenues expected over the asset’s 
useful life and assuming an impairment rate of 12.5% on an annual basis. The WACC used to discount cash flows was assumed to be 8.7%. 
Net of the fair value of the assets acquired and liabilities assumed, the residual amount allocated to goodwill arising from the acquisition 
totaled 6,679 thousand Euro. The amount of goodwill is attributable to the synergies and other economic benefits arising from the combination 
of the assets and industrial operations of the acquirees with those of Salvatore Ferragamo S.p.A..

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 387
(In thousands of Euro) 
Book values
Fair value 
recognized as at 
the acquisition 
date
Arts S.r.l.
Aura 1 S.r.l.
ASSETS 
 
 
 
Property, plant and equipment
87
-
87
Intangible assets with a finite useful life 
15
-
6,395
Investments in subsidiaries
-
538
-
Other non current financial assets
2
2
Trade receivables 
267
 
267
Tax receivables 
22
-
22
Other current assets
28
-
28
Cash and cash equivalents 
2,360
1,359
3,719
TOTAL ASSETS
2,781
1,897
10,520
LIABILITIES 
 
 
 
Employee benefit liabilities
64
-
64
Deferred tax liabilities
-
-
1,780
Trade payables 
50
-
50
Tax payables 
295
13
308
Other current liabilities 
68
-
68
TOTAL LIABILITIES 
477
13
2,270
TOTAL NET IDENTIFIABLE ASSETS AT FAIR VALUE
2,304
1,884
8,250
Goodwill arising from the acquisition 
 
 
6,679
CONSIDERATION FOR THE ACQUISITION
 
 
14,929
Cash flow analysis at acquisition:
 
 
 
Net cash acquired with the subsidiary (included in cash flows from investing activities)
2,360
1,359
3,719
Consideration paid
(5,560)
(5,740)
(11,300)
Deferred consideration
(1,122)
(2,507)
(3,629)
Net cash flow of the acquisition
(4,322)
(6,888)
(11,210)
Transaction costs, totaling 524 thousand Euro, were recognized in profit or loss under Costs for services.
In 2020, Arts S.r.l. and Aura1 S.r.l. have contributed to the Company’s result with a 347 thousand Euro loss.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
388 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Comments on the main statement of financial 
position items (assets, shareholders’ equity and 
liabilities)
6. Property, plant and equipment
The breakdown of Property, plant and equipment as at 31 December 2020 and 31 December 2019 is shown in the following table: 
(In thousands of Euro)
31 December 2020
31 December 2019
Historical 
Cost
Accumulated 
depreciation
Net 
value
Historical 
Cost
Accumulated 
depreciation
Net 
value
Land 
 18,010 
 - 
 18,010 
 18,010 
 - 
 18,010 
Buildings
 66,980 
 13,165 
 53,815 
 66,787 
 11,120 
 55,667 
Plant and equipment
 55,025 
 33,825 
 21,200 
 54,325 
 28,558 
 25,767 
Industrial and commercial equipment
 21,474 
 19,671 
 1,803 
 21,386 
 19,401 
 1,985 
Other assets
 43,736 
 36,514 
 7,222 
 42,843 
 32,772 
 10,071 
Leasehold improvements
 22,947 
 20,394 
 2,553 
 22,697 
 19,264 
 3,433 
Fixed assets in progress and payments  
on account
 422 
 - 
 422 
 487 
 - 
 487 
Total
 228,594 
 123,569 
 105,025 
 226,535 
 111,115 
 115,420 
The following tables show the change in the item Property, plant and equipment for the years ended 31 December 2020 and 31 December 
2019:
(In thousands of Euro)
Value
01.01.2020
Additions
Disposals
Depreciation
Contribution 
from merger
Impairment
Value at
31.12.2020
Land 
18,010
 
 
0
 
 - 
18,010
Buildings
55,667
 193 
0
(2,045)
 - 
 - 
53,815
Plant and equipment
25,767
690
(22)
(5,283)
54
(6)
21,200
Industrial and commercial equipment
1,985
528
(2)
(680)
0
(28)
1,803
Other assets
10,071
 895 
(18)
(3,759)
33
 - 
7,222
Leasehold improvements
3,433
 415 
(3)
(1,154)
0
(138)
2,553
Fixed assets in progress and payments on account
487
 1,587 
(1,652)
0
 - 
 - 
422
Total
115,420
4,308
(1,697)
(12,921)
87
(172)
105,025

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 389
(In thousands of Euro)
Value
01.01.2019
Additions
Disposals
Depreciation
Impairment
Value at
31.12.2019
Land 
18,010
 - 
-
-
 - 
18,010
Buildings
55,328
 2,325 
-
(1,986)
 
55,667
Plant and equipment
26,152
 4,787 
(3)
(5,169)
 
25,767
Industrial and commercial equipment
1,848
 1,365 
(200)
(950)
(78)
1,985
Other assets
6,328
 6,954 
-
(3,211)
 
10,071
Leasehold improvements
3,203
 1,699 
(130)
(1,331)
(8)
3,433
Fixed assets in progress and payments on account
997
 391 
(901)
-
 - 
487
Total
111,866
17,521
(1,234)
(12,647)
(86)
115,420
The increase: 
• in the item “buildings” mainly refers to works at the Osmannoro-Sesto Fiorentino facility; 
• in the item “Plant and equipment” refers mainly to the purchase and installation of new plant at the Osmannoro-Sesto Fiorentino facility; 
• in the item “Industrial and commercial equipment” refers to the purchase of new furniture and equipment for the stores that were 
refurbished during the year; 
• in the item “other assets” primarily concerns IT equipment (668 thousand Euro) and some equipment for the Osmannoro-Sesto Fiorentino 
facility (81 thousand Euro);
• in the item “Leasehold improvements” refers mainly to the renovation of some stores that was completed in 2020. 
The item “Fixed assets in progress and payments on account” refers largely to expenses incurred and payments on accounts made for works 
yet to be completed as at the reporting date. The decrease in the item primarily refers to the completion of construction and renovation work 
started in the previous year.
As envisaged by the analysis procedure for impairment indicators adopted by the Company, at year-end an assessment was made of the 
possible presence of impairment indicators which can be assessed through internal or external information sources. External sources 
typically consist of changes in the technological, economic and legal framework in which the Company operates, while internal sources are 
corporate strategies which can change the use of assets. Specifically, the economic crisis associated with the Covid-19 emergency qualifies 
as an impairment indicator, therefore the Company took it into consideration when making estimates and assumptions. 
Impairment amounting to 172 thousand Euro in “Industrial and commercial equipment”, “Leasehold improvements”, and “Plant and 
Equipment” refers to the tangible assets of a store and some spaces in relation to their forthcoming closure.
From the analyses carried out no need emerged to record any further impairment on this item.
The item Contribution from Merger refers to the value of the entities Arts S.r.l. and Aura 1 S.r.l., which were acquired and subsequently merged 
into the Company. For the details, see note 5 Business Combinations.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
390 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
7. Right-of-use assets
The following statement shows the composition of Right-of-use assets as at 31 December 2020 and 2019: 
(In thousands of Euro)
31 December 2020
31 December 2019
Historical 
Cost
Accumulated 
depreciation
Net 
value
Historical 
Cost
Accumulated 
depreciation
Net 
value
Buildings
 123,499 
 30,490 
93,009 
 124,201 
15,658
 108,543 
Vehicles
 3,860 
 1,474 
 2,386 
 2,588 
855
 1,733 
Equipment and other assets
 777 
 437 
 340 
 777 
175
 602 
Total
 128,136 
 32,401 
 95,735 
 127,566 
 16,688 
 110,878 
The following tables show the changes in right-of-use assets for the years ended 31 December 2020 and 31 December 2019.
(In thousands of Euro)
Value at
01.01.2020
Additions
Disposals 
Depreciation 
Value at
31.12.2020
Buildings
108,543
6,116
(4,153)
(17,497)
93,009
Vehicles
1,733
1,810
(36)
(1,121)
2,386
Equipment and other assets
602
0
0
(262)
340
Total
110,878
7,926
(4,189)
(18,880)
95,735
(In thousands of Euro)
Value at
31.12.2018 
IFRS 16 impact at
01.01.2019 
Additions
Disposals
Depreciation 
Value at
31.12.2019 
Buildings
-
89,560
36,369
(1,439)
(15,947)
108,543
Vehicles
-
1,285
1,303
-
(855)
1,733
Equipment and other assets
-
-
777
-
(175)
602
Total
-
90,845
38,449
(1,439)
(16,977)
110,878
The line item Buildings includes Right-of-use assets largely relating to leases of stores (accounting for approximately 85% of right-of-use 
assets - Buildings) and, to a lesser extent, leases of offices, company lodgings, and other premises. The largest increases observed during 
the year refer to new leases, whereas the most significant declines relate to leases that were either terminated early or for which the 
Company negotiated a reduction in future lease payments.
For more details on cash outflows related to leases, see notes 25 Lease Liabilities and 34 Costs for services.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 391
As envisaged by the analysis procedure for impairment indicators adopted by the Company, at year-end an assessment was made of the 
possible presence of impairment indicators which can be assessed through internal or external information sources. External sources 
typically consist of changes in the technological, economic and legal framework in which the Company operates, while internal sources are 
corporate strategies which can change the use of assets. Specifically, the economic crisis associated with the Covid-19 emergency qualifies 
as an impairment indicator, therefore the Company took it into consideration when making estimates and assumptions.
From the analyses carried out no need emerged to record any impairment on this item. 
8. Goodwill
The amount of Goodwill was entirely acquired in 2020 as a result of the merger of Arts s.r.l. and Aura 1 S.r.l.: for details, see note 5 Business 
Combinations and the paragraph Significant events occurred during the year in the Directors’ report on operations. Net of the fair value of the 
assets acquired and liabilities assumed, the residual amount allocated to goodwill arising from the acquisition totaled 6,679 thousand Euro.
 
As required by the procedure for analyzing impairment indicators adopted by the Company, goodwill is tested annually to determine the 
recoverable amount. The impairment test was conducted by grouping CGUs at the Group level as a whole.
The economic crisis associated with the Covid-19 emergency qualifies as an impairment indicator, therefore the Company took it into 
consideration when making estimates and assumptions. However, in reviewing its impairment indicators, the Company considers, among 
other factors, the ratio of its market capitalization to book value. As at 31 December 2020, the Company’s market capitalization exceeded the 
book value of equity, ruling out the existence of an impairment indicator.
The value used to determine the recoverable amount of the CGU is the value in use. This was calculated based on expected cash flows, which 
were discounted at an appropriate rate (Discounted cash-flow- DCF analysis).
The DCF analysis was performed based on the budget for the year 2021, prepared and approved by the Board of Directors of Salvatore 
Ferragamo S.p.A.; as for the two following explicit forecast years, the Company used the business plans prepared by management, which 
represent the best estimate the Company can make of the economic conditions expected for the period. 
The main assumptions to determine the recoverable amount are given below:
• Terminal Value: determined using the perpetuity model with a long-term growth rate “g” which represents the present value, in the final 
projected year, of all the expected future cash flows.
• Growth rate “g”: 2%, which was assumed to be equal to the rate of inflation expected to prevail over the medium - long term in the main 
markets where the Group operates; 
• Discount rate (Weighted Average Cost of Capital, WACC): equal to 8.18% considering the Group’s positive net financial position, it is based 
on government bond yields in the main markets where the Group operates, adjusted to account for the risk premium expected by investors 
for the specific investment in equity instruments as well as the correlation of such instruments to the relevant market.
From the analyses carried out no need emerged to record any impairment on this item.
The sensitivity analysis of the above material assumptions used to determine the recoverable amount, performed on goodwill, did not yield 
different results in terms of recoverable amount, even when considering substantial changes in the parameters.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
392 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
9. Intangible assets with a finite useful life
The breakdown of Intangible assets with a finite useful life as at 31 December 2020 and 31 December 2019 is shown in the following table: 
(In thousands of Euro)
31 December 2020
31 December 2019
Historical Cost
Accumulated 
amortization
Net value
Historical Cost
Accumulated 
amortization
Net value
Development costs
 77,514
 53,192
24,322
 69,270 
 43,182 
26,088
Know- how
 6,380 
 598 
5,782
-
-
 
Industrial patents and use of intellectual 
property rights
 18,171 
 17,131 
1,040
 17,753 
 15,643 
2,110
Concessions, licenses and trademarks
 7,803 
 6,365 
1,438
 7,469 
 6,092 
1,377
Intangible assets with a finite useful life in 
progress
 2,764 
 - 
2,764
 6,148 
 - 
6,148
Total
 112,632 
 77,286 
 35,346 
 100,640 
 64,917 
 35,723 
The following tables show the changes in Intangible assets with a finite useful life for the years ended 31 December 2020 and 31 December 
2019:
(In thousands of Euro)
Value at
01.01.2020
Additions
Disposals
Amortization
Contribution 
from merger
Value at
31.12.2020
Development costs
26,088
 8,243 
 
(10,010)
1
24,322
Know- how
-
 - 
0
(598)
6,380
5,782
Industrial patents and use 
of intellectual property rights
2,110
 375 
(4)
(1,455)
14
1,040
Concessions, licenses and trademarks
1,377
 334 
0
(273)
-
1,438
Intangible assets with a finite useful life 
in progress
6,148
 4,874 
(8,258)
0
-
2,764
Total
35,723
13,826
(8,262)
(12,336)
6,395
35,346
(In thousands of Euro)
Value at
01.01.2019
Additions
Disposals 
Amortization
Value at
31.12.2019
Development costs
27,209
 7,995 
-
(9,116)
26,088
Industrial patents and use of intellectual property rights
2,601
1,004
-
(1,495)
2,110
Concessions, licenses and trademarks
1,250
 379
-
(252)
1,377
Intangible assets with a finite useful life in progress
4,007
 4,390 
(2,249)
-
6,148
Total
35,067
13,768
(2,249)
(10,863)
35,723

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 393
The additions relating to the item “Development costs” is mainly related to the capitalization of expenses for the development of business 
software applications (SAP accounting system, ERP, reporting systems, and the e-commerce platform). As at 31 December 2020, the 
Company reported no intangible assets arising from internal development.
The 375 thousand Euro increase in “Industrial patents and use of intellectual property rights” refers to the cost for licenses to use software 
for the Company’s business operations. 
The additions relating to the item “Concessions, licenses and trademarks” refer to the costs for filing and registering the Salvatore Ferragamo 
trademark.
The item Contribution from Merger refers to the value of the entities Arts S.r.l. and Aura 1 S.r.l., which were acquired and subsequently merged 
into the Company. For the details, see note 5 Business Combinations. Specifically, the item includes 6,380 thousand Euro in know-how 
resulting from the fair value measurement of the assets acquired and liabilities assumed.
“Intangible assets with a finite useful life under development” as at 31 December 2020 largely refer to the RIO “Regional Inventory Optimization” 
project (intended to optimize the regional retail stock as part of the new distribution model), the Enterprise Business Intelligence project 
(aimed at rationalizing corporate reporting and analytics systems by establishing a single shared “Data Warehouse” and a new distribution 
model), the so-called  “Marlin Project”, aimed at standardizing retail information systems relying on SAP, and the continued development of 
the Company’s e-commerce project. 
As envisaged by the analysis procedure for impairment indicators adopted by the Company, at year-end an assessment was made of the 
possible presence of impairment indicators which can be assessed through internal or external information sources. External sources 
typically consist of changes in the technological, economic and legal framework in which the Company operates, while internal sources are 
corporate strategies which can change the use of assets. Specifically, the economic crisis associated with the Covid-19 emergency qualifies 
as an impairment indicator, therefore the Company took it into consideration when making estimates and assumptions.
From the analyses carried out no need emerged to record any impairment on this item.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
394 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
10. Investments in subsidiaries 
The breakdown of Investments in subsidiaries as at 31 December 2020 and 31 December 2019 is shown in the following table: 
Company
(In thousands of Euro)
% 
investment
Value at 
01.01.20
 Additions
Restate-
ment
 Write-
downs
Stock Grant
Disposals
Value at
31.12.20
Ferragamo Parfums S.p.A.
100
 40,911 
 - 
 - 
(19,366)
 17 
 - 
 21,562 
Ferragamo Mexico S. de R.L. de C.V.
99.73
 538 
 - 
 - 
 - 
 - 
 - 
 538 
Ferragamo Austria Gmbh
100
 4,434 
 - 
 - 
 - 
 - 
 - 
 4,434 
Ferragamo Deutschland GmbH
100
 5,792 
 - 
 - 
(1,165)
 - 
 - 
 4,627 
Ferragamo Belgique SA
100
 731 
 - 
 - 
 - 
 - 
 - 
 731 
Ferragamo (Suisse) SA
100
 890 
 - 
 - 
 - 
 - 
 - 
890 
Ferragamo U.K. Limited
100
 10,477 
 - 
 - 
(4,886)
 - 
 - 
 5,591 
Ferragamo Australia Pty Ltd.
100
 4,132 
 - 
 - 
 - 
 - 
 - 
 4,132 
Ferragamo France S.A.S.
100
 9,006 
 - 
 - 
 - 
 - 
 - 
 9,006 
Ferragamo Espana S.L.
100
 1,001 
 - 
 - 
 - 
 - 
 - 
 1,001 
Ferragamo Denmark ApS
100
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Ferragamo USA Inc.
100
 57,869 
 - 
 - 
 - 
 6 
 - 
57,875 
Ferragamo Moda (Shanghai) Co. Ltd.
75
 3,732 
 - 
 - 
 - 
 - 
 
 3,732 
Ferragamo Hong Kong Ltd.
100
 12,759 
 - 
 - 
 - 
 12 
 - 
 12,771 
Ferragamo (Malaysia) Sdn. Bhd.
100
 2,856 
 - 
 - 
 - 
 - 
 - 
 2,856 
Ferragamo Korea Ltd.
100
36,032
 - 
 - 
 - 
 - 
 - 
 36,032 
Ferragamo Retail Macau Limited
75.2
 1,241 
 - 
 - 
 - 
 - 
 - 
 1,241 
Ferragamo Retail Nederland B.V.
100
 1,337 
 - 
 - 
 - 
 - 
 - 
 1,337 
Ferragamo Retail India Private Limited
100
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Ferragamo Brasil Roupas e Acessorios 
Ltda.
99
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Arts S.r.l.
49.2
 - 
6,682 
- 
- 
- 
(6,682)
 - 
Aura 1 S.r.l.
100
 - 
8,247 
- 
- 
- 
(8,247)
 - 
Total
 
193,738
14,929
-
(25,417)
35
(14,929)
168,356
 In 2020, there were no additions, disposals, or capital increases in the investments or restatements except for the following. On 27 April 
2020, Salvatore Ferragamo S.p.A acquired:
• 49.2% of Arts S.r.l. for 6,682 thousand Euro; and
• 100% of Aura 1 S.r.l. for 8,247 thousand Euro.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 395
The Company pursued this deal to strengthen its control over its supply chain and acquire strategic capabilities in one of its key product 
categories. Based on the agreed economic conditions, Salvatore Ferragamo S.p.A. paid a total of 11.3 million Euro, and then an additional 
3,629 thousand Euro (amount agreed on the basis of the net cash on hand as at 31 March 2020) in February 2021, as agreed by the parties. 
These entities were then merged into Salvatore Ferragamo S.p.A. on 1 December 2020. For more details, see note 5 Business combinations.
For details on the item “Stock Grant”, reference should be made to note 42 Share-based payments.
In accordance with the provisions of IAS 36, the Company undertook an analysis to identify any indicators of impairment and/or permanent 
losses in value in subsidiaries or whether any grounds for the write-down in the investments applied in previous years no longer exist.
In particular an assessment was made of the recoverability of the residual value of investments in order to ensure that they are not recognized 
at a value higher than their recoverable amount.
Impairment tests were performed considering the subsidiary being tested as a CGU. The value used to determine the recoverable amount of 
the CGUs is the value in use. This was calculated based on expected cash flows, which were discounted at an appropriate rate (Discounted 
cash-flow analysis - DCF). 
The following Companies were tested for impairment: Ferragamo U.K. Limited and Ferragamo Deutschland GmbH.
The DCF analysis was performed based on the budget for the year 2021, prepared and approved by the Board of Directors of Salvatore 
Ferragamo S.p.A.; as for the two following explicit forecast years, the Group used the estimates made by management, which represent the 
best estimate the Group can make of the economic conditions expected for the period. The values assigned to the main assumptions reflect 
management’s assessment of how the sectors will perform in the future and are based on both internal and external sources.
The main assumptions to determine the recoverable amount are given below:
 
Ferragamo 
Deutschland GmbH
Ferragamo U.K. 
Limited
Discount rate (WACC) 
6.08%
6.96%
Growth rate “g” 
2.00%
2.00%
The discount rate (Weighted Average Cost of Capital, WACC), considering the Group’s positive net financial position, is based on government 
bond yields in the reference markets and in the same currency as the cash flows, adjusted to account for the risk premium expected by 
investors for the specific investment in equity instruments as well as the correlation of such instruments to the relevant market.
The growth rate “g” was assumed to be equal to the rate of inflation expected to prevail over the medium - long term in the reference market.
Terminal Value: determined using the perpetuity model with a long-term growth rate “g” which represents the present value, in the final 
projected year, of all the expected future cash flows.
Based on the analyses carried out, the Company recognized 6,051 thousand Euro in impairment losses on the investments in Ferragamo U.K. 
Limited and Ferragamo Deutschland GmbH to reflect the reductions in assets resulting from the losses incurred in these markets, so as to 
adjust their book value to the corresponding recoverable amount.
The sensitivity analysis of the above material assumptions (WACC and g) used to determine the recoverable amount, performed on the 
investments, did not yield different results in terms of recoverable amount.
In addition, on 10 November 2020 the Board of Directors of Salvatore Ferragamo S.p.A. approved the draft terms of the merger of the 
wholly-owned subsidiary Ferragamo Parfums S.p.A. (single-member company) into Salvatore Ferragamo S.p.A. The Merger was born out of 
the need to streamline the Salvatore Ferragamo Group’s corporate structure in Italy, optimizing the management of resources. Following the 
Merger, Salvatore Ferragamo S.p.A. will take over the operations of Ferragamo Parfums S.p.A.. Salvatore Ferragamo S.p.A. will not carry out 
any rights issue. The 10,000,000 ordinary shares with a nominal amount of 1 Euro each representing 100% of Ferragamo Parfums S.p.A. will

Separate Financial Statements
Salvatore Ferragamo S.p.A.
396 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
be canceled without assigning or swapping shares. As at 31 December 2020, the Company performed the analysis to identify any indicators 
of impairment and/or impairment losses for the investment in Ferragamo Parfums S.p.A., considering also the mentioned merger. Therefore, 
the investment in Ferragamo Parfums S.p.A. was written down by 19,366 thousand Euro to the Shareholders’ Equity of the subsidiary as at 
31 December 2020, representative of fair value as at that date.
The following table shows the change in the provision for excess write-downs of investments and includes the amount considered suitable 
to cover the remaining losses (applying the due percentage) after the book value of the equity investment is set to zero:
Company
(In thousands of Euro)
% investment
Value at 
01.01.20
Additions
Disposals
Write-downs
Stock Grant
Value at 
31.12.20
Ferragamo (Singapore) Pte Ltd
100
(12,225)
-
-
(4,396)
 - 
(16,621)
Ferragamo Chile S.A.
99
(547)
-
-
(260)
 - 
(807)
Ferragamo (Thailand) Ltd
100
(981)
-
-
(2,035)
 - 
(3,016)
Ferragamo Monte-Carlo S.A.M.
100
-
-
-
(74)
(74)
Ferragamo Argentina S.A.
95
 - 
-
-
(89)
-
(89)
Ferragamo Japan K.K.
71
 - 
-
-
(13,887)
-
(13,887)
Total
 
(13,753)
-
-
(20,741)
-
(34,494)

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 397
The following table provides the main figures from the financial statements of the subsidiaries:
Subsidiaries
(In thousands)
Location
% 
investment
Share capital
Total 
Shareholders’ 
Equity
Profit  (Loss)
for the year
Value at 
31.12.2020
Currency
Amount
Euro
Euro
Euro
Ferragamo Parfums S.p.A.
Florence
100
Euro 
10,000
21,562
(3,967)
21,562
Ferragamo Austria GmbH
Vienna
100
Euro 
1,853
3,983
76
4,434
Ferragamo Deutschland GmbH
Munich
100
Euro 
3,300
4,647
(1,405)
4,627
Ferragamo Belgique SA
Brussels
100
Euro 
750
669
8
731
Ferragamo France S.A.S.
Paris
100
Euro 
4,334
10,625
1,501
9,006
Ferragamo (Suisse) SA
Mendrisio
100
Chf
1,000
1,431
43
890
Ferragamo Espana S.L.
Madrid
100
Euro
4,600
3,732
(95)
1,001
Ferragamo U.K. Limited
London
100
Gbp
7,673
5,719
(4,163)
5,591
Ferragamo Retail Nederland B.V.
Amsterdam
100
Euro
500
1,185
(139)
1,337
Ferragamo Australia Pty Ltd.
Sydney
100
Aud
13,637
13,827
(69)
4,132
Ferragamo USA Inc.
New York
100
Usd
74,012
69,488
3,244
57,875
Ferragamo Monte-Carlo S.A.M.
Monte Carlo
100
Euro
304
(74)
(360)
(74)
Ferragamo Mexico S. de R.L.de C.V.
Mexico City
99.73
Pesos
4,593
26,740
1,095
538
Ferragamo Japan K.K.
Tokyo
71
Yen
305,700
(19,559)
(21,165)
(13,887)
Ferragamo Hong Kong Ltd.
Hong Kong
100
Hkd
10
102,295
5,689
12,771
Ferragamo Chile S.A.
Santiago
99
Pesos
1,362,590
(816)
(270)
(807)
Ferragamo (Thailand) Limited
Bangkok
100
Thb
100,000
(3,016)
(2,193)
(3,016)
Ferragamo (Malaysia) Sdn. Bhd.
Kuala Lumpur
100
Myr
1,300
3,789
(1,158)
2,856
Ferragamo (Singapore) Pte Ltd
Singapore
100
Sgd
4,600
(16,621)
(5,389)
(16,621)
Ferragamo Argentina S.A.
Buenos Aires
95
Ars
76,361
(94)
(728)
(89)
Ferragamo Retail India Private Limited
New Delhi
100
Inr
300,000
(4,975)
(150)
 - 
Ferragamo Korea Ltd.
Seoul
100
Kwon
3,291,200
61,422
2,602
36,032
Ferragamo Moda (Shanghai) Co. Ltd.
Shanghai, 
PRC
75
Usd
1,400
(1,273)
3,620
3,732
Ferragamo Retail Macau Limited
Macau
75.2
Mop
25
7,101
(1,605)
1,241
Ferragamo Brasil Roupas e Acessorios Ltda.
Sao Paulo
99
Brl
55,615
3,311
8
 - 
Total
 
 
 
 
 
133,862
* Data refer to the Ferragamo USA Group.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
398 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
11. Other non current assets 
“Other non current assets” totaled 1,026 thousand and included 184 thousand Euro in the non-current portion of the tax credit for donations 
in support of cultural activities as per art. 1 of Italian Law Decree no. 83 of 31 May 2014 - the so-called “Art Bonus”, made in 2019 and 2020 
(336 thousand Euro as at 31 December 2019), and includes also the non-current portion of the Tax credit for investments in operating assets 
(art. 1, paragraphs 184-197, 2020 Budget Law) and the non-current portion of the 2020 Research and Development, design and aesthetic 
conception, and technological innovation tax credit (art. 1, paragraphs 198-209, 2020 Budget Law).
12. Other non current financial assets 
“Other non current financial assets”, totaling 294 thousand Euro (334 thousand Euro as at 31 December 2019), refer to guarantee deposits, 
mainly for existing rental contracts, and are accounted for at amortized cost.
13. Inventories  
The breakdown of the item as at 31 December 2020 and 31 December 2019 is set out in the following table:
(In thousands of Euro)
31 December 
2020
31 December 
2019
change 
2020 vs 2019
Gross value of raw materials, accessories and consumables
29,272
47,611
(18,339)
Provision for obsolete inventory
(5,270)
(4,202)
(1,068)
Raw materials, accessories and consumables
24,002
43,409
(19,407)
Gross value of finished products and goods for resale
91,070
95,208
(4,138)
Provision for obsolete inventory
(23,722)
(18,166)
(5,556)
Finished products and goods for resale
67,348
77,042
(9,694)
Total
 91,350 
 120,451 
(29,101)
The change in stocks of raw materials, down by 19,407 thousand Euro compared to 2019, is due to the lower production volumes for the 
period; the related provision reflects the obsolescence of raw materials (leather and accessories) which are no longer suitable for the 
Company’s production plans for future collections. Raw materials also include leather and materials sent to third parties for subsequent 
processing.
Stocks of finished products decreased by 9,694 thousand Euro. The related provision reflects the difference between the purchase or 
production cost and the estimated realizable value of products belonging primarily to past collections. The write-downs recognized in 2020 
accounted also for the potential risk of a future reduction in the sales of certain products, including because of the ongoing pandemic.
For a better understanding of how the above provisions for obsolete inventory were calculated, please see note 2 “Discretionary valuations 
and significant accounting estimates”.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 399
Net (uses) of and/or allocations to the provision for obsolete inventory were as follows:
(In thousands of Euro)
2020
2019
change
 2020 vs 2019
Raw materials
1,068
70
998
Finished products
5,556
6,510
(954)
Total
6,624
6,580
44
14. Right of return assets
Concerning the right of return as per “Revenue from contracts with customers”, the line item “Right of return assets” (9,688 thousand Euro 
as at 31 December 2020) includes the estimated cost of the products expected to be returned, equal to the lower of the previous carrying 
amount of inventories (estimated cost of production) and net realizable value, less potential future costs associated with their recovery. This 
item is closely related to Refund Liabilities (see note 27 Refund liabilities) and largely refers to the Group’s European companies as well as, 
to a lesser extent, external customers.
15. Trade receivables
The breakdown of the item “Trade receivables” as at 31 December 2020 and 31 December 2019 is shown in the following table:
(In thousands of Euro)
31 December 
2020
31 December 
2019
change
 2020 vs 2019
Trade receivables from third parties
36,024
36,443
(419)
Provision for bad debt - third parties
(4,064)
(3,627)
(437)
Provision for bad debt - subsidiaries
(4,936)
(5,440)
504
Trade receivables from subsidiaries
 117,115 
 166,810 
(49,695)
Total
 144,139 
 194,186 
(50,047)
Trade receivables from third parties mainly refer to the credit exposure arising from sales made to the wholesale channel, they are interest-
free and are generally due in 90 days or less. The relevant provision for bad debt was deemed adequate to deal with potential defaults, and 
the amount set aside for the period largely refers to risk assessments associated with the specific situation during the period.  
For detailed information on trade receivables from subsidiaries reference should be made to note 44 Transactions with related parties below.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
400 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
The changes in the provision for bad debt during 2020 were as follows:
(In thousands of Euro)
Value at
01.01.2020
Provisions
Uses 
Value at
31.12.2020
Provision for bad debt - third parties
3,627
 437 
 -
4,064
Provision for bad debt - subsidiaries
5,440
 -
504
4,936
Total
9,067
 437 
504
9,000
For an analysis of past due but not impaired trade receivables reference should be made to note 3 “Management of financial risks - Credit 
risk”. The uses of the Provision for bad debt - subsidiaries, totaling 504 thousand Euro, refer to the adjustment to year-end exchange rates 
of the provision for bad debt recognized for Ferragamo Retail India Private Limited, set up in previous years and referring to foreign currency 
trade receivables.
16. Tax receivables
The breakdown of the item is set out in the following table:
(In thousands of Euro)
31 December 
2020
31 December 
2019
change 
2020 vs 2019
Due from tax authorities (valued added tax)
 - 
 216 
(216)
Other tax receivables 
 2,906 
 10,672 
(7,766)
Due from tax authorities (Irap)
 974 
 - 
974
Total
 3,880 
 10,888 
(7,008)
As at 31 December 2020, the item Other tax receivables mainly included:
• The 1,389 thousand Euro Research and Development Tax Credit, including 373 thousand Euro for the current portion referring to the 
estimated credit for the year 2020 (Art. 3 of Italian Law Decree no. 145 of 23 December 2013, as superseded by art. 1, paragraph 35 of 
Italian Law no. 190/2014 - 2015 Budget Law);
• the 585 thousand Euro current portion of the tax credit for donations in support of cultural activities as per art. 1 of Italian Law Decree of 
31 May 2014, no. 83 - the so-called “Art Bonus”, made in 2018, 2019 and 2020; the remaining 184 thousand Euro non current portion was 
included within “Other non current assets”; the 98 thousand Euro 2020 tax credit for these donations made in 2020 was recognized in the 
Income Statement under “Other income and revenues”. 
Tax receivables were down 7,008 thousand Euro from 31 December 2019; this was mainly attributable to the refund in July 2020 of the 
income tax receivable due from tax authorities, amounting to 7,298 thousand Euro, plus interest, relating to the tax year 2015 that had been 
claimed in the tax return for the same period.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 401
17. Other current assets 
The breakdown of the item “Other current assets” as at 31 December 2020 and 31 December 2019 is set out in the following table:
(In thousands of Euro)
31 December 
2020
31 December 
2019
change 
2020 vs 2019
Receivables due from credit card management companies
 440 
 178 
262
Receivables from staff
 197 
 77 
120
Short-term hedging derivatives
 6,878 
 1,466 
5,412
Other receivables 
 367 
 1,603 
(1,236)
Accrued income                            
 154 
 121 
33
Prepaid expenses                         
 3,486 
 3,059 
427
Receivables from the Holding company
 2,689 
 1,962 
727
Receivables from social security institutions
 266 
 90 
176
Total
 14,477 
 8,556 
5,921
Hedging derivatives, totaling 6,878 thousand Euro (1,466 thousand Euro as at 31 December 2019), refer to the fair value measurement of 
outstanding derivative contracts (hedging component) entered into by the Company to manage exchange rate risk on sales in currencies 
other than the Euro.
The 2,689 thousand Euro receivable due from the holding company Ferragamo Finanziaria S.p.A. refers to the first IRES payment on account 
and the greater Patent Box benefit for 2015 resulting from the restatement of taxable income assessed and agreed under the settlement 
entered into with the Inland Revenue Office, which required the Company to file a supplementary tax return for the year 2015, reducing the 
IRES tax expense under the domestic fiscal unity by 1,089 thousand Euro. For further details, reference should be made to the Directors’ 
report on operations, paragraph “Significant events occurred during the year”.
Prepaid expenses included 1,877 thousand Euro (1,340 thousand Euro as at 31 December 2019) in contributions for the fit-out of tailored 
single brand stores and/or stores-in-stores operated by third parties (TPOS).

Separate Financial Statements
Salvatore Ferragamo S.p.A.
402 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
18. Other current financial assets
(In thousands of Euro)
31 December 
2020
31 December 
2019
change 
2020 vs 2019
Financial receivables due from subsidiaries
 166,651 
 99,774 
66,877
Short-term derivatives
 288 
 101 
187
Total
 166,939 
 99,875 
67,064
Financial receivables due from subsidiaries included the loans granted to the subsidiaries Ferragamo Deutschland GmbH, Ferragamo 
Monte-Carlo S.A.M., Ferragamo (Suisse) S.A., Ferragamo Espana S.L., Ferragamo U.K. Limited, Ferragamo Japan K.K., Ferragamo Canada Inc., 
Ferragamo Usa Inc., Ferragamo (Singapore) PTE Ltd, Ferragamo (Thailand) Limited, Ferragamo Parfums S.p.A., Ferragamo Belgique SA, and 
Ferragamo Retail Nederland B.V.. For detailed information on financial receivables from subsidiaries, reference should be made to note 44 
Transactions with related parties below.
The item “Short-term derivatives” totaled 288 thousand Euro and refers to the fair value measurement of derivatives for the non-hedging 
component (101 thousand Euro as at 31 December 2019). For further details, please refer to note 31 Financial instruments and fair value 
measurement below.
19. Cash and cash equivalents
The breakdown of Cash and cash equivalents as at 31 December 2020 and 31 December 2019 is shown in the following table:
(In thousands of Euro)
31 December 
2020
31 December 
2019
change 
2020 vs 2019
Time deposits
25,000
10,000
15,000
Bank and post office sight deposits             
187,382
109,897
77,485
Cash and values on hand                
71
191
(120)
Total
 212,453 
 120,088 
92,365
Bank and post office deposits refer to temporary cash holdings maintained mainly to meet imminent payments or make intercompany loans, 
which include also a 25 million Euro short-term investment (time deposit). As at 31 December 2020, the Company had unused credit lines 
amounting to 535,000 thousand Euro; as at 31 December 2019, unused credit lines totaled 405,000 thousand Euro. For more details, see 
note 21 Interest-bearing loans & borrowings.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 403
For the purposes of the statement of cash flows, the item “Cash and cash equivalents” as at 31 December 2020 and 31 December 2019 was 
broken down as follows:
(In thousands of Euro)
31 December 
2020
31 December 
2019
change 
2020 vs 2019
Cash and bank sight deposits
187,453
110,088
77,365
Time deposits
25,000
10,000
15,000
Total
 212,453 
 120,088 
92,365
20. Share capital and reserves
The authorized share capital of the Company as at 31 December 2020 totaled 16,939,000 Euro; the subscribed and paid up share capital 
amounted to 16,879,000 Euro and consisted of 168,790,000 ordinary shares with a nominal value of 0.10 Euro each.  During 2020, there were 
no changes in the number of shares outstanding.
The treasury share reserve, amounting to 2,776 thousand Euro, consisted of 150,000 shares in Salvatore Ferragamo S.p.A., which were 
purchased entirely in December 2018 (no. 14,000) and during 2019 (no. 136,000) at an average unit price of 18.50 Euro.
Share capital contributions of 2,995 thousand Euro were paid in a single amount in 2003 by the Holding company Ferragamo Finanziaria 
S.p.A. and were reduced in 2007, due to the demerger.
The legal reserve of 4,188 thousand Euro was set up in previous years and cannot be distributed.
The extraordinary reserve of 628,530 thousand Euro is comprised of retained earnings; the 124,211 thousand Euro increase recorded in the 
period refers to the entire retained profit for the year 2019. 
The revaluation reserve consists of:
• Revaluation reserve as per Italian Law 342/00 amounting to 4,592 thousand Euro;
• Revaluation reserve as per Italian Law 350/03 amounting to 7,420 thousand Euro;
• Revaluation reserve as per Italian Law 266/05 amounting to 13,465 thousand Euro. 
No deferred taxes have been allocated to the revaluation reserves based on the assumption that full taxation for these reserves will be 
indefinitely deferred. Indeed, no transactions are likely to be carried out which would cause their distribution.
The cash flow hedge reserve was positive for 5,123 thousand Euro and is the result of the valuation of the financial instruments defined as 
cash flow hedges as at 31 December 2020, given the hedges of the Company against exchange rate risk, and is shown net of the tax effect.
The IAS 19 Equity reserve, negative for 1,706 thousand Euro, is the result of the valuation of actuarial gains and losses charged to 
shareholders’ equity, as envisaged by IAS 19, and is shown net of the tax effect. This valuation was made by an independent actuary.
The item “Other reserves” totaled 12,089 thousand Euro and includes the changes arising from the application of IAS/IFRS instead of 
Italian accounting principles with reference to the Company’s opening balance of shareholders’ equity as at 1 January 2010 and the closing 
balance as at 31 December 2010. In addition, the item “Other reserves” includes:
• the specific reserve set up in 2016 to service the future free share capital increase of the Company for a nominal value of 60 thousand Euro 
(nominal value of 0.10 Euro per share) for the 2016-2020 Stock Grant Plan;
• the 2016-2020 Stock Grant Reserve (921 thousand Euro) referring to the fair value measurement as at 31 December 2020 of the rights to 
receive shares in the Parent Company: their impact on the period amounted to 79 thousand Euro.
• and the 5,037 thousand Euro Stock Grant reserve from prior years.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
404 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Finally, the item “Other reserves” included the 1.4 thousand Euro Provision as per art. 55 of Italian Presidential Decree 597/1973 relating to 
VAT recovery pursuant to art. 15 of Italian Law 26/04/1983.
The amounts are net of the tax effects where applicable.
The following table shows, for each specific entry in shareholders’ equity, information regarding the possibility of its use and distribution, 
as well as its use over the last three years.
Shareholders’ equity
Value at 
31 December 2020
Possibility 
of use 
Amount 
available
Summary of uses 
made in the last three 
years
Share capital
16,879
 
 
 
Treasury share reserve
(2,776)
 
 
 
Share capital reserves
 
 
 
 
Revaluation reserve Law 342/00 
4,592
 A - B 
4,592
 
Revaluation reserve Law 350/03
7,420
 A - B 
7,420
 
Revaluation reserve Law 266/05
13,465
 A - B 
13,465
 
Share capital contributions
2,995
 A - B 
2,995
 
Provision as per Art 55
1
 A - B - C 
1
 
Net profit reserves
 
 
 
 
Legal reserve 
4,188
 B 
812
 
Extraordinary reserve
628,530
 A - B - C 
628,530
 
Reserve for adoption of IAS/IFRS
6,427
B*
2,007
 
Accumulated gains/losses
(356)
B
 
 
Cash flow hedge reserve
5,123
 
 
 
IAS 19 reserve
(1,706)
 
 
 
Specific reserve for share capital increase to service the Stock Grant Plan
60
 
 
 
Stock Grant Reserve
5,958
 
 
 
Net profit/(loss) for the year
(34,070)
 
 
 
Total
656,730
 
659,822
 - 
Key: A - for share capital increase, B - to cover losses, C- for distribution to shareholders. * The available part of the reserve can be used only to cover losses and it must be subsequently reintegrated.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 405
21. Interest-bearing loans & borrowings
A breakdown of current and non current interest-bearing loans & borrowings is given below:
(In thousands of Euro)
31 December 
2020
31 December 
2019
change 
2020 vs 2019
Medium/long-term financial payables to banks
113,491
-
113,491
Short-term financial payables to banks
11,428
-
11,428
Total
 124,919 
 - 
 124,919 
During 2020, in light of the emergency caused by the spread of Covid-19, the Company saw it fit to further strengthen its financial structure 
by increasing its committed lines with diversified counterparties, meeting its financial requirements in the first half of the year with short-
term debts that were repaid in the second half after entering into a medium/long-term loan agreement with Intesa Sanpaolo S.p.A. in July 
2020. For details, see the Directors’ report on operations, paragraph “Significant events occurred during the year”. 
As at 31 December 2020, the company reported 125 million Euro in payables to banks, whereas these amounted to zero as at 31 December 
2019. The credit lines used by the Company are arranged at floating rates. The cost of debt is generally benchmarked to the market rate 
for the period (usually Euribor/Libor or the benchmark of the loan currency on the specific interbank market) increased by a spread which 
depends on the type of credit line used. In general, uses of the lines range from one day to a maximum of one year. The margins applied are 
in line with the best market standards.
The financial instruments used are:
i) uncommitted credit lines made available to the Company in order to meet short-term financial needs linked to the management of working 
capital;
ii) short- and medium/long-term committed credit lines, in the form of either revolving credit lines or term loans, negotiated on a bilateral 
basis by the Company.
As at 31 December 2020, committed credit lines had a maximum residual duration of fifty-five months and a weighted average residual 
duration of thirty-two months. The credit lines and the related financial business are spread among leading national and international banks. 
As far as financial payables to banks are concerned, the following table provides a breakdown by type of the credit lines granted to the 
Company and the relevant uses:
(In thousands of Euro)
31 December 2020
31 December 2019
Agreed
Used
Agreed
Used
Committed credit lines
 505,000 
 125,000 
 160,000 
 - 
- Revolving credit lines
 380,000 
 
 160,000 
 
- Term loans
 125,000 
 125,000 
 
 
Uncommitted credit lines
 155,000 
 
 245,000 
 
Total
 660,000 
 125,000 
 405,000 
 -

Separate Financial Statements
Salvatore Ferragamo S.p.A.
406 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
The following table provides the breakdown and changes in the net financial position as at 31 December 2020 and 31 December 2019, 
restated in accordance with the model included in CONSOB Communication no. DEM/6064293 of 28 July 2006.
(In thousands of Euro)
31 December 
2020
31 December 
2019
Change 
2020 vs 2019
A. Cash
 71 
 191 
(120)
B. Other cash equivalents
 212,382 
 119,897 
92,485
C. Cash and cash equivalents (A)+(B)
 212,453 
 120,088 
92,365
Derivatives - non-hedging component
 288 
 101 
187
Other financial assets*
 166,651 
 99,774 
66,877
D. Current financial receivables
 166,939 
 99,875 
67,064
E. Current bank payables
11,428
 - 
11,428
F. Derivatives - non-hedging component
 40 
 171 
(131)
G. Other current financial payables**
 19,421 
 17,455 
1,966
H. Current financial debt (E)+(F)+(G)
30,889
 17,626 
13,263
I. Current financial debt, net (H)-(C)-(D)
(348,503)
(202,337)
(146,166)
J. Non current bank payables
 113,491 
 - 
113,491
K. Derivatives - non-hedging component
 - 
 - 
 - 
M. Other non current payables***
 85,908 
 96,181 
(10,273)
N. Non current financial debt (J)+(K)+(M)
 199,399 
 96,181 
103,218
O. Net financial debt (I)+(N)
(149,104)
(106,156)
(42,948)
*	
The item entirely refers to related parties (short-term loans to Group companies); for further details reference should be made to note 18 Other current financial assets and note 44 Transactions with 
related parties (intragroup transactions). 
**	 The item comprises a 15,792 thousand Euro current lease liability, including 6,872 thousand Euro due to related parties. For more details, reference should be made to note 44 Transactions with 
related parties. 
*** The item entirely refers to the non current lease liability, including 59,507 thousand Euro due to related parties. For more details, reference should be made to note 44 Transactions with related 
parties.
Limitations on the use of financial resources
In general, the Company’s committed and uncommitted credit lines (both revolving credit lines and term loans) that are currently outstanding 
do not require compliance with financial covenants. 
One exception is the loan agreement entered into with Intesa Sanpaolo S.p.A. on 24 July 2020, which includes a financial covenant based 
on the ratio of Adjusted Net Financial Position to restated Ebitda to be tested annually starting from 31 December 2021 (based on data from 
the Consolidated Financial Statements), and that therefore was not in place as at 31 December 2020.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 407
22. Provisions for risks and charges
The breakdown of Provisions for risks and charges as at 31 December 2020 is shown in the following table:
(In thousands of Euro)
Value at
01.01.2020
Provisions
Uses
Value at
31.12.2020
Legal disputes
1,729 
 1,235 
(586)
2,378
Provision for excess write-downs of investments
13,753 
 20,741 
-
34,494
Total
15,482 
21,976 
(586)
36,872 
Legal disputes mainly refer to allocations against likely future liabilities relating to legal proceedings against the Company for labor disputes 
as well as outstanding contractual and tax disputes. Labor disputes refer both to litigations and to estimates of settlement amounts which 
the Company might pay for settlement in the pre-litigation stage. 
The amount set aside during the period refers to labor and legal disputes that arose during 2020.
The use of the provision for legal disputes, totaling 586 thousand Euro, refers to the settlement of a number of legal and labor proceedings 
and/or disputes involving the Company.
For detailed information and the changes in the Provision for excess write-downs of investments reference should be made to note 10 
Investments in subsidiaries.  
23. Employee benefit liabilities
The breakdown of Employee benefit liabilities as at 31 December 2020 and 31 December 2019 is shown in the following table:
(In thousands of Euro)
31 December 
2020
31 December 
2019
change 2020 
vs 2019
Employee benefit liabilities (severance indemnities)
8,740
8,685
55
Advances on employee severance indemnities
(2,236)
(2,182)
(54)
Total
 6,504 
 6,503 
1

Separate Financial Statements
Salvatore Ferragamo S.p.A.
408 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
The following table sets out the changes occurred during the period:
(In thousands of Euro)
31 December 
2020
31 December 
2019
Present value of the obligation at the beginning of the period
6,503
6,441
Contribution from merger
64
-
Financial charge
30
78
Benefits paid
(375)
(402)
Actuarial loss/(gain) arising from:
 
 
   - Financial assumptions
331
430
   - Demographic assumptions
1
2
   - Experience-based adjustments
(50)
(46)
Total actuarial loss / (gain)
282
386
Present value of the obligation at the end of the period
6,504
6,503
The main assumptions used in determining the present value of employee severance indemnities were as follows:
2020
2019
Annual discount rate
(0.12%)
0.46%
Inflation rate
2.00%
2.00%
As regards the demographic assumptions used in determining defined benefit liabilities, the figure used as a benchmark for the mortality 
rate is that for the Italian population recorded by ISTAT in 2000, less 25%, broken down by age and gender while the staff turnover rate has 
been estimated at 5.6% per year. 
Here below is a quantitative sensitivity analysis for the main assumptions as at 31 December 2020 and 31 December 2019 concerning 
employee benefit obligations: 
(In thousands of Euro)
2020
2019
Change % 
Additions
Disposals
Additions
Disposals
Annual discount rate
+/- 0.5%
(290)
311
(292)
313
Mortality rate
+/- 0.025%
(2)
2
(2)
(1)
Staff turnover rate
+/- 0.5%
(43)
45
(35)
37
The above sensitivity analyses are based on reasonable changes in the key assumptions at the end of the two reporting periods being 
compared.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 409
The average number of employees (in terms of full-time equivalents) by category is shown in the following table:
Average staff
(Full time equivalent)
2020
2019
Top managers, middle managers and store managers
170.56
170.34
White collars
450.05
588.82
Blue collars
151.29
197.62
Temporary Agency staff
10.89
20.52
Total
782.79
977.3
Average staff was down compared to the previous year, accounting also for the reduction in work hours resulting from the use of social 
welfare schemes activated by the Italian Government to support employment in response to the Covid-19 pandemic.
24. Other non current liabilities
The breakdown of the item Other non current liabilities is set out in the following table:
(In thousands of Euro)
31 December 
2020
31 December 
2019
change 
2020 vs 2019
Other payables 
-
306
(306)
Payables for leasehold improvement contributions
421
 - 
421
Total
 421 
 306 
115
The item Payables for leasehold improvement contributions, amounting to 421 thousand Euro, refers to the straight-lining of the amount 
received from a lessor in 2020 for the costs incurred to fit out the store.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
410 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
25. Lease liabilities
Below are the changes in lease liabilities occurred in 2020 and 2019, broken down between current and non current. 
(In thousands of Euro)
Lease liabilities
non current
current
Total
Value at 31.12.2019
96,181
17,455
113,636
Additions
7,926
- 
7,926
Disposals
(4,286)
- 
(4,286)
Reclassifications
(13,913)
13,913
-
Repayment of lease liabilities
 - 
(12,224)
(12,224)
Interest expense on lease liabilities
 - 
3,255
3,255
Interest expense on lease liabilities paid
 - 
(3,359)
(3,359)
Other changes
(3,248)
(3,248)
Value at the end of the period
85,908
15,792
101,700
(In thousands of Euro)
Lease liabilities
non current
current
Total
Value at 31.12.2018
-
-
-
IFRS 16 impact at 01.01.2019
 91,698 
 - 
91,698
Additions
 38,449 
 - 
38,449
Disposals
(1,439)
 - 
(1,439)
Reclassifications
(32,527)
32,527
-
Repayment of lease liabilities
 - 
(15,942)
(15,942)
Interest expense on lease liabilities
 - 
 3,298 
3,298
Interest expense on lease liabilities paid
 - 
(2,428)
(2,428)
Value at the end of the period
96,181
17,455
113,636
The average weighted IBR applicable to leases outstanding as at 31 December 2020 was 2.87%. As for the other cash outflows related to 
leases, see note 34 Costs for services.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 411
26. Trade payables
The breakdown of Trade payables as at 31 December 2020 and 31 December 2019 is shown in the following table:
(In thousands of Euro)
31 December 
2020
31 December 
2019
change 2020 
vs 2019
Trade payables to third parties
80,705
121,499
(40,794)
Invoices to be received
9,229
14,333
(5,104)
Payables to subsidiaries
25,525
9,400
16,125
Total
 115,459 
 145,232 
(29,773)
Trade payables do not bear interest and usually become due after 60/90 days. This item consists of payables relating to the normal commercial 
activity carried out by the Company, in particular costs for the purchase of raw materials, parts and manufacturing in outsourcing. 
For detailed information on trade payables to subsidiaries reference should be made to note 44 Transactions with related parties below. 
27. Refund liabilities
Concerning the right of return as per “Revenue from contracts with customers”, the line item “Refund Liabilities” (totaling 16,098 thousand 
Euro) refers to the liability to customers for the amount of the products expected to be returned. This item largely refers to the Group’s 
European companies and is related to Right of return assets (see note 14 Right of return assets).
28. Tax payables
The breakdown of Tax payables as at 31 December 2020 and 31 December 2019 is shown in the following table:
(In thousands of Euro)
31 December 
2020
31 December 
2019
change 2020 
vs 2019
Payables for current taxes - IRAP
 - 
 2,827 
(2,827)
Payables for current taxes - IRES
 - 
 7,772 
(7,772)
Payables due to tax authorities for VAT
 171 
 - 
171
Tax payables due to foreign tax authorities for VAT (EU)
 337 
 201 
136
Tax payables for withholdings applied
 2,231 
 2,922 
(691)
Other tax payables
 15 
 5 
10
Total
 2,754 
 13,727 
(10,973)
As at 31 December 2019, current IRAP and IRES tax payables referred to the outstanding 9,418 thousand Euro liability settled in January 
2020 as a result of the settlement finalized on 29 November 2019 of the tax audit of Salvatore Ferragamo S.p.A. for the fiscal years 2014 and 
2015 (deeds signed on 21 November 2019).

Separate Financial Statements
Salvatore Ferragamo S.p.A.
412 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
29. Other current liabilities  
The breakdown of the item “Other current liabilities” as at 31 December 2020 and 31 December 2019 is set out in the following table:
(In thousands of Euro)
31 December 
2020
31 December 
2019
change 2020 
vs 2019
Payables to the Holding company
 - 
 8,489 
(8,489)
Payables to staff
 3,189 
 7,867 
(4,678)
Payables to social security institutions 
 2,807 
 3,318 
(511)
Other payables to third parties 
 993 
 864 
129
Other payables for hedging derivatives
 1,653 
 5,554 
(3,901)
Accrued expenses                           
 760 
 1,658 
(898)
Deferred income
 1,605 
 1,085 
520
Total
 11,007 
 28,835 
(17,828)
Payables to staff mainly include the Company’s payables to employees for amounts accrued but not yet paid at the reporting date.
The item “payables to social security institutions” refers to payables to social security institutions paid in the month after the reporting 
period and relating to amounts due to employees.
Other payables to third parties largely include payables due to related parties. For more details, please refer to note 44 Transactions with 
related parties.
The item “Hedging derivatives” shows the fair value measurement at the end of the year of outstanding derivatives (hedging component) 
entered into by the Company to manage exchange rate risk. For further details, please refer to note 31 Financial instruments and fair value 
measurement.
The item “Accrued expenses” mainly includes variable fees to the Managing Director and - Executive Deputy Chairman and the amount 
accrued as at 31 December 2020 for the 14th month salary for staff members who are employed under the Italian collective labor agreement 
for the trade industry.
Deferred income includes 300 thousand Euro for the share pertaining to future years of the key money received from Marchon Europe B.V. 
(US group Marchon), which licenses the Salvatore Ferragamo brand for eyewear products. This refers to the agreement for the licensing 
of the Salvatore Ferragamo brand for the manufacturing and worldwide distribution of Ferragamo-branded sunglasses and prescription 
glasses. The remainder largely refers to the contribution for advertising activities, relating to the eyewear licensee, to be performed in 2021.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 413
30. Other current financial liabilities
The item Other current financial liabilities, totaling 3,669 thousand Euro as at 31 December 2020, included the outstanding 3,629 thousand 
Euro, subsequently paid in February 2021, owed for the acquisition of the investments in Arts S.r.l. and Aura 1 S.r.l. in April 2020. The item 
also included short-term derivatives amounting to 40 thousand Euro as at 31 December 2020 (171 thousand Euro as at 31 December 2019), 
respectively, and referred to the fair value of derivatives with a negative mark to market at the reporting date. For further details, please refer 
to note 31 Financial instruments and fair value measurement below. 
31. Financial instruments and fair value measurement
The classification of financial instruments under IFRS 9 involves various items. The following table sets out the book value of outstanding 
financial instruments, divided by category, compared to the corresponding fair values, as at 31 December 2020 and 31 December 2019.
Classification of financial instruments and presentation of their fair value
Financial assets
(In thousands of Euro)
31 December 2020
31 December 2019
Book value
Fair Value
Book value
Fair Value
Current
 portion
Non current
portion
Current
 portion
Non current
portion
Financial assets at fair value through profit 
or loss
Derivatives - non-hedging component
 288 
 - 
 288 
 101 
 101 
Assets measured at amortized cost
Receivables due from credit cards
 440 
 
 440 
 178 
 
 178 
Trade receivables
 144,139 
 
144,139 
 194,186 
 
 194,186 
Receivables for loans due from subsidiaries
 166,651 
 
 166,651 
 99,774 
 
 99,774 
Guarantee deposits
 
294
 294 
 
334
 334 
Cash and cash equivalents
 212,453 
 
212,453 
 120,088 
 
 120,088 
Financial assets at fair value through other 
comprehensive income
Derivatives - hedging component
 6,878 
 - 
 6,878 
 1,466 
 1,466 
Total
 530,849 
 294 
 531,143 
 415,793 
 334 
 416,127

Separate Financial Statements
Salvatore Ferragamo S.p.A.
414 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Financial liabilities
(In thousands of Euro)
31 December 2020
31 December 2019
Book value
Fair Value
Book value
Fair Value
Current
 portion
Non current
portion
Current
 portion
Non current
portion
Liabilities at amortized cost
Trade payables and payments on account
 115,459 
 
 115,459 
 145,232 
 
 145,232 
Payables to banks and other lenders
 11,428 
 113,491 
 124,919 
 
 
 - 
Payables to third parties
 3,629 
 
 3,629 
 
 
 
Lease liabilities
 15,792 
 85,908 
 n/a* 
 17,455 
 96,181 
 n/a* 
Financial liabilities at fair value through profit 
or loss
Derivatives - non-hedging component
 40 
 40 
 171 
 171 
Financial liabilities at fair value through other 
comprehensive income
Derivatives - hedging component
 1,653 
 1,653 
 5,554 
 5,554 
Total
 148,001 
199,399 
245,700 
 168,412 
 96,181 
150,957 
*Under the standard IFRS16, Lease liabilities are not measured at fair value.
The table shows that most outstanding financial assets and liabilities refer to short-term financial items, except for lease liabilities; taking 
into account their nature, the book value of most of these items is a reasonable approximation of their fair value.
In all other cases, fair value is measured according to methods which can be classified as Level 2 of the hierarchy of data significance levels 
used in the fair value calculation as defined by IFRS 13. 
The Company uses internal valuation models, which are generally used in finance, on the basis of prices supplied by market operators or 
prices collected on active markets through leading info-providers.
To determine the fair value of derivatives, the Company uses a pricing model based on market interest rate values and exchange rates at the 
measurement date.
Also for “Guarantee deposits” the book value is a reasonable approximation of the fair value.
There have been no changes in the valuation methods used compared to the previous years or transfers from one Level to another in the 
hierarchy of assets or liabilities measured at fair value.
The Company calculates non-performance risk, i.e. the risk that one of the parties may not fulfill its contractual obligations due to a possible 
default before the derivative expires, both in reference to counterparty risk (Credit Value Adjustment: CVA), and to its own risk (Debt Risk 
Adjustment: DVA), applying it to the market value of the risk-free portfolio. Taking into account the type of derivatives in the portfolio 
(solely currency forward contracts), the related expiry dates (not over twelve months), and the Company’s and counterparties’ ratings, these 
adjustments are immaterial.
In addition, it should be noted that, in compliance with the ISDA Master Agreements and the existing framework agreements relating to 
derivatives, it is generally possible to offset (through netting) all the outstanding financial assets and liabilities arising from these derivatives.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 415
The following table summarizes the effects on the income statement and shareholders’ equity in reference to each category of outstanding 
financial instruments for the Company in the years 2020 and 2019.
(In thousands of Euro)
31 December 
2020
31 December 
2019
Net gains/(losses) on financial instruments recognized in profit or loss:
Financial assets/liabilities held for trading
11,332 
( 17,732)
Derivatives - hedging component
8,539
7,746
Net gains/(losses) on financial instruments recognized in shareholders’ equity:
 
 
Derivatives - hedging component
5,593 
2,206 
Interest income/expense (calculated using the internal rate of return method) accrued on financial assets/liabilities 
not at FVTPL 
Interest income
2,581 
1,236 
Interest expense
980 
1,182 
Interest expense on lease liabilities
3,255 
3,298 
Expenses and fees not included in the effective interest rate regarding financial liabilities
856
320
Interest income accrued on financial instruments written-off
Provisions for impairment on financial assets
Receivables/loans
437
-

Separate Financial Statements
Salvatore Ferragamo S.p.A.
416 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Comments on the main income statement items  
For a better understanding of the development in income statement items, reference should also be made to the comments in the Directors’ 
report on operations relating to the comparison between the data for 2020 and 2019.
32. Revenues from contracts with customers
In 2020 and 2019, revenues from contracts with customers totaled 561,058 thousand Euro and 836,947 thousand Euro, respectively. The 
tables below provide the breakdown by channel and geographical area of the main categories of revenues from contracts with customers.
2020
(In thousands of Euro)
Retail+
e-commerce
Wholesale
Royalties
Other income and 
services
Total Revenues 
from contracts with 
customers
Europe
29,348
133,395
7,112
1,654
171,509
North America
- 
127,161
- 
5,819
132,980
Asia Pacific
 - 
177,259
 - 
5,558
182,817
Japan
- 
40,298
- 
1,681
41,979
Central and South America
- 
30,614
- 
1,159
31,773
Total
29,348
508,727
7,112
15,871
561,058
2019
(In thousands of Euro)
Retail+
e-commerce
Wholesale
Royalties
Other income and 
services
Total Revenues 
from contracts with 
customers
Europe
69,763
174,128
9,637
3,545
257,073
North America
- 
201,409
-
6,041
207,450
Asia Pacific
 - 
263,839
-
6,777
270,616
Japan
- 
48,564
-
1,764
50,328
Central and South America
- 
49,853
-
1,627
51,480
Total
69,763
737,793
9,637
19,754
836,947
The Company discloses the disaggregation or revenue using a quali-quantitative approach. The Company recognizes revenue from the sale 
of goods through both the retail and wholesale channels when control over the asset is transferred to the customer, generally upon delivery; 
in the case of other income and services, revenue is recognized when the service is rendered to customers. 
Wholesale revenues refer mainly to sales to Group companies and, to a lesser extent, to sales to retailers.  
Retail and e-commerce revenues refer mainly to revenues generated by sales in directly operated stores (DOS) in Italy and, to a lesser extent, 
to sales generated on the Company’s e-commerce platform.
Revenues from royalties arise mainly from the licensing of the Salvatore Ferragamo brand with reference to the eyewear product category 
to the company Marchon Europe B.V.; to the watches product category to the company Vertime B.V. belonging to the Timex Group; and to

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 417
the fragrances product category to the Group company Ferragamo Parfums S.p.A.. Revenues from royalties are accounted for based on the 
stage of completion of the licensee’s sale.
The item other income and services largely includes the recovery of freight and packaging costs as well as services provided to subsidiaries.
For detailed information on revenues from subsidiaries reference should be made to note 44 Transactions with related parties below.
33. Costs for raw materials, goods and consumables
The following table provides the breakdown of Costs for raw materials, goods and consumables as at 31 December 2020 and 31 December 2019:
(In thousands of Euro)
2020
2019
change 2020 
vs 2019
Raw materials
 97,877 
 173,277 
(75,400)
Finished products
 37,875 
 54,043 
(16,168)
Packaging
 2,782 
 4,246 
(1,464)
Other purchases of materials
 718 
 757 
(39)
Stationery
 160 
 375 
(215)
Change in inventories of raw materials, accessories and consumables
 19,407 
 4,764 
14,643
Total
 158,819 
 237,462 
 (78,643)
34. Costs for services  
The breakdown of Costs for services as at 31 December 2020 and 31 December 2019 is shown in the following table:
(In thousands of Euro)
2020
2019
change 2020 
vs 2019
Manufacturing in outsourcing
 133,258 
 202,721 
(69,463)
Production, general, administrative and sales costs
 65,888 
 93,923 
(28,035)
Costs for the use of third-party assets
 3,482 
 9,034 
(5,552)
Total
 202,628 
 305,678 
(103,050)
As at 31 December 2020, production, general, administrative and sales costs mainly include:
• communication costs (press advertising, public relations, store window display expenses, events and other advertising expenses) for a 
total amount of 24,079 thousand Euro;
• consultancy costs and fees to third parties (legal, administrative, product, manufacturing process, IT and other minor costs) for a total 
amount of 17,027 thousand Euro;
• freight and logistics costs totaling 6,327 thousand Euro;
• costs for services from subsidiaries totaling 3,899 thousand Euro; for details on these costs reference should be made to note 44 
Transactions with related parties below;

Separate Financial Statements
Salvatore Ferragamo S.p.A.
418 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
• maintenance and utility costs of 5,845 thousand Euro;
• fees paid to Directors, Statutory Auditors and Supervisory Board for a total amount of 2,599 thousand Euro; for detailed information on 
these fees reference should be made to note 45 Fees paid to Directors and Statutory Auditors below.
Costs for services were sharply down compared to 2019 as a direct consequence of the reduction in variable costs associated with the 
contraction in revenues, and as an indirect consequence of the steps promptly taken by the Company to curb costs - including, among 
others, negotiating the terms and conditions of existing leases, and specifically those referring mainly to its distribution network.
The following table shows the impacts of leases accounted for under IFRS 16 as well as outside the scope of said standard on profit or loss 
in 2020 and 2019:
(In thousands of Euro)
2020
% of Total
2019
% of Total
Depreciation of right-of-use assets
18,880 
95.4%
16,977 
70.7%
Net interest expense on lease liabilities
3,159 
16.0%
3,296 
13.7%
Costs relating to short-term leases
538 
2.7%
2,456 
10.2%
Costs relating to low-value leases
360 
1.8%
435 
1.8%
Costs relating to leases with variable payments not included 
in the measurement of lease liabilities 
94 
0.5%
851 
3.5%
Lease payment reductions
(3,249)
(16.4%)
- 
na
Total
19,782 
100.0%
24,015 
100.0%
Some of the Company’s leases contain variable lease payments linked to the revenues generated by stores (DOS), inside leased premises that 
are not included in the measurement of leases, in accordance with the accounting standard IFRS 16, and are recognized on an accrual basis. 
As at 31 December 2020, overall variable lease payments accounted for 0.5% of the total expense recognized in profit or loss associated 
with leases either included or not in the lease liability as per the accounting standard IFRS 16. Variable lease payments depend on sales, and 
therefore the Company’s performance in subsequent years. The Company estimates that in the future variable lease payments will continue 
to be proportionate to the sales of finished goods. 
To curb the negative impacts of the Covid-19 pandemic, the Company entered into important negotiations to revise the terms and conditions 
of leases - mainly related to its distribution network - resulting in a 3,249 thousand Euro positive variable lease payment in 2020 (including 
1,277 thousand Euro referring to related parties) that was directly recognized through profit or loss - rather than as a lease modification. This 
accounting treatment is consistent with the amendment to IFRS 16 relating to renegotiations resulting from the Covid-19 pandemic.
In general, the Company’s lease contracts include terms that prohibit subleasing the leased asset, but do not require the Company to comply 
with financial covenants. 
The Company does not have termination options that it intends to exercise but did not consider when measuring the lease liability. With 
respect to renewal options, under its accounting policy for determining the lease term the Company considered the renewal options it 
intends to exercise.
The Company reports commitments for short-term leases expected for 2021 in line with those reported in the 2020 income statement.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 419
35. Personnel costs
The breakdown of Personnel costs as at 31 December 2020 and 31 December 2019 is shown in the following table:
(In thousands of Euro)
2020
2019
change 2020 
vs 2019
Salaries and wages
43,521
54,327
(10,806)
Stock grant plan costs 
45
(207)
252
MLT incentive plan costs (reversal of costs)
(306)
306
(612)
Social security and welfare cost
 12,399 
 14,660 
(2,261)
Allocation of severance indemnities and allocation to complementary pension funds
 3,251 
 3,326 
(75)
Total
 58,910 
 72,412 
(13,502)
Personnel costs were sharply down compared to 2019, in part thanks to government benefits and subsidies, such as employment support 
measures, and in part due to the effects of a newly launched plan to streamline the organization.
36. Amortization, depreciation and write-downs
The breakdown of Amortization, depreciation and write-downs as at 31 December 2020 and 31 December 2019 is shown in the following table:
(In thousands of Euro)
2020
2019
change 2020 
vs 2019
Depreciation of tangible assets
12,921 
12,647 
274 
Depreciation of right-of-use assets
18,880 
16,977 
1,903 
Amortization of intangible assets
12,336 
10,863 
1,473 
Write-downs of tangible assets
172 
86 
86 
Total
44,309 
40,573 
3,736

Separate Financial Statements
Salvatore Ferragamo S.p.A.
420 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
37. Other operating costs
(In thousands of Euro)
2020
2019
change 2020 
vs 2019
EBIT Adjustment to subsidiaries 
 125,925 
 47,896 
78,029
Allocations to the provisions for other operating risks
 1,236 
 308 
928
Donations
 1,472 
 936 
536
Provision for bad debt - subsidiaries
 437 
 199 
238
Taxes and charges
 768 
 771 
(3)
Membership fees
 441 
 403 
38
Other operating costs
 634 
 2,441 
(1,807)
Windfall losses
 220 
 10 
210
Total other operating costs
 131,133 
 52,964 
78,169
As at 31 December 2020, “Other operating costs” amounted to 131,133 thousand Euro and mainly included:
• 125,925 thousand Euro in costs for Ebit Adjustments to subsidiaries, attributable to the fourth-year impact of the International standard 
ruling on transfer pricing signed on 28 July 2017 with the Italian Inland Revenue Office - Central Assessment Department - International 
Ruling Office. Such implementation is in line with the guidance issued by the OECD on 18 December 2020 on the transfer pricing implications 
of the Covid-19 health emergency. For more details, see note 44 Transactions with related parties below;
• 1,472 thousand Euro in donations, including 485 thousand Euro in donations to address the health emergency as per art. 66 of the Cure 
Italy (Covid-19 Emergency) Law Decree and the 500 thousand Euro donation to the Foundation of the Anna Meyer Children’s Hospital Onlus;
• 1,236 thousand Euro in allocations to the provision for risks and charges.
38. Other income and revenues
As at 31 December 2020, “Other income” amounted to 9,105 thousand Euro and mainly included:
• advertising contributions from third parties (1,763 thousand Euro);
• recovery of expenses from subsidiaries (1,532 thousand Euro);
• the 1,301 thousand Euro Research and Development Tax Credit related to 2020 (art. 1, paragraphs 198-209, of Italian Law no. 160 of 27 
December 2019, so-called 2020 Budget Law); 
• 1,061 thousand Euro in tax credits arising from the health emergency recognized in 2020, largely referring to the Tax Credit for workshops 
and stores as per art. 65 of Italian Law Decree no. 18 of 17 March 2020 (so-called Cure Italy Decree), and the Tax Credit for non-residential 
property and business lease payments, as per art. 28 of Italian Law Decree no. 34 of 19 May 2020 (Relaunch Decree);
• tax credit of 98 thousand Euro, accounting for 65% of the donations made in 2020 referred to in art. 1 of Italian Law Decree no. 83 of 31 
May 2014 - the so-called “Art Bonus”;
• the 50 thousand Euro share pertaining to 2020 of the key money (500 thousand Euro) as set out in the agreement with Marchon Europe 
B.V. (US group Marchon) for the licensing of the Salvatore Ferragamo brand for the manufacturing and worldwide distribution of Ferragamo-
branded eyewear for men and women.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 421
• the 29 thousand Euro share pertaining to 2020 of the grants received from a lessor in 2020 for leasehold improvements, which are 
recognized on a straight-line basis over the lease term;
• 991 thousand Euro in reversals and uses of the provision for bad debt and the provisions for risks and charges.
Finally, the item included 490 thousand Euro in insurance refunds, 30 thousand Euro in revenues from museum exhibitions, as well as capital 
gains from disposals of tangible assets, windfall profit, and other income and revenues from third parties. For details on other income and 
revenues from subsidiaries reference should be made to note 44 Transactions with related parties below.
39. Financial charges
The breakdown of the item “Financial charges” as at 31 December 2020 and 31 December 2019 is set out in the following table:
(In thousands of Euro)
2020
2019
change 2020 
vs 2019
Financial charges for fair value adjustment of derivatives
 15,142 
 21,888 
(6,746)
Write-down of investments
 46,158 
 11,708 
34,450
Losses on exchange rate differences
 37,105 
 9,713 
27,392
Interest expense on lease liabilities 
 3,255 
 3,298 
(43)
Other financial charges
 1,021 
 515 
506
Financial charges on employee benefits under IAS 19
 30 
 78 
(48)
Expenses on lease liabilities
 6 
 - 
6
Interest expense
 980 
 1,182 
(202)
Total
 103,697 
 48,382 
55,315
Interest expense on lease liabilities has been recognized starting from 1 January 2019 following the introduction of the accounting standard 
IFRS16 and amounted to 3,255 thousand Euro as at 31 December 2020.
For more details on the Write-downs of investments as at 31 December 2020, reference should be made to note 10 Investments in subsidiaries.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
422 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
40. Financial income
The breakdown of the item “Financial income” as at 31 December 2020 and 31 December 2019 is set out in the following table:
(In thousands of Euro)
2020
2019
change 2020 
vs 2019
Financial income for fair value adjustment of derivatives
 26,474 
 4,156 
 22,318 
Dividends from investments in subsidiaries
49,365 
32,523 
 16,842 
Financial income from lease liabilities
102 
 2 
 100 
Restatement value of investments
 - 
 40 
 (40)
Gains on exchange rate differences
 12,602 
 15,521 
 (2,919)
Interest income
 772 
 129 
 644 
Interest income from subsidiaries
 1,809 
 1,107 
 701 
Total
 91,124 
 53,478 
 37,646 
The item dividends from investments in subsidiaries included the dividends paid by the subsidiary Ferragamo Hong Kong Ltd.
41. Income Taxes
The breakdown of Income taxes as at 31 December 2020 and 31 December 2019 is shown in the following table:
(In thousands of Euro)
2020
2019
change 2020 
vs 2019
Current taxes
(34)
(28,948)
28,914
Deferred taxes
16,310 
2,534 
13,776
Use of/(Allocation) to the provision for risks for taxes from previous years
26 
6,300 
(6,274)
Taxes from previous years
1,328 
(8,891)
10,219
Total income taxes
17,630 
(29,005)
46,635
The 51,700 thousand Euro loss before taxes had a positive impact on income taxes, mainly because of the recognition of 11,080 thousand 
Euro in deferred tax assets on tax losses; in 2019, the Company had reported 29,005 thousand Euro in taxes (19.0% tax rate). In 2019, the 
direct tax expense of the Company had declined thanks to the benefit known as “Patent box” by approximately 10,218 thousand Euro; in 
2020, the Company notified the Inland Revenue Office that it would withdraw its application for an extension, thus entering into the “Patent 
Box” self-assessment regime and assessing the amount of the benefit on its own. No reduction in direct tax expense is expected for 2020, 
as the Company reported a tax loss for the year. For more details, please refer to “Significant events occurred during the year - Patent Box 
and Research and Development Credit”.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 423
In 2020, the item Taxes from previous years, totaling 1,328 thousand Euro, largely refers to the greater Patent Box benefit for 2015 as a 
result of the restatement of taxable income assessed and agreed under the settlement entered into in November 2019 with the Inland 
Revenue Office, which required the Company to file a supplementary tax return for the year 2015. For more details, see the Directors’ report 
on operations, paragraph “Significant events occurred during the year - Proceedings settled with the Inland Revenue Office”. 
(In thousands of Euro)
2020
2019
change 2020 
vs 2019
Current taxes
 
 
 
IRES
(34)
(24,090)
24,056
IRAP
 - 
(4,858)
4,858
Total
(34)
(28,948)
28,914
Deferred taxes:
 
 
 
- IRES deferred in current year
16,789 
3,410 
13,379
- IRAP deferred in current year
11 
203 
(192)
Use of IRES deferred in previous years
(494)
(938)
444
Use of IRAP deferred in previous years
4 
(141)
145
Total
16,310 
2,534 
13,776
Taxes from previous years
1,328 
(8,891)
10,219
Use of/(Allocation) to the provision for risks for taxes from previous years
26 
6,300 
(6,274)
Total income taxes
17,630 
(29,005)
46,635

Separate Financial Statements
Salvatore Ferragamo S.p.A.
424 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Deferred tax assets and liabilities
The following table provides a breakdown by nature of the assets and liabilities for deferred taxes as at 31 December 2020 and 31 December 
2019:
(In thousands of Euro)
31 December 
2020
31 December 
2019
31 December 
2020
31 December 
2019
2020
2019
Statement 
of financial position
Other Comprehensive
 Income
Income 
statement
Deferred tax assets
 
 
 
 
 
 
 - on employee benefits
591
532
539
471
(8)
(2)
 - on tangible assets
1,154
1,111
 - 
 - 
43
114
 - on the valuation of inventories
7,020
5,430
 - 
 - 
1,590
1,579
 - on tax losses
11,080
 - 
 - 
 - 
11,080
 - 
 - on receivables
492
492
 - 
 - 
 - 
(57)
 - on taxed provisions
635
426
 - 
 - 
209
(24)
 - for other temporary differences
5,901
2,671
 - 
 - 
3,230
924
Deferred tax assets
 26,873 
 10,662 
539
471
16,144
2,534
Deferred tax liabilities
 
 
 
 
 
 
 - on the cash flow hedge reserve
(1,616)
(273)
(1,618)
(275)
- 
- 
 - on goodwill and fixed assets
(1,613)
 - 
- 
- 
166
 
 - for other temporary differences
(2,898)
(2,898)
 - 
 - 
 - 
 - 
Deferred tax liabilities
(6,127)
(3,171)
(1,618)
(275)
166
 - 
Net effect
 20,746 
 7,491 
(1,079)
 196 
 16,310 
2,534
Deferred taxes reflect the net tax effect of temporary differences between the book value and the taxable amount of assets and liabilities. 
The accounting of deferred tax assets was duly adjusted to account for the actual possibility that they will be realized; specifically, deferred 
taxes included the recognition of 11,080 thousand Euro in deferred tax assets on tax losses, recognized after assessing the actual probability 
that future taxable profit will be available against which they can be utilized.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 425
The reconciliation between the theoretical tax charge and the effective tax charge as at 31 December 2020 and 31 December 2019 is as follows:
(In thousands of Euro)
2020
% 
2019
%
IRES
 
 
 
 
Profit before taxes
(51,700)
 
 153,216 
 
Theoretical taxes 
(12,408)
24%
 36,772 
24%
Actual taxes
(17,360)
33.6%
 22,667 
14.79%
Difference due to:
(4,952)
9.6%
(14,105)
(9.2%)
i) Effect of pass-through mechanism of taxation of income of foreign companies 
resident in countries/territories with a privileged tax regime
 34 
(0.1%)
 - 
-
ii) Effect of withholding taxes on foreign dividends
 - 
-
 1,365 
0.9%
iii) Effect of previous years income taxes
(1,073)
2.1%
 7,349 
4.8%
iv) Effect of allocation to/(use of) the provision for risks and charges for taxes from 
previous years
(26)
0.1%
(6,300)
(4.1%)
v) Effect of permanent increases (decreases):
 
 
 
 
Increases
 
 
 
 
Write-downs of investments
 11,078 
(21.4%)
 2,810 
1.8%
Other permanent differences
 981 
(1.9%)
 925 
0.6%
Decreases
 
 
 
 
Income from subsidiaries (dividends)
(11,848)
22.9%
(7,420)
(4.8%)
Restatement value of investments
 - 
-
(10)
(0.0%)
IRAP deduction
(57)
0.1%
(184)
(0.1%)
Effect of the Patent Box 
 - 
-
(8,789)
(5.7%)
Research and Development Tax Credit impact 
(311)
0.6%
(771)
(0.5%)
Other permanent differences
(3,730)
7.2%
(3,080)
(2.0%)
Total difference
(4,952)
9.6%
(14,105)
(9.2%)

Separate Financial Statements
Salvatore Ferragamo S.p.A.
426 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
(In thousands of Euro)
2020
% 
2019
%
IRAP
 
 
 
 
Net value of production
(39,127)
 
 148,120 
 
Theoretical taxes 
(1,526)
3.9%
 5,777 
3.9%
Actual taxes
(270)
0.7%
 6,338 
4.3%
Difference due to:
1,256
(3.2%)
561
0.38%
i) Effect of increases in regional IRAP rates
 - 
-
 69 
0.0%
ii) Effects from non-registration of deferred taxes
1,440
(3.7%)
 - 
-
iii) Effect of previous years income taxes
(255)
0.7%
 1,542 
1.0%
iv) Effect of permanent increases (decreases):
 
 
 
 
Increases
 
 
 
 
Personnel costs
 2,283 
(5.8%)
 2,808 
1.9%
Other permanent differences
 165 
(0.4%)
 244 
0.2%
Decreases
 
 
 
 
Tax wedge
(2,246)
5.7%
(2,502)
(1.7%)
Effect of the Patent Box 
 - 
-
(1,428)
(1.0%)
Research and Development Tax Credit impact
(51)
0.1%
(125)
(0.1%)
Other permanent differences
(80)
0.2%
(47)
(0.0%)
Total difference
1,256
(3.2%)
561
0.38%

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 427
Other information
42. Share-based payments 
Stock Grant Plan
(a) Plan Description
In order to adopt a medium/long-term incentive system based on the financial instruments of Salvatore Ferragamo S.p.A. for the top 
management of the Salvatore Ferragamo Group, at the proposal of the Nomination and Remuneration Committee, during 2016 the Board of 
Directors approved a specific plan (the 2016-2020 Stock Grant Plan or, in short, the Plan) with the characteristics described below and that 
ended in June 2020. For more details on the Plan’s objectives, scope, and term as well as the method for measuring fair value, please refer 
also to the Annual Report as at 31 December 2019 (note 40 of the Separate Financial Statements).
Plan Aims
The objectives the Company aimed to achieve by implementing the Plan can be identified in providing incentives for the key personnel of the 
Group, thus encouraging their loyalty to the Group, through the allocation of instruments representing the value of the Company and which 
can (i) align the remuneration of top managers who are the beneficiaries of the Plan with the interests of shareholders and the provisions 
of the Corporate Governance Code for listed companies drafted by Borsa Italiana S.p.A., (ii) retain the Group’s key personnel, and (iii) help 
management to take decisions aimed at creating further value for the Group in the medium-long term.
Object of the Plan
The Plan was divided into two Cycles:
• 1st cycle: Performance Period 2016/2017/2018;
• 2nd cycle: Performance Period 2017/2018/2019.
The Plan involved the following:
- granting Beneficiaries the Options to subscribe for up to a maximum of 600,000 ordinary shares in the Parent company Salvatore 
Ferragamo S.p.A. over the two cycles; 
- a three-year Performance Period for each cycle (1st cycle: 2016/2018 three-year period - 2nd cycle: 2017/2019 three-year period);
- granting the Shares contingent on a review by the Board of Directors of the Performance Targets achieved in each three-year cycle 
(2016/2018 - 2017/2019);
- that, at the date of the grant, there had to be a Relationship between the beneficiary and the Company or one of its subsidiaries (i.e. an 
employment and/or partnership and/or administrative relationship).
The Board of Directors set and approved the performance targets for each Cycle - specifically, on 30 June 2016 for the first Cycle and on 22 
June 2017 for the Second Cycle.
The performance period is from 1 January 2016 through 31 December 2018 for the First Cycle, and from 1 January 2017 through 31 December 
2019 for the Second Cycle.
Specifically, the Board of Directors set two targets for both Cycles, and each of them accounted for 50% of the total options granted:
A. Total Shareholder Return (“TSR”) compared to a peer group. The number of shares for the portion related to this measure should have 
been granted based on the Company’s TSR compared to its peers. All or part of the shares should have been granted only if the TSR of 
the Company were positive and at least equal to the median of the peer group (so-called market condition), as shown in the table below.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
428 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
B. Consolidated gross profit (before taxes). This target should have been measured using the three-year average of the actual consolidated 
gross profit (before taxes) compared to the three-year average of consolidated gross profit (before taxes) defined in the annual Budgets. 
The number of shares to be granted would have been based on the above ratio as shown in the following table (so-called non market 
condition).
Here below is how the shares would have been granted in both Cycles based on the performance targets met, with each one of them 
accounting separately for 50% of the options:
A. Total Shareholder Return (TSR)
Percentage of vesting options
TSR_SF lower than MEDIAN
0%
TSR_SF = MEDIAN
50%
TSR_SF = THIRD QUARTILE 
100%
TSR_SF higher than THIRD QUARTILE 
100%
B. Consolidated gross profit (before taxes) versus 2016 - 2017- 2018 Budget (1st Cycle) and versus 2017-2018 and 2019 Budget 
(2nd Cycle)
Percentage of vesting options
Gross Profit Performance Measure lower than 90%
0%
Gross Profit Performance Measure = 90%
50%
Gross Profit Performance Measure = 100%
100%
Gross Profit Performance Measure higher than 100%
100%
The shares to service the Plan (which should have been granted by the Board of Directors at the end of each Performance Period for the two 
Cycles - 2016/2018 and 2017/2019 - contingent on the achievement of the performance targets) would have arisen, in whole or in part, from 
a specific free Share Capital increase of up to 600,000 ordinary shares amounting to 60,000 Euro, in accordance with article 2349, paragraph 
1 of the Italian Civil Code, submitted to the approval of the Extraordinary Shareholders’ Meeting of 21 April 2016 and/or, alternatively, through 
the grant of any treasury shares held by the Company Salvatore Ferragamo S.p.A. at the date of the grant.
At the meetings held on 30 June 2016, 2 August 2016, and 14 March 2017, as part of the 1st cycle, and 22 June 2017 as well as 8 March 2018, 
as part of the 2nd cycle, the Board of Directors, with the favorable opinion of the Nomination and Remuneration Committee, granted 565,000 
rights to receive ordinary shares in Salvatore Ferragamo S.p.A. to managers of both Salvatore Ferragamo S.p.A. and some of its subsidiaries 
(Ferragamo Hong Kong Ltd, Ferragamo USA Inc., Ferragamo Parfums S.p.A., Ferragamo Mexico S. de R.L. de C.V., and Ferragamo Japan K.K.).

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 429
Expiry of the Plan
At the meeting held on 18 June 2019, with respect to the 1st Cycle of the 2016-2020 Stock Grant Plan, which was set to end on 30 June 
2019, the Board of Directors of Salvatore Ferragamo S.p.A, having heard the Nomination and Remuneration Committee, confirmed that the 
performance targets of said Plan were not achieved and resolved to close the 1st Cycle of the 2016-2020 Stock Grant Plan without granting 
any shares in Salvatore Ferragamo S.p.A..
At the meeting held on 25 June 2020, with respect to the 2nd Cycle of the 2016-2020 Stock Grant Plan, which was set to end on 30 June 
2020, the Board of Directors of Salvatore Ferragamo S.p.A, having heard the Nomination and Remuneration Committee, confirmed that the 
performance targets of said Plan were not achieved and resolved to close also the 2nd Cycle of the 2016-2020 Stock Grant Plan without 
granting any shares in Salvatore Ferragamo S.p.A..
Changes in the period of the number of rights assigned to receive shares*
(i) outstanding at the start of the year
105,000
(ii) assigned in the period 
-
(iii) canceled in the period 
5,000
(iv) exercised in the period 
-
(v) expired in the period (2nd cycle)
100,000
(vi) outstanding at the end of the period
-
(vii) exercisable at the end of the period 
-
* The average price for the period has not been indicated since it is a plan with free assignment of shares.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
430 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
(b) Changes to the Stock Grant Reserve in the year
(In thousands of Euro)
31 December 2020
31 December 2019
Number
Fair Value 
(In thousands of 
Euro) 
Number
Fair Value 
(In thousands of 
Euro)
Rights to receive shares assigned to the top managers of Salvatore Ferragamo S.p.A.
 
 
 
 
- at the start of the year
70,000
387
120,000
753
- assigned in the year
-
-
-
-
- canceled in the period
5,000
29
-
-
- expired in the period 
65,000
432
50,000
159
- at the end of the period
-
-
70,000
387
Rights to receive shares assigned to the subsidiaries' top managers 
- at the start of the year
35,000
184
60,000
431
- assigned in the period
-
-
-
-
- canceled in the period
-
-
-
-
- expired in the period 
35,000
219
25,000
111
- at the end of the period
-
-
35,000
184
Total rights to receive shares assigned to Ferragamo Group's top managers 
 
 
 
 
- at the start of the year
105,000
571
180,000
1,184
- assigned in the period
-
-
-
-
- canceled in the period
5,000
29
-
-
- expired in the period 
100,000
651
75,000
270
- at the end of the period 
-
-
105,000
571
(c) Fair value measurement
Considering the above assignment mechanism, it was necessary for two fair value assessments to be made:
• assessment A, which considers the market condition (TSR). In this case, the fair value of the shares at the beginning of the vesting period 
of the rights was calculated using a Monte Carlo simulation model;
• assessment B, which considers the non-market condition (Consolidated gross profit before taxes).

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 431
Here below are the main assumptions used in the assessments made for the three start dates of the 1st Cycle’s vesting period:
Start date of the vesting period of the Rights
 4 July 2016
2 August 2016
14 March 2017
Assess. A 
(TSR)
Assess. B 
(CGP before 
Taxes)
Assess. A 
(TSR)
Assess. B 
(CGP before 
Taxes)
Assess. A 
(TSR)
Assess. B 
(CGP before 
Taxes)
Share price at the vesting period start date (in Euro)
18.56
18.56
20.57
20.57
28.20
28.20
- Expected volatility* 
33%
-
33%
-
32%
-
- Expected volatility of the share price of similar companies
20% <X<39%
- 20% <X<39%
- 20% <X<38%
-
- Correlation of the share price between Ferragamo and similar 
companies
33%
-
33%
-
30%
-
- Expected dividends
1.96%
1.96%
2.02%
2.02%
2.13%
2.13%
- Risk-free interest rate**
(0.61%)
-
(0.58%)
-
(0.75%)
-
Fair Value per share at the vesting period start date (in Euro)
7.189
17.686
9.255
19.6
17.506
27.15
*	 Expected volatility is based on the historic share price volatility in a period equal to the whole vesting period. 
**	The risk-free interest rate has been identified at each grant date as the yield on Euro Area government bonds at the start date of the vesting period for a period equal to the remaining term of the Plan.
Here below are the main assumptions used in the assessments made for the start date of the 2nd Cycle’s vesting period.
Start date of the vesting period of the Rights
22 June 2017 
8 March 2018 
Assessment A 
(TSR)
Assessment 
B (CGP before 
Taxes)
Assessment A 
(TSR)
Assessment 
B (CGP before 
Taxes)
Share price at the vesting period start date (in Euro)
25.46
25.46
21.70
21.70
- Expected volatility* 
33%
-
31%
-
- Expected volatility of the share price of similar companies
20% <X<38%
-
18% <X<40%
-
- Correlation of the share price between Ferragamo and similar companies
30%
-
32%
-
- Expected dividends
1.98%
1.98%
1.91%
1.91%
- Risk-free interest rate**
(0.56%)
-
(0.56%)
-
Fair Value per share at the vesting period start date (in Euro)
13.8455
24.2311
5.64
20.97
*  Expected volatility is based on the historic share price volatility in a period equal to the whole vesting period. 
** The risk-free interest rate has been identified at each grant date as the yield on Euro Area government bonds at the start date of the vesting period for a period equal to the remaining term of the plan.
43. Segment reporting
Paragraph 4 of IFRS 8 requires that, should both the consolidated and separate financial statements of the Holding company be presented 
in a single financial report, the segment reporting must be presented only in reference to the consolidated financial statements.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
432 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
44. Transactions with related parties
The following table shows the transactions with related parties for the years ended 31 December 2020 and 31 December 2019; in particular, 
the following table shows the overall values of transactions with related parties, excluding transactions with subsidiaries, as detailed below 
in the following paragraph: 
31 December 2020
(In thousands of Euro)
Revenues
Operating costs 
(net of other 
income)
Financial 
charges
Right-of-
use assets
Trade 
receivables
Other 
assets
Trade 
payables
Other 
current 
liabilities 
Lease 
liabilities
Holding company:
Ferragamo Finanziaria S.p.A. (company which exercises management 
and coordination on Salvatore Ferragamo S.p.A.)
 - 
(81)
(25)
668
 - 
2,689
 - 
 - 
(690)
Related companies 
Palazzo Feroni Finanziaria S.p.A.
30
(6,370)
(1,603)
42,969
2
70
(133)
 - 
(45,426)
Lungarno Alberghi S.r.l.
6
(1,783)
(728)
18,805
 - 
 - 
(1)
 - 
(20,255)
Ferragamo Foundation
2
(170)
 - 
 - 
 - 
 - 
(50)
 - 
 - 
Companies connected to members of the Board of Directors
Arpa S.r.l.
 - 
(13)
 - 
 - 
2
 - 
(10)
 - 
 - 
Bacco S.r.l.
 - 
(3)
 - 
8
 - 
 - 
 - 
 - 
(8)
Baia di Scarlino S.r.l.
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Caretti & Associati S.r.l.
 - 
(202)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Castiglion del Bosco S.a.r.l.
 - 
(14)
 - 
 - 
 - 
 - 
(10)
 - 
 - 
Il Borro S.r.l. Società agricola
 - 
2
 - 
 - 
3
 - 
 - 
 - 
 - 
The European House Ambrosetti S.p.A.
 - 
(12)
 - 
 - 
 - 
 - 
(8)
 - 
 - 
Vivia di Vivia Ferragamo & C. SAS
 - 
(44)
 - 
 - 
 - 
 - 
(14)
 - 
 - 
Other related parties connected to members of the Board 
of Directors
Riccardo Ferragamo
 - 
(17)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Vivia Ferragamo
 - 
(50)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Directors, Statutory Auditors and Managers with strategic 
responsibilities
Directors, Statutory Auditors and Managers with 
strategic responsibilities
 - 
(3,503)
 - 
 - 
 - 
 - 
 - 
(1,346)
 - 
Total
38
(12,260)
(2,356)
62,450
7
2,759
(226)
(1,346)
(66,379)
Company’s total
561,058
(600,186)
(103,697)
95,735
144,139
14,771
(115,459)
(11,007)
(101,700)
% ratio
0.0%
2.0%
2.3%
65.2%
0.0%
18.7%
0.2%
12.2%
65.3%

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 433
31 December 2019
(In thousands of Euro)
Revenues
Operating costs 
(net of other 
income)
Financial 
(charges)
Right-of-
use assets
Trade 
receivables
Other 
assets
Trade 
payables
Other 
liabilities 
Lease 
liabilities
Holding company:
Ferragamo Finanziaria S.p.A. (company which exercises management 
and coordination on Salvatore Ferragamo S.p.A.)
 - 
(94)
(27)
748
 - 
1,962
 - 
(8,489)
(760)
Related companies 
 
 
 
 
 
 
 
 
 
Palazzo Feroni Finanziaria S.p.A.
30
(7,319)
(1,374)
50,109
7
70
(182)
 - 
(51,726)
Lungarno Alberghi S.r.l.
13
(1,940)
(778)
20,685
 - 
 - 
(5)
 - 
(21,728)
Ferragamo Foundation
3
(195)
 - 
 - 
 - 
 - 
(56)
 - 
 - 
Companies connected to members of the Board of Directors
Arpa S.r.l.
33
(34)
 - 
 - 
12
 - 
(12)
 - 
 - 
Bacco S.r.l.
 - 
(3)
 - 
11
 - 
 - 
 - 
 - 
(11)
Castiglion del Bosco S.a.r.l.
 - 
(11)
 - 
 - 
 - 
 - 
(11)
 - 
 - 
Il Borro S.r.l.
 - 
(24)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Il Borro S.r.l. Società agricola
1
(8)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
The European House Ambrosetti S.p.A.
 - 
(5)
 - 
 - 
 - 
 - 
(5)
 - 
 - 
Nautor Holding S.r.l.
4
 - 
 - 
 - 
4
 - 
 - 
 - 
 - 
Osteria del Borro S.r.l.
 - 
(11)
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Other related parties connected to members of the Board 
of Directors
Heirs of Wanda Miletti Ferragamo
 - 
(51)
 - 
 - 
 - 
 - 
 - 
 - 
Directors, Statutory Auditors and Managers with strategic 
responsibilities
Directors, Statutory Auditors and Managers with strategic 
responsibilities
 - 
(5,454)
 - 
 - 
 - 
 - 
 - 
(2,312)
 - 
Total
84
(15,149)
(2,179)
71,553
23
2,032
(271)
(10,801)
(74,225)
Company’s total
836,947
(694,823)
48,382
110,878
194,186
8,890
145,232
(29,141)
(113,636)
% ratio
0.0%
2.2%
(4.5%)
64.5%
0.0%
22.9%
(0.2%)
37.1%
65.3%
Sales and purchases between related parties are carried out at normal market prices. The outstanding balances at the end of the period 
are not backed by guarantees, do not generate interest, and are settled in cash. Bank guarantees were issued in favor of Palazzo Feroni 
Finanziaria S.p.A. (1,901 thousand Euro), in favor of Lungarno Alberghi S.r.l. (488 thousand Euro), and in favor of Ferragamo Finanziaria S.p.A. 
(23 thousand Euro): they concerned the leasing of properties owned by said companies. There are no other guarantees, given or received, 
relating to receivables and payables with related parties. The Company did not make any allocations to the provision for bad debt with 
respect to the amounts due from related parties. Please note that in 2017 the Company recognized a provision for bad debt with respect to 
the receivables due from the subsidiary Ferragamo Retail India Private Limited, amounting to 4,936 thousand Euro as at 31 December 2020. 
For additional details, please refer to note 15 Trade receivables.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
434 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Specifically:
Holding company
Ferragamo Finanziaria S.p.A.
Under the domestic fiscal unity in which Salvatore Ferragamo S.p.A. participates together with Ferragamo Finanziaria S.p.A. (consolidating 
entity) and Ferragamo Parfums S.p.A., other current assets included 2,689 thousand Euro in IRES tax receivables as at 31 December 2020 
referring to the first IRES payment on account and the greater Patent Box benefit for 2015 resulting from the restatement of taxable income 
assessed and agreed under a settlement, which required the Company to file a supplementary tax return for the year 2015, reducing the IRES 
tax expense under the domestic fiscal unity by 1,089 thousand Euro. 
Salvatore Ferragamo S.p.A. has entered into one outstanding lease contract with Ferragamo Finanziaria S.p.A. concerning the lease of an 
industrial shed adjacent to the Osmannoro facility, which the Parent company converted into a design and prototyping laboratory for the 
development of leather goods; in addition, Salvatore Ferragamo S.p.A. had a contract for the lease of a parking area next to the Osmannoro 
facility that ended in 2020. Since they fall within the scope of IFRS 16, the two leases were accounted for by recognizing a right-of-use asset, 
depreciated over the lease term, and a corresponding lease liability.
Related companies 
These transactions mainly refer to trade transactions that affected revenues, operating costs, and trade receivables and payables. They 
include mainly:
• sale of products;
• leases; if they fall within the scope of IFRS 16, they are accounted for accordingly (i.e. by recognizing right-of-use assets, lease liabilities, 
depreciation expense, and financial charges), otherwise lease payments are recognized through profit or loss on a straight-line basis 
over the lease term and the relevant payables are included in Trade payables; 
• rendering of services.
In particular, the following transactions should be noted:
Palazzo Feroni Finanziaria S.p.A.
Revenues and the relevant receivables largely refer to IT and administrative services. 
Right-of-use assets and lease liabilities, operating costs net of the reduction in lease payments (granted because of the Covid-19 
pandemic), and finance expense largely refer to leases for the headquarters in Florence and some stores of the Italian chain, which mostly 
fall within the scope of IFRS 16. Other assets refer to the relevant guarantee deposits.
Lungarno Alberghi S.r.l.
Revenues refer to product sales; right-of-use assets, lease liabilities, operating costs net of the reduction in lease payments (granted 
because of the Covid-19 pandemic) and interest expense largely refer to the lease of a space used as a store of the Italian retail chain, 
which falls within the scope of IFRS 16. 
Ferragamo Foundation
The costs (and the related accounts payable balances) incurred refer for 100 thousand Euro to the services provided for the management 
of the Salvatore Ferragamo historical archive (105 thousand Euro in 2019) and for 70 thousand Euro to donations to support the 
institutional activities of the Foundation (90 thousand Euro in 2019).

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 435
Companies connected to members of the Board of Directors
These transactions mainly refer to trade transactions that affected revenues, operating costs, and trade receivables and payables. They 
include mainly:
• sale of products;
• leases; if they fall within the scope of IFRS 16, they are accounted for accordingly (i.e. by recognizing right-of-use assets, lease liabilities, 
depreciation expense, and financial charges), otherwise lease payments are recognized through profit or loss on a straight-line basis over 
the lease term and the relevant payables are included in Trade payables; 
• rendering of services. 
Other related parties connected to members of the Board of Directors 
Costs refer to the cost the Company incurred under the working relationship with Riccardo Ferragamo and Vivia Ferragamo.
Directors, Statutory Auditors and Managers with strategic responsibilities
For information on Directors and Statutory Auditors, please refer to note 45 Fees paid to Directors and Statutory Auditors.
The Managers with strategic responsibilities are listed in the following table:
Full name
Role
Giacomo Ferragamo*
Brand & Product and Communication Manager
Alessandro Corsi
Manager of Administration, Finance, and Control and Manager charged with preparing Company’s Financial Reports
* Deputy Chairman of the Board of Directors until 27 May 2020, when he resigned from his position as Director.
The costs associated with managers with strategic responsibilities referred to the cost incurred by the Group as part of the employment 
relationship and, in addition, they included the imputed cost of the 2016-2020 Stock Grant Plan for the rights assigned as part of the 1st and 
2nd cycles, which came to an end in 2020 without granting any shares in Salvatore Ferragamo S.p.A.. These costs amounted to 721 thousand 
Euro in 2020 (479 thousand Euro in 2019, not including Giacomo Ferragamo’s remuneration as manager with strategic responsibilities, as 
this is included in the remuneration of the Board of Directors), including 29 thousand Euro relating to the imputed cost of the 2016-2020 
Stock Grant Plan. Typically, the managers with strategic responsibilities receive non-monetary benefits such as cars, mobile phones, and 
insurance policies.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
436 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Intragroup transactions
The following tables show the overall values, in thousands of Euro, of transactions with subsidiaries:
Company
Trade receivables
Other current financial assets
Trade payables
2020
2019
2020
2019
2020
2019
Ferragamo Deutschland GmbH
 912 
 1,751 
 3,200 
 3,400 
 80 
 - 
Ferragamo France S.A.S.
 859 
 2,838 
 - 
 800 
 701 
909
Ferragamo (Suisse) S.A.
 270 
 530 
 3,796 
 5,344 
 332 
450
Ferragamo Monte-Carlo S.A.M.
 142 
 258 
 600 
 19 
 - 
 - 
Ferragamo Belgique S.A.
 290 
 264 
 300 
 - 
 70 
 - 
Ferragamo Espana S.L.
 857 
 1,260 
 5,300 
 3,000 
 4,378 
16
Ferragamo U.K. Limited
 638 
 2,333 
 4,227 
 5,877 
 181 
315
Ferragamo Austria Gmbh
 104 
 526 
 - 
 - 
 31 
 - 
Ferragamo Denmark Aps
 - 
 - 
 - 
 - 
 - 
 - 
Ferragamo Parfums S.p.A.
 1,124 
 1,976 
 14,000 
 - 
 131 
276
Ferragamo Retail Nederland BV
 313 
 1,606 
 1,400 
 - 
 260 
281
Total Europe
 5,509 
 13,342 
 32,823 
 18,440 
 6,164 
 2,247 
Ferragamo Hong Kong Ltd.
 27,908 
 29,913 
 - 
 - 
 57 
122
Ferragamo Retail Hong Kong Ltd.
 86 
 31 
 - 
 - 
 - 
 - 
Ferragamo Australia Pty Ltd.
 1,997 
 2,685 
 - 
 - 
 145 
184
Ferragamo Japan KK
 4,870 
 4,052 
 39,528 
 35,263 
 379 
621
Ferragamo Moda (Shanghai) Co. Ltd.
 93 
 46 
 - 
 - 
 - 
 - 
Ferragamo Retail India Private Limited
 - 
 - 
 - 
 - 
 28 
 - 
Ferragamo Retail Taiwan Limited
 65 
 30 
 - 
 - 
 - 
 - 
Ferragamo Retail Macau Limited
 21 
 5 
 - 
 - 
 - 
 - 
Ferragamo Fashion Trading (Shanghai) Co. Ltd
 493 
 376 
 - 
 - 
 - 
21
Ferragamo Korea Ltd
 8,780 
 11,806 
 - 
 - 
 379 
497
Ferragamo (Singapore) PTE LTD
 103 
 224 
 25,897 
 21,441 
 - 
 - 
Ferragamo Thailand Limited
 100 
 111 
 7,406 
 7,063 
 - 
 - 
Ferragamo (Malaysia) SDN BHD
 15 
 - 
 - 
 - 
 - 
2
Total Asia Pacific
 44,531 
 49,279 
 72,831 
 63,767 
 988 
 1,447 
Ferragamo Usa Inc. Group
 34,881 
 63,574 
 60,997 
 17,567 
 15,388 
 5,217 
Total North America
 34,881 
 63,574 
 60,997 
 17,567 
 15,388 
 5,217 
Ferragamo Mexico S. de R.L. de C.V.
 21,697 
 26,520 
 - 
 - 
 2,746 
250
Ferragamo Chile S.A.
 2,447 
 2,181 
 - 
 - 
 - 
 - 
Ferragamo Argentina S.A.
 1,301 
 1,195 
 - 
 - 
 - 
 - 
Ferragamo Brasil Roupas & Acessorios Ltda
 1,813 
 5,279 
 - 
 - 
 239 
239
Total Central and South America
 27,258 
 35,175 
 - 
 - 
 2,985 
 489 
Total
 112,179 
 161,370 
 166,651 
 99,774 
 25,525 
 9,400

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 437
Company
Revenues  
from sales 
 
Revenues  
from services  
(including royalties)
Other income  
and revenues  
Financial  
income 
Total 
 
 
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
Ferragamo Deutschland GmbH
 2,436 
 6,902 
 117 
 147 
 25 
 29 
 19 
 20 
 2,597 
 7,098 
Ferragamo France S.A.S.
 3,585 
 10,641 
 169 
 212 
 34 
 40 
 16 
 25 
 3,804 
 10,918 
Ferragamo (Suisse) S.A.
 2,764 
 4,537 
 52 
 73 
 8 
 30 
 11 
 8 
 2,835 
 4,648 
Ferragamo Monte-Carlo S.A.M.
 168 
 310 
 22 
 24 
 2 
 2 
 1 
 - 
 193 
 336 
Ferragamo Belgique S.A.
 911 
 704 
 23 
 24 
 2 
 2 
 1 
 - 
 937 
 730 
Ferragamo Espana S.L.
 2,515 
 5,216 
 101 
 150 
 17 
 47 
 17 
 12 
 2,650 
 5,425 
Ferragamo U.K. Limited
 7,317 
 15,355 
 161 
 218 
 26 
 31 
 89 
 79 
 7,593 
 15,683 
Ferragamo Austria Gmbh
 1,427 
 1,333 
 30 
 37 
 4 
 64 
 - 
 - 
 1,461 
 1,434 
Ferragamo Denmark Aps
 - 
- 198 
 - 
 15 
 - 
 - 
 - 
 1 
 - 
- 182 
Ferragamo Parfums S.p.A.
 63 
 85 
 1,676 
 3,402 
 190 
 320 
 - 
 - 
 1,929 
 3,807 
Ferragamo Retail Nederland BV
 1,587 
 2,781 
 46 
 60 
 20 
 8 
 4 
 - 
 1,657 
 2,849 
Total Europe
 22,773 
 47,666 
 2,397 
 4,362 
 328 
 573 
 158 
 145 
 25,656 
 52,746 
Ferragamo Hong Kong Ltd.
123,495 
182,405 
 410 
 633 
 260 
 242 
 49,365 
 18,600 
 173,530 
201,880 
Ferragamo Retail Hong Kong Ltd.
 - 
 - 
 64 
 80 
 22 
 21 
 - 
 - 
 86 
 101 
Ferragamo Australia Pty Ltd.
 6,045 
 8,771 
 430 
 479 
 50 
 49 
 7 
 9 
 6,532 
 9,308 
Ferragamo Japan KK
 36,692 
 45,094 
 1,081 
 794 
 160 
 115 
 179 
 119 
 38,112 
 46,122 
Ferragamo Moda (Shanghai) Co. Ltd.
 - 
 - 
 67 
 85 
 32 
 31 
 - 
 - 
 99 
 116 
Ferragamo Retail India Private Limited
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Ferragamo Retail Taiwan Limited
 - 
 - 
 45 
 55 
 20 
 21 
 - 
 - 
 65 
 76 
Ferragamo Retail Macau Limited
 - 
 - 
 15 
 20 
 6 
 7 
 - 
 372 
 21 
 399 
Ferragamo Fashion Trading (Shanghai) 
Co. Ltd
 - 
 - 
 399 
 515 
 105 
 94 
 - 
 - 
 504 
 609 
Ferragamo Korea Ltd
 48,143 
 78,588 
 587 
 691 
 182 
 2,719 
 - 
 13,551 
 48,912 
 95,549 
Ferragamo (Singapore) PTE LTD
 - 
 - 
 52 
 68 
 34 
 24 
 373 
 482 
 459 
 574 
Ferragamo Thailand Limited
 - 
 - 
 21 
 27 
 15 
 12 
 129 
 105 
 165 
 144 
Ferragamo (Malaysia) SDN BHD
 - 
 - 
 26 
 35 
 17 
 16 
 - 
 - 
 43 
 51 
Total Asia Pacific
 214,375 
 314,858 
 3,197 
 3,482 
 903 
 3,351 
 50,053 
 33,238  268,528  354,929 
Ferragamo Usa Inc. Group
 123,862 
 203,031 
 5,593 
 5,705 
 279 
 286 
 963 
 248 
 130,697 
 209,270 
Total North America
 123,862 
 203,031 
 5,593 
 5,705 
 279 
 286 
 963 
 248 
 130,697 
 209,270 
Ferragamo Mexico S. de R.L. de C.V.
 23,607 
 38,252 
 510 
 445 
 17 
 37 
 - 
 - 
 24,134 
 38,734 
Ferragamo Chile S.A.
 266 
 442 
 - 
 - 
 - 
 1 
 - 
 - 
 266 
 443 
Ferragamo Argentina S.A.
 334 
 1,264 
 - 
 - 
 - 
 1 
 - 
 - 
 334 
 1,265 
Ferragamo Brasil Roupas & Acessorios 
Ltda
 1,711 
 2,463 
 - 
 - 
 5 
 5 
 - 
 - 
 1,716 
 2,468 
Total Central and South America
 25,918 
 42,421 
 510 
 445 
 22 
 44 
 - 
 - 
 26,450 
 42,910 
Total
 386,928 
 607,976 
 11,697 
 13,994 
 1,532 
 4,254 
 51,174 
 33,631 
 451,331  659,855

Separate Financial Statements
Salvatore Ferragamo S.p.A.
438 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Company
Purchase of finished 
products, raw materials, 
accessories and 
consumables
 Costs  
for services  
 
Other  
operating costs 
 
Total 
 
 
 
2020
2019
2020
2019
2020
2019
2020
2019
Ferragamo Deutschland GmbH
 71 
 70 
 - 
 - 
 4,697 
 3,004 
 4,768 
 3,074 
Ferragamo France S.A.S.
 60 
 57 
 94 
 119 
 14,381 
 8,086 
 14,535 
 8,262 
Ferragamo (Suisse) S.A.
 12 
 10 
 - 
 - 
 2,561 
 1,958 
 2,573 
 1,968 
Ferragamo Monte-Carlo S.A.M.
 5 
 4 
 - 
 - 
 - 
 - 
 5 
 4 
Ferragamo Belgique S.A.
 9 
 6 
 - 
 - 
 480 
 - 
 489 
 6 
Ferragamo Espana S.L.
 56 
 52 
 - 
 - 
 8,111 
 827 
 8,167 
 879 
Ferragamo U.K. Limited
 64 
 43 
 3 
 317 
 7,610 
 3,988 
 7,677 
 4,348 
Ferragamo Austria Gmbh
 14 
 12 
 - 
 - 
 851 
 - 
 865 
 12 
Ferragamo Denmark Aps
 - 
 19 
 - 
 - 
 - 
 199 
 - 
 218 
Ferragamo Parfums S.p.A.
 107 
 315 
 172 
 193 
 - 
 - 
 279 
 508 
Ferragamo Retail Nederland BV
 26 
 8 
 208 
 281 
 1,585 
 - 
 1,819 
 289 
Total Europe
 424 
 596 
 477 
 910 
 40,276 
 18,062 
 41,177 
 19,568 
Ferragamo Hong Kong Ltd.
 - 
 - 
 179 
 484 
 - 
 - 
 179 
 484 
Ferragamo Retail Hong Kong Ltd.
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Ferragamo Australia Pty Ltd.
 - 
 - 
 239 
 246 
 4,828 
 4,159 
 5,067 
 4,405 
Ferragamo Japan KK
 - 
 - 
 671 
 798 
 - 
 - 
 671 
 798 
Ferragamo Moda (Shanghai) Co. Ltd.
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Ferragamo Retail India Private Limited
 - 
 - 
 129 
 - 
 - 
 - 
 129 
 - 
Ferragamo Fashion Trading (Shanghai) Co. Ltd
 - 
 - 
 - 
 21 
 - 
 - 
 - 
 21 
Ferragamo Korea Ltd
 - 
 - 
 386 
 510 
 - 
 - 
 386 
 510 
Ferragamo (Singapore) PTE LTD
 - 
 - 
 - 
 12 
 - 
 - 
 - 
 12 
Total Asia Pacific
 - 
 - 
 1,604 
 2,071 
 4,828 
 4,159 
 6,432 
 6,230 
Ferragamo Usa Inc. Group
 - 
 - 
 1,018 
 1,520 
 72,879 
 23,923 
 73,897 
 25,443 
Total North America
 - 
 - 
 1,018 
 1,520 
 72,879 
 23,923 
 73,897 
 25,443 
Ferragamo Mexico S. de R.L. de C.V.
 - 
 - 
 800 
 968 
 6,363 
 - 
 7,163 
 968 
Ferragamo Brasil Roupas & Acessorios Ltda
 - 
 - 
 - 
 - 
 1,579 
 1,951 
 1,579 
 1,951 
Total Central and South America
 - 
 - 
 800 
 968 
 7,942 
 1,951 
 8,742 
 2,919 
Total
 424 
 596 
 3,899 
 5,469 
 125,925 
 48,095 
 130,248 
 54,160

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 439
45. Fees paid to Directors and Statutory Auditors
Directors
(In thousands of Euro)
Full name
Position held
Term 
of office
End of 
term of 
office
Fees  
Non-
monetary 
benefits
Salaries, 
bonuses 
and other 
incentives
**
Other 
fees**
Stock 
Grant*
Total 
for the 
position 
held
as committee 
members
Ferruccio Ferragamo 
Chairman
1.01-31.12
a)
511
-
 b) c) d) 
-
(196)
-
315
Micaela Le Divelec 
Lemmi
Managing 
Director
1.01-31.12
a)
680
-
 b) c) d) 
-
35
-
715
Michele Norsa
Executive 
Deputy 
Chairman
28.05-31.12
a)
445
-
 b) c) d) 
-
191
-
636
Giacomo Ferragamo
Deputy 
Chairman
1.01-28.05
14
6
 b) c) d) 
410
-
17
447
Giovanna Ferragamo 
Director
1.01-31.12
a)
-
-
-
-
-
-
Leonardo Ferragamo 
Director
1.01-31.12
a)
35
-
-
-
-
35
Diego Paternò Castello 
di San Giuliano
Director
1.01-31.12
a)
35
15
-
-
-
50
Angelica Visconti
Director
1.01-31.12
a)
35
15
 b) c) 
d) e) 
179
-
6
235
Francesco Caretti 
Director
1.01-31.12
a)
242
-
-
-
-
242
Peter Woo Kwong Ching
Director
1.01-31.12
a)
-
-
-
-
-
-
Umberto Tombari
Director
1.01-31.12
a)
35
40
-
-
-
75
Marzio Alessandro 
Alberto Saà
Director
1.01-31.12
a)
35
64
-
-
-
99
Chiara Ambrosetti
Director
1.01-31.12
a)
35
35
-
-
-
70
Lidia Fiori
Director
1.01-31.12
a)
35
35
-
-
-
70
Total
 
 
 
2,137
210
 
589
30
23
2,989
a) upon approval of the 2020 financial statements.
b) car; c) mobile phone; d) insurance policies; e) accommodation.
* imputed cost of the 2016-2020 Stock Grant Plan for the rights granted as part of the 1st and 2nd cycles, which came to an end in 2020 without granting any shares in Salvatore Ferragamo S.p.A..
** fees reported net of any potential adjustment to fees referring to previous years.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
440 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Statutory Auditors
(In thousands of Euro) 
Full name
Position held
Term of office
End of term of 
office
Fees for the 
position held
Other fees*
Grand total
Andrea Balelli
Chairman
01.01-31.12
a)
64
15
79
Giovanni Crostarosa Guicciardi
Acting Statutory 
Auditor
08.05-31.12
a)
31
8
39
Fulvio Favini
Acting Statutory 
Auditor
01.01-08.05
17
4
21
Paola Caramella
Acting Statutory 
Auditor
01.01-31.12
a)
48
12
60
Total
 
 
 
160
39
199
a) upon approval of the 2022 financial statements
* Other fees refer to amounts due for the position as Chairman or member of the Supervisory Board pursuant to Italian Leg. Decree 231/2001
Please note that the members of the Board of Statutory Auditors have not received other fees from Group companies.
It should be noted that for Directors and Statutory Auditors no severance indemnities are envisaged.
46. Dividends 
On 10 March 2020, the Company’s Board of Directors resolved to propose that the Shareholders’ Meeting convened for 21 April 2020 
distribute a dividend of 0.34 Euro per ordinary share.
On 6 April 2020, acknowledging that the global economic outlook has changed significantly since the Board met on 10 March 2020 following 
the outbreak of the Covid-19 pandemic, the Board of Directors, after resolving to postpone the Shareholders’ Meeting to 8 May 2020, in order 
to support the financial soundness of the Group and mitigate future economic-financial impacts, also resolved to withdraw the proposal for 
the distribution of dividends out of the Company’s profits for the year 2019, already approved on 10 March 2020 and disclosed to the market 
on the same date, and to propose that the Shareholders’ Meeting allocate Salvatore Ferragamo S.p.A.’s 124,211,203 Euro profit for the year 
2019 to the extraordinary reserve. 
Pursuant to the resolution passed by the Shareholders’ Meeting on 8 May 2020, the Parent Company Salvatore Ferragamo S.p.A. allocated 
the 124,211,203 Euro profit for the year to 2019 to the extraordinary reserve.

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 441
47. Commitments and risks 
The breakdown of the risks and commitments is as follows:
(In thousands of Euro)
31 dicembre
2020
31 dicembre
2019
Sureties and guarantees provided by third parties to third parties in the interests of the Company
5,855
5,792
Sureties and guarantees provided by third parties to third parties in the interests of Group companies
9,437
9,810
Guarantees provided by the Company to third parties in the interests of Group companies
139,720
123,261
Total
 155,012 
 138,863 
The Sureties and guarantees provided by third parties in the interests of the Company consist of bank sureties and guarantees on lease 
contracts.
The sureties and guarantees provided by third parties in the interests of Group companies represent the sureties and guarantees on lease 
contracts entered into by Group companies, including a guarantee for 6 million US dollars (equal to 4,890 thousand Euro) relating to a lease 
contract of the Ferragamo Usa Group.
The guarantees provided by the Company to third parties in the interests of Group companies are mainly in favor of banks to guarantee credit 
lines which may be used locally.
48. Public funds Disclosure as per art. 1 paragraphs 125-129 of Italian  
Law no. 124/2017
Pursuant to art. 1, paragraph 125, of Italian Law 124/2017, as for the requirement to disclose in the notes any funds received during the year 
in the form of subventions, grants, paid services, and generally economic benefits of any kind from public administrations and the entities 
as per paragraph 125 of the same article, in 2020 Salvatore Ferragamo S.p.A. received 22 thousand Euro for paid curricular internships from 
Tuscany’s Regional Government. In accordance with art. 3-quater of Italian Law Decree 135/2018, converted with the relevant amendments 
into Law no. 12 of 11 February 2019, with respect to the funds received, please refer to the information in the National State Aid Register as 
per article 52 of Italian Law no. 235 of 24 December 2012.
49. Significant non-recurring events and transactions  
During 2020, the Company did not carry out significant non-recurring transactions and no significant non-recurring events occurred.
50. Transactions arising from atypical and/or unusual transactions
The Company did not undertake atypical and/or unusual transactions, i.e. those transactions which, due to their importance/size, the 
counterparties involved, the subject of the transaction, the means of determining the transfer price and the timing of the event, may give rise 
to doubts about the correctness/completeness of the information provided in the financial statements, conflicts of interest, the safeguarding 
of the company’s equity and the protection of minority interests.

Separate Financial Statements
Salvatore Ferragamo S.p.A.
442 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
51. Information on the direct and indirect subsidiaries of Salvatore Ferragamo 
S.p.A. 
Direct and indirect subsidiaries of Salvatore Ferragamo S.p.A. As at 31 December 2020 are detailed below:
Company name
Location
Currency
Share capital
Controlling interest (%)
Notes
Direct
Indirect
Ferragamo Retail Nederland B.V.
Amsterdam, Holland
Euro
500,000
100%
Ferragamo France S.A.S.
Paris, France
Euro
4,334,094
100%
Ferragamo Deutschland GmbH
Munich, Germany
Euro
3,300,000
100%
Ferragamo Austria GmbH
Vienna, Austria
Euro
1,853,158
100%
Ferragamo U.K. Limited
London, United Kingdom
Pound Sterling
7,672,735
100%
Ferragamo (Suisse) SA
Mendrisio, Switzerland
Swiss Franc
1,000,000
100%
Ferragamo Belgique SA
Brussels, Belgium
Euro
750,000
100%
Ferragamo Monte-Carlo S.A.M.
Principality of Monaco
Euro
304,000
100%
Ferragamo Espana S.L.
Madrid, Spain
Euro
4,600,000
100%
Ferragamo USA Inc.
New York, United States
US Dollar
74,011,969
100%
Ferragamo Canada Inc.
Vancouver, Canada
Canadian Dollar
4,441,461
100%
 (1) 
S-Fer International Inc.
New York, United States
US Dollar
4,600,000
100%
 (1) 
Sator Realty Inc.
New York, United States
US Dollar
100,000
100%
 (1) 
Ferragamo Mexico S. de R.L. de C.V.
Mexico City, Mexico
Mexican Peso
4,592,700
99.73%
0.27%
 (1) 
Ferragamo Chile S.A.
Santiago, Chile
Chilean Peso
1,362,590,000
99%
1%
 (1) 
Ferragamo Argentina S.A.
Buenos Aires, Argentina
Argentine Peso
76,361,136
95%
5%
 (1) 
Ferragamo Brasil Roupas e Acessorios Ltda.
Sao Paulo, Brazil
Brazilian Real
55,615,000
99%
1%
 (1) 
Ferragamo Hong Kong Ltd.
Hong Kong, China
Hong Kong Dollar
10,000
100%
Ferragamo Japan K.K.
Tokyo, Japan
Japanese Yen
305,700,000
71%
 
Ferragamo Australia Pty Ltd.
Sydney, Australia
Australian Dollar
13,637,003
100%
Ferrimag Limited
Hong Kong, China
Hong Kong Dollar
109,200,000
75%
 (2) 
Ferragamo Fashion Trading (Shanghai) Co. Ltd.
Shanghai, China
US Dollar
200,000
75%
 (3) 
Ferragamo Moda (Shanghai) Co. Ltd.
Shanghai, China
US Dollar
1,400,000
75%
Ferragamo Retail HK Limited
Hong Kong, China
Hong Kong Dollar
39,000,000
75%
 (3) 
Ferragamo Retail Taiwan Limited
Taipei, Taiwan
New Taiwanese 
Dollar
136,250,000
75%
 (3) 
Ferragamo Retail Macau Limited
Macau, China
Macau Pataca
25,000
75.2%
Ferragamo Retail India Private Limited
New Delhi, India
Indian Rupee
300,000,000
100%
 (4) 
Ferragamo Korea Ltd.
Seoul, South Korea
South Korean Won
3,291,200,000
100%
Ferragamo (Singapore) Pte Ltd.
Singapore
Singapore Dollar
4,600,000
100%
Ferragamo (Thailand) Limited
Bangkok, Thailand
Baht
100,000,000
100%
Ferragamo (Malaysia) Sdn. Bhd.
Kuala Lumpur, Malaysia
Malaysian Ringgit
1,300,000
100%
Ferragamo Parfums S.p.A. 
Florence, Italy
Euro
10,000,000
100%
 
 
1 - Through Ferragamo USA Inc.; 
2 - Through Ferragamo Hong Kong Ltd.; 
3 - Through Ferrimag Limited;
4 - Non-operating company

Board of Directors’ report
Consolidated Non-Financial Statement
Consolidated Financial Statements
Separate Financial Statements
 Salvatore Ferragamo • Annual Report as at 31 December 2020 | 443
52. Significant events occurred after 31 December 2020
No significant events occurred after 31 December 2020.
53. Proposal for the allocation of the profit
The Board of Directors of Salvatore Ferragamo S.p.A. proposes covering the loss for the year 2020, totaling 34,070,066 Euro, by using the 
Extraordinary Reserve. 
Disclosure pursuant to art. 149-duodecies  
of the Issuers’ Regulation
Type of services
(In thousands of Euro)
Subject which supplied the service
Recipient
Notes
2020 Fees
Audit
Independent Auditors of the Parent 
company
Parent company
 
196
 
 
 
 
 
Other services
i) Independent Auditors of the Parent 
company
Parent company
1
50
 
ii) Independent Auditors' network of the 
Parent company
Parent company
2
86
Total
 
 
 
332
1) The item mainly refers to the certification of the Consolidated Non-Financial Statement.
2) The item largely refers to the services rendered to Risk Management relating to assessments and benchmark analyses.
Florence, 9 March 2021
	
On behalf of the Board of Directors
	
The Chairman
	
Ferruccio Ferragamo

Separate Financial Statements
Salvatore Ferragamo S.p.A.
444 | Annual Report as at 31 December 2020 • Salvatore Ferragamo
Statement pursuant to article 154 bis of Leg.  
Decree no. 58 of 24 February 1998 (Consolidated 
Law on Finance)
1. The undersigned Micaela le Divelec Lemmi in her capacity as “Managing Director” and Alessandro Corsi in his capacity as “Manager 
charged with preparing Company’s Financial Reports” of Salvatore Ferragamo S.p.A. certify, having also taken account of the provisions of 
art. 154-bis, paragraphs 3 and 4, of Legislative Decree no. 58 of 24 February 1998:
• the adequacy in relation to the company’s structure and 
• the effective application of the administrative and accounting procedures for the preparation of the separate financial statements for 
the 1 January – 31 December 2020 period.
2. The adequacy of the administrative and accounting procedures for the preparation of the 2020 separate financial statements has been 
assessed on the basis of the Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the 
Treadway Commission which is the generally accepted model internationally.
3. It is also certified that
3.1 the separate financial statements for the year ended 31 December 2020:
a. have been prepared in accordance with the applicable international accounting standards as endorsed by the European Union 
pursuant to Regulation (EC) no. 1606/2002 of the European Parliament and Council, dated 19 July 2002, and subsequent integrations;
b. correspond with accounting books and records;
c. are suitable to provide a true and fair representation of the financial conditions, results of operations and cash flows of the Company.
3.2 The Directors’ report on operations includes a reliable analysis of operating performance and results, as well as of the situation of the 
Company, as well as a description of the main risks and uncertainties to which it is exposed.
Florence, 9 March 2021
	
Managing Director
	
Micaela le Divelec Lemmi  
	
Manager charged with preparing Company’s 
	
Financial Reports
	
Alessandro Corsi

Report of the 
Board of Statutory 
Auditors

Independent 
Auditor’s Report

KPMG S.p.A.
Revisione e organizzazione contabile
Viale Niccolò Machiavelli, 29
50125 FIRENZE FI
Telefono +39 055 213391
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PEC kpmgspa@pec.kpmg.it
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Euro 10.415.500,00 i.v.
Registro Imprese Milano Monza Brianza Lodi
e Codice Fiscale N. 00709600159
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Partita IVA 00709600159
VAT number IT00709600159
Sede legale: Via Vittor Pisani, 25
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KPMG S.p.A. è una società per azioni di diritto italiano e fa parte del 
network KPMG di entità indipendenti affiliate a KPMG International
Limited, società di diritto inglese.
(Translation from the Italian original which remains the definitive version)
Independent auditors’ report pursuant to article 14 of 
Legislative decree no. 39 of 27 January 2010 and article 10 
of Regulation (EU) no. 537 of 16 April 2014  
To the shareholders of 
Salvatore Ferragamo S.p.A.
Report on the audit of the separate financial statements  
Opinion 
We have audited the separate financial statements of Salvatore Ferragamo S.p.A. (the 
“company”), which comprise the statement of financial position as at 31 December 
2020, the income statement and the statements of comprehensive income, changes in 
equity and cash flows for the year then ended and notes thereto, which include a 
summary of the significant accounting policies.
In our opinion, the separate financial statements give a true and fair view of the 
financial position of Salvatore Ferragamo S.p.A. as at 31 December 2020 and of its 
financial performance and cash flows for the year then ended in accordance with the 
International Financial Reporting Standards endorsed by the European Union and the 
Italian regulations implementing article 9 of Legislative decree no. 38/05.
Basis for opinion 
We conducted our audit in accordance with International Standards on Auditing (ISA 
Italia). Our responsibilities under those standards are further described in the “Auditors’
responsibilities for the audit of the separate financial statements” section of our report. 
We are independent of the company in accordance with the ethics and independence 
rules and standards applicable in Italy to audits of financial statements. We believe that 
the audit evidence we have obtained is sufficient and appropriate to provide a basis for 
our opinion.

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Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most 
significance in the audit of the separate financial statements of the current year. These 
matters were addressed in the context of our audit of the separate financial statements 
as a whole, and in forming our opinion thereon, and we do not provide a separate 
opinion on these matters.
Valuation of inventories
Notes to the separate financial statements: note 2 “Statement of compliance with the 
IFRS and basis of preparation” and note 13 “Inventories”
Key audit matter
Audit procedures addressing the key 
audit matter
The separate financial statements at 31 
December 2020 include inventories of €91 
million, net of the allowance for inventory 
write-down of €29 million.
Determining the allowance for inventory 
write-down is a complex accounting 
estimate, entailing a high level of judgement 
as it is affected by many factors, including:
—
the characteristics of the company’s
business sector;
—
the market performance and fashion 
trends;
—
the age of the collection in stock;
—
pricing policies and sales ability through 
the different distribution channels;
—
the emergency situation caused by 
Covid-19.
For the above reasons, we believe that the 
valuation of inventories is a key audit matter.
Our audit procedures included:
—
understanding the processes for the 
valuation of inventories and assessing 
the design and implementation of 
controls and procedures to assess the 
operating effectiveness of material 
controls;
—
analysis fluctuations in inventories 
during the year, considering their 
expected life cycle based on their age;
—
analysing documents and discussing the 
assumptions adopted to calculate the 
allowance for inventory write-down with 
the relevant internal departments, in 
order to understand the assumptions 
underlying the expectations of how 
goods will be sold;
—
assessing the appropriateness of the 
disclosures provided in the notes about 
inventories.
Other matters
Management and coordination
As required by the law, the company disclosed the key figures from the latest financial 
statements of the company that manages and coordinates it in the notes to its own 
separate financial statements. Our opinion on the separate financial statements of 
Salvatore Ferragamo S.p.A. does not extend to such data.
Comparative figures
The company’s 2019 separate financial statements were audited by other auditors, 
who expressed their unqualified opinion thereon on 26 March 2020.

Salvatore Ferragamo S.p.A.
Independent auditors’ report
31 December 2020
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Responsibilities of the company’s directors and board of statutory auditors 
(“Collegio Sindacale”) for the separate financial statements
The directors are responsible for the preparation of separate financial statements that 
give a true and fair view in accordance with the International Financial Reporting 
Standards endorsed by the European Union and the Italian regulations implementing 
article 9 of Legislative decree no. 38/05 and, within the terms established by the Italian 
law, for such internal control as they determine is necessary to enable the preparation 
of financial statements that are free from material misstatement, whether due to fraud 
or error.
The directors are responsible for assessing the company’s ability to continue as a 
going concern and for the appropriate use of the going concern basis in the 
preparation of the separate financial statements and for the adequacy of the related 
disclosures. The use of this basis of accounting is appropriate unless the directors 
believe that the conditions for liquidating the company or ceasing operations exist, or 
have no realistic alternative but to do so.
The Collegio Sindacale is responsible for overseeing, within the terms established by 
the Italian law, the company’s financial reporting process.
Auditors’ responsibilities for the audit of the separate financial statements
Our objectives are to obtain reasonable assurance about whether the separate 
financial statements as a whole are free from material misstatement, whether due to 
fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable 
assurance is a high level of assurance, but is not a guarantee that an audit conducted 
in accordance with ISA Italia will always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error and are considered material if, individually 
or in the aggregate, they could reasonably be expected to influence the economic 
decisions of users taken on the basis of these separate financial statements.
As part of an audit in accordance with ISA Italia, we exercise professional judgement 
and maintain professional scepticism throughout the audit. We also:
— identify and assess the risks of material misstatement of the separate financial 
statements, whether due to fraud or error, design and perform audit procedures 
responsive to those risks, and obtain audit evidence that is sufficient and 
appropriate to provide a basis for our opinion. The risk of not detecting a material 
misstatement resulting from fraud is higher than for one resulting from error, as 
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or 
the override of internal control;
— obtain an understanding of internal control relevant to the audit in order to design 
audit procedures that are appropriate in the circumstances, but not for the purpose 
of expressing an opinion on the effectiveness of the company’s internal control; 
— evaluate the appropriateness of accounting policies used and the reasonableness 
of accounting estimates and related disclosures made by the directors;
— conclude on the appropriateness of the directors’ use of the going concern basis of 
accounting and, based on the audit evidence obtained, whether a material 
uncertainty exists related to events or conditions that may cast significant doubt on 
the company’s ability to continue as a going concern. If we conclude that a material 
uncertainty exists, we are required to draw attention in our auditors’ report to the

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related disclosures in the separate financial statements or, if such disclosures are 
inadequate, to modify our opinion. Our conclusions are based on the audit 
evidence obtained up to the date of our auditors’ report. However, future events or 
conditions may cause the company to cease to continue as a going concern;
— evaluate the overall presentation, structure and content of the separate financial 
statements, including the disclosures, and whether the separate financial
statements represent the underlying transactions and events in a manner that 
achieves fair presentation.
We communicate with those charged with governance, identified at the appropriate 
level required by ISA Italia, regarding, among other matters, the planned scope and 
timing of the audit and significant audit findings, including any significant deficiencies in 
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have 
complied with the ethics and independence rules and standards applicable in Italy and 
communicate with them all relationships and other matters that may reasonably be 
thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine 
those matters that were of most significance in the audit of the separate financial 
statements of the current year and are, therefore, the key audit matters. We describe 
these matters in our auditors’ report.
Other information required by article 10 of Regulation (EU) no. 537/14
On 18 April 2019, the company’s shareholders appointed us to perform the statutory 
audit of its separate and consolidated financial statements as at and for the years 
ending from 31 December 2020 to 31 December 2028.
We declare that we did not provide the prohibited non-audit services referred to in 
article 5.1 of Regulation (EU) no. 537/14 and that we remained independent of the 
company in conducting the statutory audit.
We confirm that the opinion on the separate financial statements expressed herein is 
consistent with the additional report to the Collegio Sindacale, in its capacity as audit 
committee, prepared in accordance with article 11 of the Regulation mentioned above. 
Report on other legal and regulatory requirements 
Opinion pursuant to article 14.2.e) of Legislative decree no. 39/10 and article 
123-bis.4 of Legislative decree no. 58/98
The company’s directors are responsible for the preparation of the Board of Directos’
report on operations and a report on corporate governance and ownership structure at 
31 December 2020 and for the consistency of such reports with the related separate 
financial statements and their compliance with the applicable law.
We have performed the procedures required by Standard on Auditing (SA Italia) 720B 
in order to express an opinion on the consistency of the Board of Directos’ report on 
operations and the specific information presented in the report on corporate 
governance and ownership structure indicated by article 123-bis.4 of Legislative 
decree no. 58/98 with the company’s separate financial statements at 31 December

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2020 and their compliance with the applicable law and to state whether we have 
identified material misstatements.
In our opinion, the Board of Directos’ report on operations and the specific information 
presented in the report on corporate governance and ownership structure referred to 
above are consistent with the company’s separate financial statements at 31 
December 2020 and have been prepared in compliance with the applicable law.
With reference to the above statement required by article 14.2.e) of Legislative decree 
no. 39/10, based on our knowledge and understanding of the entity and its 
environment obtained through our audit, we have nothing to report. 
Statement pursuant to article 4 of the Consob regulation implementing 
Legislative decree no. 254/16
The directors of Salvatore Ferragamo S.p.A. are responsible for the preparation of a 
consolidated non-financial statement pursuant to Legislative decree no. 254/16. We 
have checked that the directors had approved such consolidated non-financial 
statement. In accordance with article 3.10 of Legislative decree no. 254/16, other 
auditors attested the compliance of the non-financial statement separately.
Florence, 30 March 2021
KPMG S.p.A.
(signed on the original)
Riccardo Cecchi
Director