Next 30-90 days will see pressure on Q3 order books and potential further wholesale destocking, requiring tighter shipment controls, markdown containment, and DTC clienteling to protect gross margin into Golden Week and holiday. Expect low double-digit declines to persist in APAC traffic without targeted activations and localized offers.

Over 6-12 months, Ferragamo must shift mix toward higher-margin DTC and elevate assortment to rebuild pricing power, or risk a structurally lower revenue base. Achieving a 75-78% DTC mix by FY2025 and a 150-250 bps gross margin recovery is feasible if wholesale rationalization is paired with CRM-driven full-price sell-through and tighter SKU productivity governance.

Peers with stronger brand heat and higher DTC penetration, such as top Italian maisons and quiet luxury leaders, are capturing share while wholesale-exposed brands lag. If Ferragamo executes a focused hero-product and leather-goods elevation strategy, it can defend against mid-luxury encroachment from accessible premium players and reduce promo-led share losses to top-tier competitors.

Suppliers may face lower volumes and longer lead-time planning as buys are tightened; wholesale partners will see reduced depth and fewer SKUs, with stricter margin and markdown terms. Landlords may encounter lease renegotiations tied to productivity thresholds, while end customers should experience narrower but more coherent assortments and improved service intensity.