Over the next 30-90 days, the priority is to prevent a negative loop of lower traffic, higher discounting, and weaker full-price conversion. Wholesale weakness (down 17.5%) suggests partners are reducing open-to-buy and clearing inventory, which can create parallel discount pressure that bleeds into DTC. Asia-Pacific's 15.6% decline implies heightened risk in tourist-dependent locations and mall-based traffic; expect tighter inventory buys, more conservative replenishment, and a push to elevate hero SKUs in footwear and leather goods to lift sell-through without broad promotions.

In the next 6-12 months, the business outcome hinges on whether the collection reset can create a more distinctive product engine in core categories while simplifying SKUs and improving cost per collection. If successful, Ferragamo can shift mix toward higher-quality DTC revenue and improve gross margin through fewer markdowns; if not, the brand risks a prolonged mid-single-digit revenue decline with margin compression from price investment, higher clienteling spend, and fixed-cost deleverage. Asia normalization and China's broader luxury slowdown imply that recovery will likely be mix-driven (better product, better allocation, better DTC conversion) rather than macro-driven.

Ferragamo is being squeezed between mega-brands with stronger heat and scale advantages (marketing reach, retail productivity) and smaller fashion brands that can pivot faster to micro-trends. Footwear underperformance is especially dangerous because competitors can quickly capture share with viral silhouettes and strong merchandising stories. Wholesale contraction can be strategically positive if it reduces discount exposure, but only if DTC execution (newness, clienteling, conversion) compensates; otherwise, competitors will gain visibility and floor space while Ferragamo's brand presence fades in multi-brand doors.

Suppliers face likely order rationalization and tighter lead-time management as the company pursues collection economic efficiency; expect SKU cuts and fewer material variations. Wholesale partners may demand more conservative deliveries, better return terms, or markdown support, increasing commercial friction. For customers, the near-term experience could improve if the assortment becomes clearer and more icon-led, but there is risk of reduced novelty if efficiency is over-optimized. Retail staff and CRM teams become critical as DTC must offset wholesale declines through higher conversion and repeat purchase.