Ferragamo sees wealthy tourism flows to sustain growth

MILAN - Italian luxury shoemaker Salvatore Ferragamo is looking to a positive 2012 after strong tourism flows helped nine-month profits rise eight percent.

The maker of shoes worn by Hollywood stars such as Angelina Jolie and pop queen Lady Gaga said net profit rose to 84.7 million euros in the period.

The group said revenues in Europe, where Italy and Spain are in a deep recession, grew 15.7 percent in the third quarter.

Global sales were up 18.7 percent to 832.6 million euros in the nine months to the end of September.

Earnings before interest, tax, depreciation and amortisation grew 18.6 percent to 157 million euros.

Reporting by Antonella Ciancio