Salvatore Ferragamo shares experienced a significant increase of over 5% on Piazza Affari, reaching €6.05, after receiving an upgrade from UBS to "Neutral."

The Italian luxury brand has confirmed its 2024 forecasts, despite the possibility of asset write-downs estimated to be between €70 million and €90 million. However, these write-downs are not expected to have a significant impact on the company's overall financial health. The company has assured investors that these write-downs will not require any financial outlay and will not materially affect its total assets, which were valued at €1.736 billion as of June 30, 2024.

This positive market response is occurring during a broader slowdown in the luxury sector, and Ferragamo's management is relying on updated sales data to guide their outlook.