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Salvatore Ferragamo: reorganisation of the management team

Salvatore Ferragamo: reorganisation of the management team

On Tuesday 30 March, Salvatore Ferragamo confirmed that chief executive Micaela le Divelec would remain at the helm of the Italian luxury group, putting an end to rumours. Indeed, the Italian brand, which had a difficult year in 2020 due to the pandemic, had been the subject of numerous rumours about a change in management. In another major change, British designer Paul Andrew is stepping down as creative director, with no announcement of a successor as yet.

 

The CEO has indeed struggled to turn around the Italian luxury brand during this period of health crisis as its business is heavily focused on airport spending.

 

In 2020, sales fell by 33% to €916 million, resulting in a loss of €62 million compared to a profit of €150 million in 2019.

 

Note that Norsa, the group’s former CEO, was recalled last year to help reorganise the brand and weather the COVID 19 storm.

 

According to sources close to the matter, it is not known whether this leadership is planned for the entire three-year term of the new board, which is to be appointed by shareholders on 22 April.

 

Shareholder Ferragamo Finanziaria, which controls the group with a 54% stake, presented its list of candidates for the board on Tuesday, at which time it confirmed Micaela Divelec in her position and indicated that Michele Norsa would also remain executive vice-president of the group.

 

The Italian house has also announced the departure of Paul Andrew, its creative director. Working with the Salvatore Ferragamo house since September 2016, first as artistic director of the women’s footwear line and then appointed creative director, Paul Andrew will step down from his role in April, after the presentation of the spring-summer 2022 pre-collection.

 

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According to Vogue Italia, this departure is part of the ongoing changes within the brand. Leonardo Ferragamo will replace his brother Ferruccio as non-executive chairman of the company. Ferruccio will leave the Ferragamo board of directors but will remain chairman of Ferragamo Finanziaria. A vote of the Board of Directors will take place in April.

 

Read also > FERRAGAMO : MICHELE NORSA, THE UNDERSIDE OF AN UNHOPED-FOR COMEBACK

 

Featured Photo : © Salvatore Ferragamo

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