Salvatore Ferragamo S.p.A.

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Salvatore Ferragamo S.p.A.
Listed società per azioni
Traded as BITSFER
ISIN IT0004712375
Industry Fashion
Founded Florence, Italy (1928)
Founder Salvatore Ferragamo
Headquarters Florence, Italy
Area served
Worldwide
Key people
Ferruccio Ferragamo (Chairman)
Ferruccio Ferragamo(interim CEO)
Products Shoes, leather goods, clothing
Revenue Increase€1,393 million (2017)
Increase €186 million (2017)
Increase€114 million (2017)
Owner Ferragamo Family
Number of employees
4,000[1]
Website www.ferragamo.com

Salvatore Ferragamo S.p.A. [salvaˈtoːre ferraˈɡaːmo] is an Italian luxury goods company, with headquarters in Florence, Italy. It specializes in shoes,[2] leather goods, Swiss-made timepieces, and ready-to-wear for men and women. The company licences eyewear and watches.

It is the parent company of the Ferragamo Group which employs about 4,000 persons and maintains a network of over 685 mono-brand stores, and it runs operations in Italy and worldwide.

History[edit]

Palazzo Spini Feroni: The headquarters of Salvatore Ferragamo S.p.A. in Florence

Salvatore Ferragamo emigrated from southern Italy to the US, first to Boston and then California in 1914. He opened the Hollywood Boot Shop in 1923 and made shoes[2] for movie stars such as Joan Crawford and Gloria Swanson, as well as for films such as Cecil B. DeMille's feature film The Ten Commandments.[3] He returned to Italy and set up a shoe shop in Florence in 1927.[4] The current shoemaking company regards 1928 as the date of its foundation, however, and it therefore celebrated its 80th anniversary in 2008.[3]

Salvatore Ferragamo filed for bankruptcy in 1933,[citation needed] during the Great Depression, but by 1938 he was in a position to buy the Palazzo Spini Feroni, one of the great palaces of Florence.[3] This houses the company's flagship store and a museum dedicated to Ferragamo's life and work.

The company flourished after World War II, expanding the workforce to 700 craftsmen producing 350 pairs of handmade shoes a day.[citation needed] After Salvatore's death in 1960, his widow Wanda took over the running of the business and expanded its operations to include eyewear, perfume, belts, scarves,[4] bags, watches, and a ready to wear clothing line.

Ferruccio Ferragamo, current president of Salvatore Ferragamo S.p.A.

The company's majority owners remain the Ferragamo family, which in November 2006 included Salvatore's widow Wanda, five children, 23 grandchildren and other relatives.[5] There is a rule that only three members of the family can work at the company, prompting fierce competition.[5] To ease these tensions, in September 2006, the family announced a plan to float 48% of the company on the stock market, and since October 2006 Michele Norsa has served as managing and general director.[4] However, as of January 2008, this plan may be on put on hold in the midst of the downturn in the financial market.[6] If the listing on the stock market proceeds, the fund will be directed primarily towards building its positions in China.[7] The company is holding its 80th birthday exhibition in Shanghai.[3]

In 2011 the company was listed on the stock exchange.[8]

For the fiscal year 2016, Salvatore Ferragamo reported preliminary consolidated revenues of 1,438 million euros. As of December 31, 2016, the Salvatore Ferragamo Group's retail network consisted of 402 directly operated stores (DOS), while the wholesale and travel retail channel included 281 third party operated stores (TPOS), as well as presence in major department stores and high-end multi-brand specialty stores.[9]

On August 2, 2016 Eraldo Poletto was appointed as new CEO of the group. On March 8, 2017 conclusion of the relation with Poletto granted interim management powers to the Chairman, Ferruccio Ferragamo.

Innovations[edit]

Throughout its history, the company has been known for innovative designs and use of materials. Such ingenuity goes back to Salvatore's time in California, when he studied anatomy to make shoes which were more comfortable. Notable innovations include the wedge heel, the shell-shaped sole, the ‘invisible’ sandal, metal heels and soles, the 18-carat gold sandal, the sock-shoe, sculpture heels, and the gloved arch shoe created for the Maharani of Cooch Behar in 1938.[3] Metal-reinforced stiletto heels were made famous by Marilyn Monroe.[4] The company is also known for the ‘Gancini’ decoration, the ‘Vara’ patent ballet pump, the Salvatore bag and the use of patchwork.[3] It makes also eyewear and watches in partnership with Marchon and Timex Group.

Clients[edit]

Salvatore worked with film stars and celebrities from his earliest days in Hollywood. Clients over the years included Audrey Hepburn, Sophia Loren and Greta Garbo,[4] as well as Andy Warhol, Grace Mugabe and Diana, Princess of Wales.[3] The company made Margaret Thatcher's famous handbags[7] and for King Jigme Khesar Namgyal Wangchuck during the coronation on November 6, 2008 in Thimpu, Bhutan.

Officers and management[edit]

Ferruccio Ferragamo in 1992
  • Wanda Ferragamo Miletti: has led the group since 1960, when her husband and founder of the company, Salvatore, died. She is currently Honorary Chairwoman.
  • Ferruccio Ferragamo: currently Chairman of the Company.
  • Eraldo Poletto: CEO of Salvatore Ferragamo S.p.A.
  • Giovanna Gentile Ferragamo: she is currently Vice President of Salvatore Ferragamo S.p.A.
  • Leonardo Ferragamo: since 2000, he has served as CEO of Palazzo Feroni Finanziaria S.p.A, the family’s holding company. Recently Executive Vice President of Fondazione Ferragamo
  • Massimo Ferragamo: he is Chairman of Ferragamo USA, the Ferragamo company that has handled the brand’s distribution in North America since Fifties.
  • James Ferragamo: is the Women's and Men's Shoes and Leather goods Division Director for the group
  • Angelica Visconti: South Europe Director
  • Diego di San Giuliano: coordinates the digital activities of the brand
  • November 2016 a new structure of the creative departements of the group with the entrance of Paul Andrew named Design Director of Women's Footwear, Fulvio Rigoni named Design director of Women's RTW, Guillame Meilland named Men's RTW Design director
  • In October 2017 after the departure of Fulvio Rigoni, Paul Andrew is appointed Creative Director of the Women’s Collection.
  • On March 8, 2018 conclusion of the relation with the Chief Executive Officer Eraldo Poletto, granted interim management powers to the Chairman Ferruccio Ferragamo

See also[edit]

Notes and references[edit]

  1. ^ http://group.ferragamo.com/wps/wcm/connect/736a79e3-6db0-44c5-bfa0-18a8d7857e2b/Annual+Report+as+at+31+December+2017.pdf?MOD=AJPERES&CACHEID=736a79e3-6db0-44c5-bfa0-18a8d7857e2b
  2. ^ a b Chevalier, Michel; Mazzalovo, Gerald (2012). "3". Luxury Brand Management (2nd ed.). Singapore: John Wiley & Sons. p. 53. ISBN 978-1-118-17176-9. OCLC 909366849. 
  3. ^ a b c d e f g "Salvatore Ferragamo celebrates its 80th Anniversary in Shanghai" (PDF). Salvatore Ferragamo Italia SpA. Retrieved 2008-04-20. [permanent dead link]
  4. ^ a b c d e Webb, Tim (2007). "Leonardo Ferragamo: Angels want to wear his red shoes". The Independent. London (published 2007-02-04). Retrieved 2008-04-20. 
  5. ^ a b Sherman, Lauren (2006). "When Fashion Goes Public". Forbes (published 2006-11-16). Retrieved 2008-04-20. 
  6. ^ Finch, Julia (2008-01-25). "Tommy Hilfiger halts flotation". The Guardian. London. Retrieved 2008-04-20. 
  7. ^ a b Cartner-Morley, Jess (2008-03-29). "From Florence to Shanghai, Ferragamo eyes a makeover". The Guardian. London. Retrieved 2008-04-20. 
  8. ^ "Salvatore Ferragamo - United States - Official Store". ferragamo.com. Retrieved 2017-01-17. 
  9. ^ Singh, Prachi (January 30, 2015). "Salvatore Ferragamo revenues rise of 5.9 percent in FY14". FashionUnited. Retrieved June 18, 2015. 

External links[edit]