Salvatore Ferragamo S.p.A.
Salvatore Ferragamo S.p.A. (Italian: [salvaˈtoːre ferraˈɡaːmo]) is an Italian luxury goods company, with headquarters in Florence, Italy. It specializes in shoes, leather goods, Swiss-made timepieces, and ready-to-wear for men and women. The company licences eyewear and watches.
|Società per azioni|
|Traded as||BIT: SFER|
|Founded||Florence, Italy (1927)|
|Ferruccio Ferragamo (Chairman)|
Micaela le Divelec Lemmi (CEO)
|Products||Shoes, leather goods, clothing|
|Revenue||€1.347 billion (2018)|
|€150 million (2018)|
|€90 million (2018)|
Number of employees
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.
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 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. He returned to Italy and set up a shoe shop in Florence in 1927. The current shoemaking company regards 1928 as the date of its foundation, however, and it therefore celebrated its 80th anniversary in 2008.
Salvatore Ferragamo filed for bankruptcy in 1933, 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. 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. 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, bags, watches, and a ready to wear clothing line.
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. There is a rule that only three members of the family can work at the company, prompting fierce competition. 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. However, as of January 2008, this plan may be on put on hold in the midst of the downturn in the financial market. If the listing on the stock market proceeds, the fund will be directed primarily towards building its positions in China. The company is holding its 80th birthday exhibition in Shanghai.
In 2011 the company was listed on the stock exchange.
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. As of 31 December 2017, the Group's Retail network counted on a total of 685 points of sales, including 410 Directly Operated Stores (DOS) and 275 Third Party Operated Stores (TPOS). As of 31 December 2018, the Group's Retail network counted on a total of 672 points of sales,including 409 Directly Operated Stores (DOS) and 263 Third Party Operated Stores (TPOS).
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.
On July 31, 2018 Micaela le Divelec is appointed as new CEO of the group.
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. Metal-reinforced stiletto heels were made famous by Marilyn Monroe. The company is also known for the ‘Gancini’ decoration, the ‘Vara’ patent ballet pump, the Salvatore bag and the use of patchwork. It makes also eyewear and watches in partnership with Marchon and Timex Group.
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, as well as Andy Warhol, Lil Uzi Vert, Grace Mugabe and Diana, Princess of Wales. The company made Margaret Thatcher's famous handbags and for King Jigme Khesar Namgyal Wangchuck during the coronation on November 6, 2008 in Thimpu, Bhutan.
Officers and managementEdit
- Wanda Ferragamo Miletti: has led the group since 1960, when her husband and founder of the company, Salvatore, died. She was Honorary Chairwoman until her death.
- Ferruccio Ferragamo: currently Chairman of the Company.
- Micaela Le Divelec Lemmi: CEO of Salvatore Ferragamo S.p.A.
- Giovanna Gentile Ferragamo: serves on the Boards of Directors 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 the 1950s.
- James Ferragamo: is Vice-Chairman and Brand and Product Director of the Company
- Angelica Visconti: South Europe Director
- Diego di San Giuliano: currently Vice Chairman of the group’s holding company Ferragamo Finanziaria S.p.A..
- 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. In February 2019 Paul Andrew has been appointed Creative Director for all the Salvatore Ferragamo lines.
- Salvatore Ferragamo, the company's namesake and founder
Notes and referencesEdit
- 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.
- "Salvatore Ferragamo celebrates its 80th Anniversary in Shanghai" (PDF). Salvatore Ferragamo Italia SpA. Retrieved 2008-04-20.[permanent dead link]
- Webb, Tim (2007). "Leonardo Ferragamo: Angels want to wear his red shoes". The Independent. London (published 2007-02-04). Retrieved 2008-04-20.
- Sherman, Lauren (2006). "When Fashion Goes Public". Forbes (published 2006-11-16). Retrieved 2008-04-20.
- Finch, Julia (2008-01-25). "Tommy Hilfiger halts flotation". The Guardian. London. Retrieved 2008-04-20.
- Cartner-Morley, Jess (2008-03-29). "From Florence to Shanghai, Ferragamo eyes a makeover". The Guardian. London. Retrieved 2008-04-20.
- "Salvatore Ferragamo - United States - Official Store". ferragamo.com. Retrieved 2017-01-17.
- Singh, Prachi (January 30, 2015). "Salvatore Ferragamo revenues rise of 5.9 percent in FY14". FashionUnited. Retrieved June 18, 2015.