New Ferragamo CEO plans to capture younger consumers
Italian footwear and leathergoods group Salvatore Ferragamo Group has reported a 23% rise in first-quarter revenues to €289 million.
It has set out a new medium to long-term strategy, targeting younger consumers.
As part of this, it will prioritise digital, enhance the customer experience, “re-energise the brand” and “put product at the heart”.
The group will double marketing and communication spending as a percentage of revenues and will invest €400 million between 2032 and 2026 on store renovations, technology and supply chain.
CEO Marco Gobbetti, who joined this year from Burberry, said: “In spite of the enduring pandemic and the conflict in Ukraine, in this first quarter we delivered good growth of revenues and operational margin.
“Notwithstanding the rising geopolitical and economic volatility, we expect to increase our revenues for the current year, and we are laying out the drivers to accelerate growth and realise the potential of Ferragamo.”
All main product categories reported a significant increase, with shoes and leather categories representing 86% of the total turnover for the quarter.
