Gobbetti out after revenue dip at Ferragamo
The board of directors at Italian leathergoods company Salvatore Ferragamo have "mutually terminated" CEO Marco Gobbetti’s contract after an 8% dip in full-year revenue to €1 billion.
Chairman Leonardo Ferragamo said: "I would like to thank Marco Gobbetti, who in recent years has set up and developed a significant brand renewal and evolution activity, as well as significant product innovation and brand positioning, while also carrying out important work on the organisational evolution of the company and the group, which is the basis for continuing the renewal strategy."
In an earlier statement, Mr Gobbetti had commented that 2024 was challenging, but that the brand’s new products and redesign had been successful.
He said: “Our focus on enhancing digital channel performances, through re-platforming and effective marketing campaigns, has led to a steady positive trend of this business in Q4, driven by both traffic and sales quality. We are pleased with the foundations we have built and, whilst we remain conscious of the persisting complex market context, we are encouraged by the trends we identified at the end of the year.”
Until a new CEO is appointed, an advisory committee - composed of James Ferragamo, Ernesto Greco and Michele Norsa - will work on “moving to a new phase in the renewal process and strengthening the fundamental link with the brand's heritage”.
