Ferragamo CEO Marco Gobbetti is leaving his position on 6 March as sales continue to slow at the Italian luxury company.
“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,” said Ferragamo chairman Leonardo Ferragamo in a statement.
It was a mutual agreement, according to the statement. Following the decision, Ferragamo has immediately started the process for selecting a new CEO to “continue the activities of brand renewal and heritage enhancement in order to strengthen brand evolution”, the statement says. In the interim, Leonardo Ferragamo will assume executive powers.
The company’s preliminary results, which were published on 30 January, showed that sales declined 8.2 per cent to €1.04 billion in 2024.
Many luxury companies, from LVMH and Kering to Burberry and Zegna, have struggled with their financial performance over the past year and have attributed that to the luxury market slowdown. Ferragamo, however, has been experiencing sales declines since the first quarter of 2023, far before the slowdown started. Gobbetti, who was appointed in January 2022 from Burberry, has been steering a turnaround. He appointed Fashion East graduate Maximilian Davis in March 2022, and according to the 2024 preliminary earnings press release, Davis’s new products have now fully been rolled out into stores.
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