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Shares of the Italian luxury fashion label rose +8.8% in Milan, the highest in two years, upon the announcement of the death of the founder’s widow, Wanda Ferragamo.
Wanda Ferragamo, who died on October 19 aged 96, was considered as a great businesswoman, she is said to have been the force behind the label since her husband died when she was 39-years-old. She had 19.5% voting rights in the Company with a further 15% that were yet to be allocated after the death of one of her daughters earlier this year. After the Ferragamo family, Hong Kong billionaire Peter Woo is the largest shareholder of the Company with a 6% stake.
The matriarch is said to have opposed any sale after the Company was floated on the Milan stock exchange in 2011. The event of her death has triggered market speculation for possible mergers and acquisitions with some market analysts saying the label is an attractive target due to its high-end brand positioning, an immature retail network that can be further expanded and exposure to attractive categories such as shoes, leather goods and fragrances.
Source: Financial Times/Bloomberg