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The Italian luxury brand is reported to have appointed former fashion magazine journalist Riccardo Vannetti as its new Chief Marketing Officer (CMO).
The move is said to be in line with Salvatore Ferragamo’s reorganisation plans to appeal to younger consumers. Vannetti replaces Eraldo Poletto, who left the company in March, and he joins Salvatore Ferragamo days after Antonio Burrello announced his resignation as Head of Marketing and Communications.
On June 20, the Ferragamo family, controlling owners of the Italian label, sold shares at a lower price, raising concerns about the Company’s profitability. As reported by ILM, Ferragamo Finanziaria sold a 3.5% stake the Company at €23.25 a share compared the closing price of €24.53 the day before.
Since the launching of a strategic plan in 2017, aimed at boosting Ferragamo’s appeal to a younger clientele so as to reverse falling sales and profitability, the Group has issued a profit warning and, currently, has no CEO. In 2017, the brand’s net profit fell -42.4% and turnover was down -3.1%. In the first three months of 2018, net income declined -18.8% decline and sales were down -1.7%. Read more here.
Ferragamo’s shares were trading at €20.62 in the morning of June 29.
Sources: A List/Euronews