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Gian Giacomo Ferraris is to step down from his role as Chief Executive of the luxury Italian brand at the end of 2020.
Ferraris is reported to have announced his departure in an internal letter, in which he told his team that the satisfaction of working with good people was diluted by the sadness of failing to achieve the desired results as the management could not manage to secure the financial resources needed. “Unfortunately, as you all know, despite my strenuous and steady commitment, we didn’t manage to secure the financial resources needed”, he said.
One of Roberto Cavalli’s offices outside Florence has been permanently shut down, resulting in over 100 job losses. The Italian fashion label has been facing financial restructuring and was gradually regaining its steps when the pandemic was declared. Ferraris joined Roberto Cavalli from Versace in 2016, after taking over from Roberto Semerari.
Cavalli had filed for bankruptcy in early 2019 and was acquired by Dubai-based Vision Investment Company, owned by Damac Properties Group, in October of the same year. Read more here.
Sources: WWD/Fashion United