Ferragamo will not change its strategy or creative director

Despite Ferragamo recently bidding farewell to the former CEO Marco Gobbetti, the brand has announced that it will not change its strategic plans. The Ferragamo family, still involved in the main decisions of the house, clarified that they will continue to be part of the company’s executive team. Just a few hours ago, Ferragamo reported a 10.5% sales decline in 2024, a result that chairman Leonardo Ferragamo still considers positive for the future of the brand, according to the statement released following the financial results for the concluded year. The Ferragamo chairman also added that they are in the process of selecting the new CEO, but it will take time. For now, he is fulfilling the role previously held by Gobbetti. A key point raised by the chairman of Ferragamo is his complete trust in the work of artistic director Maximilian Davis. In a period of continuous and rapid changes in the artistic leadership of major luxury houses, the confidence Ferragamo places in the work of the young designer is a relief to an industry quite weary of such changes.

Gobbetti joined Ferragamo in January 2022, followed by Maximilian Davis’ arrival in the atelier two months later. The artistic direction of the British designer (widely acclaimed by fashion insiders and enthusiasts) has undoubtedly breathed new life into the brand, infusing historical items of the house, such as footwear and accessories, with modernity. The use of vibrant colors, contemporary silhouettes, the introduction of new textures and materials, as well as the involvement of stars and celebrities in the brand’s communication have rejuvenated Ferragamo’s image. Perhaps, as chairman Ferragamo himself points out, it is only a matter of time before Davis' work bears fruit.

The sales decline Ferragamo experienced in 2024 was primarily caused by the luxury crisis in Asia-Pacific, a region that affected the financial results of all major brands - except, apparently, the brands of the Prada Group. China significantly lowered Ferragamo’s sales, while in Europe, Japan, and the Americas, the brand saw relatively positive performance throughout 2024. The brand closed seven stores during the year but the company announced it is working on restructuring its sales network, a process expected to take about two years. For chairman Ferragamo, the brand's main focus from now on will be aligning communication, merchandising, and consumers.