Retail in Asia

In People

Ferragamo confirms CEO

Salvatore Ferragamo has officially found its new chief executive officer.

SEE ALSO : LVMH names Sophie Brocart as CEO of Jean Patou

The luxury Italian brand’s CEO and general manager, Micaela Le Divelec Lemmi, will relinquish her dual title to take on the sole position of CEO in November.

The general manager position will be made obsolete, as reported by the Italian press.

After joining Ferragamo from Gucci in April, where Le Divelec Lemmi was chief financial officer, the executive was named Ferragamo’s CEO in July, a role taken ad interim by group president Ferruccio Ferragamo, following the departure of Eraldo Poletto in March.

Ferragamo looks to lift dwindling sales across the globe with Le Divelec Lemmi, who has 20-plus years experience in luxury, namely at Gucci.

For the first-half 2018, the company said revenues were down 3.4% currency-neutral or 6.2% on a reported basis to €674 million, lower than the €685 million that analysts had predicted.

Retail sales fell 5.2% and wholesale revenues were down 7.6%.

By region, Asia Pacific revenues fell 5.5%, lead by China down 1%, while Hong Kong sales rose 32% currency-neutral.

Overall, net profit dropped 23.1% to €59 million.