Through a new global strategic partnership with Farfetch, Salvatore Ferragamo is enhancing its digital capabilities.
The collaboration will give Ferragamo access to Farfetch’s global audience reach to enhance the company’s presence in the marketplace. Farfetch’s media solutions division will also help the Italian luxury brand deliver engaging digital experiences to a younger and global audience.
“Ferragamo has a wonderful heritage of creativity and craftsmanship and I am hugely excited about the opportunity to take it to a unique new audience globally,” Farfetch Chairman and CEO José Neves said in a statement. “Ferragamo’s outstanding product and creativity, coupled with our marketing capabilities and innovative digital experiences will captivate that audience while our media and technology platform capabilities power Ferragamo’s digital ecosystem.”
Marco Gobbetti, CEO of Salvatore Ferragamo, added, “Farfetch is the leading digital platform in luxury fashion and represents the ideal partner to further boost Ferragamo’s omnichannel innovation, fueling our plans to reach new, younger audiences and accelerate our growth.”
In March, Gobbetti announced an ambitious plan that sees Ferragamo doubling revenues in four to five years and double marketing and communication spending as a percentage of revenues. Gobbetti estimates that this plan will result in a cumulative investment of 400 million EUR from 2023 to 2026.
“The company has under-invested in the past few years, and it will be key to massively step up our investments,” Gobbetti said during the company’s first quarter earnings call in May. “The boldness of the plan [lies in the fact that] we don’t have to rebuild the brand but accelerate its growth.”
New York City’s SoHo store is one of Ferragamo’s most recent investments. The 2,600 square feet store at 63 Greene Street features a new concept focusing on accessories and footwear along with an NFT installation and a custom hologram sneaker program that allows guests to customize Ferragamo’s latest unisex style, the 6R3ENE.
Farfetch is also expanding its reach into the luxury fashion industry. Neiman Marcus Group (NMG) received 200 million USD in common equity funding from the UK-based online shopping platform in May.
As part of Farfetch’s investment in NMG, the company plans to further accelerate growth and innovation in its technology and digital capabilities. Bergdorf Goodman plans to replatform its website and mobile app in order to “expand its global capabilities and services.”