Ferragamo CEO announced
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Salvatore Ferragamo has officially found its new chief executive officer.
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.
Questions & Answers
Q.What is Micaela Le Divelec Lemmi's new official title and when will it take effect?
What is Micaela Le Divelec Lemmi's new official title and when will it take effect?
Micaela Le Divelec Lemmi will officially assume the sole position of CEO in November. Her previous dual title included CEO and general manager, but the general manager role will now be made obsolete.
Q.How did Ferragamo's financial performance look in the first half of 2018?
How did Ferragamo's financial performance look in the first half of 2018?
Revenues for the first half of 2018 were down 3.4% currency-neutral, or 6.2% on a reported basis, reaching €674 million. This figure was lower than the €685 million analysts had predicted, and net profit fell 23.1% to €59 million.
Q.Which regions experienced significant changes in revenue during the first half of 2018?
Which regions experienced significant changes in revenue during the first half of 2018?
Asia Pacific revenues fell by 5.5%, with China specifically decreasing by 1%. In contrast, Hong Kong sales showed a strong increase of 32% on a currency-neutral basis.
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