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CEOWORLD magazine - Latest - CEO Explainers - Ferragamo Shares Drop as CEO Marco Gobbetti Announces Departure

CEO Explainers

Ferragamo Shares Drop as CEO Marco Gobbetti Announces Departure

Shares of Italian luxury brand Ferragamo fell more than 5% on Tuesday following the announcement that CEO Marco Gobbetti would step down next month after just over three years at the helm.

Gobbetti, formerly CEO of British fashion house Burberry, had been leading efforts to revitalize the Florentine brand, but progress had been slower than anticipated. Analysts at Italian brokerage Equita noted in their daily report that while awaiting further clarity on the next phase of the company’s relaunch, short-term negative implications were possible. They also pointed out that the transition period might impact the creative team and senior management.

The analysts further suggested that Gobbetti’s resignation could be linked to underwhelming financial results and delays in achieving the brand’s revival targets.

Gobbetti, who took over as CEO at the beginning of 2022, initially promised a swift transformation of the company. However, by last year, he had cautioned that achieving those turnaround objectives might take longer than originally projected. His tenure also saw the appointment of British designer Maximilian Davis as creative director in 2022, shortly after he assumed leadership.

Ferragamo, which remains under the control of the family of its late founder Salvatore Ferragamo, confirmed on Monday that it had begun searching for a new CEO. The incoming leader will be tasked with advancing the brand’s renewal strategy while preserving its heritage.

As of 09:35 GMT on Tuesday, Ferragamo’s stock had declined by 4.64%. Over the past year, shares have lost approximately 38% of their value, reaching an all-time low at the start of December.

 

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CEOWORLD magazine - Latest - CEO Explainers - Ferragamo Shares Drop as CEO Marco Gobbetti Announces Departure
Anna Siampani
Anna Siampani, Lifestyle Editorial Director at the CEOWORLD magazine, working with reporters covering the luxury travel, high-end fashion, hospitality, and lifestyle industries. As lifestyle editorial director, Anna oversees CEOWORLD magazine's daily digital editorial operations, editing and writing features, essays, news, and other content, in addition to editing the magazine's cover stories, astrology pages, and more. You can reach Anna by mail at anna@ceoworld.biz