Salvatore Ferragamo S.p.A., doing business asFerragamo, (Italian:[salvaˈtoːrefɛrraˈɡaːmo]) is an Italian luxury fashion house focused on apparel, footwear, and accessories headquartered in Florence, Italy. It specializes in designing and manufacturing footwear and leather goods, which together account for over 86% of its revenue.[1][3] The remaining products include ready-to-wear, silk products, fashion accessories, and licensed eyewear, watches, and perfumes.[1] It operates 447 mono-brand stores worldwide as of September 2022.[4]
The company was founded in 1927 by Salvatore Ferragamo in Florence, Italy. It went public on the Milan stock exchange in 2011, but the Ferragamo family has remained majority shareholders with approximately 65% stakes in the company.[2] British designer Maximilian Davis has been the creative director of Ferragamo since March 2022.[5]
History
Founding
Palazzo Spini Feroni: The headquarters of Salvatore Ferragamo S.p.A. in Florence, 2021
Following his success in California, Ferragamo returned to Florence, Italy, in 1927 to incorporate his eponymous label and open a factory to produce his shoes, due to a lack of artisan shoemakers in the U.S.[8] His factory combined the city's artisanal techniques with the efficient production system of American factories, which became a training ground for apprentices.[8]
As a result of the Great Depression and the company's reliance on businesses in the U.S., Ferragamo struggled financially and filed for bankruptcy in 1933.[9] By 1938, he had recovered financially and purchased Palazzo Spini Feroni in Florence, which has housed the company's headquarters, flagship store, and Salvatore Ferragamo Museum since.[7][10] In 1948, the company opened its first directly operated store in the U.S. at 424 Park Avenue in New York City.[11]
Wanda Miletti Ferragamo, wife of Salvatore and former CEO of Salvatore Ferragamo S.p.A., 1987
Death of Salvatore Ferragamo
Salvatore Ferragamo died in August 1960, leaving control of the growing company to his wife, Wanda Ferragamo.[12] She expanded its operations to include silk scarves, fragrances,[13] leather handbags,[14] ready-to-wear, and small leather goods.[15]
Recent developments
Despite several changes of leaderships and growth, the company remained privately held by the Ferragamo family until it went public on the Milan stock exchange in 2011.[2] As of 2022, members of the Ferragamo family remain majority shareholders with approximately 65% combined stakes in the company, which is chaired by Leonardo Ferragamo, the fifth son of Salvatore and Wanda Ferragamo.[2]
Marco Gobbetti, former CEO of Burberry, has been the CEO of the company since January 2022, succeeding Micaela le Divelec, who led the company since July 2018.[16]
Salvatore Ferragamo announced it did not own stores in Russia and shipments to the franchise operation ceased after the Russian invasion of Ukraine.[17]
In 2022, in an effort to modernize the brand, Salvatore Ferragamo was rebranded as "Ferragamo" (stylized as FERRAGAMO) and debuted a new logo ahead of its SS23 show during Milan Fashion Week. The show was the first under the creative direction of Maximilian Davis and was met with generally favorable responses, with critics noting the modernized tailoring.[18] Davis described the collection as being about "ease and sensuality".[19] Although revenue in the first nine months of 2023 was down 8.3% (with a 20% decline in US sales) compared to the same time period in 2022, CEO Marco Gobetti was "pleased by the early results" of Davis's work for Ferragamo.[20]
Products
Salvatore Ferragamo store in Ginza, Tokyo, 2013Salvatore Ferragamo Fall 2011Shoes on display in Salvatore Ferragamo Museum, 2017
Throughout its history, the company has been known for innovative designs and use of materials; in California, Salvatore studied human anatomy in effort to make more comfortable shoes. Notable innovations include the wedge heel; the shell-shaped sole; the ‘invisible’ sandal; metal heels and soles, made famous by Marilyn Monroe; the 18-carat gold sandal; the sock-shoe; sculpture heels; and the gloved arch shoe, created for the Maharani of Cooch Behar in 1938.[7] The company is also known for its ‘Gancini’ decoration, the ‘Vara’ patent ballet pump, the Salvatore bag, and its use of patchwork.[7]
Footwear and leather goods are the focus of the brand, representing over 86% of its revenue in 2021.[1] It also has an extensive range of women's and men's footwear, from formal, evening, to leisure wear.[21] Men's footwear is manufactured using several techniques, including lasted, tubular, stitched, and "Tramezza" stitched welting.[21] Leather goods, such as handbags, suitcases, belts, and wallets often feature the distinctive and signature "Gancino" clasp, which was originally designed as a handbag fastening.[22] The company also offers made-to-order products for customers seeking unique designs not found in stores.[21]
Other products include men and women's ready-to-wear[23] and the brand's signature silk products, including ties, foulards, pocket square, and scarves.[24] Ferragamo fragrances are produced and distributed by Inter Parfums, Inc. through an exclusive licensing agreement.[25] The company also produces licensed eyewear and Swiss-made watches in partnership with Marchon and Timex Group. In 2014, Ferragamo began adding NFC tags to their products in an effort to discourage counterfeits.[26]
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€1.136 billion[1] (2021)
€1.010 billion[1] (2021)
