Salvatore Ferragamo SpA has appointed Micaela Le Divelec Lemmi the group’s new chief executive officer.
The announcement was made Tuesday evening as the Florence-based firm said net profit in the first half dropped 23.1 percent to 59 million euros compared with 76 million euros, including a negative minority interest of two million euros, in the same period last year.
According to a 2018 Bloomberg report, “Le Divelec Lemmi, who served as chief financial officer of Kering’s Gucci brand, has been general manager of Ferragamo since April. The appointment is effective immediately, the Florence-based company said in a statement Tuesday.”
Former CEO Eraldo Poletto stepped down earlier this year after the company backed away from its financial targets, saying it needed to spend more on technology and marketing to relaunch the brand. The turnaround effort remains a work in progress: The announcement of the new chief came as Ferragamo said revenue fell 3.4 percent at constant exchange rates in the first half to 674 million euros ($789 million). Analysts had predicted 685 million euros, according to a 2018 Bloomberg report.
Poletto had pushed for more investment in e-commerce and online communications. He also brought in new creative directors, including the British shoe designer Paul Andrew, to revamp its offer. Poletto has since joined Coach owner Tapestry Inc. as CEO of the Stuart Weitzman brand, according to a 2018 Bloomberg report.
“The new CEO must love and understand Ferragamo and I hope (he) will come from within the company,” Ferruccio Ferragamo told reporters at the end of the group’s annual shareholders meeting in Florence this past April, according to a 2018 Business of Fashion report.
He excluded the new CEO would be a Ferragamo family member.
Ferragamo took temporary charge after CEO Eraldo Poletto stepped down in March and said he intended to hold the reins for as short a period as possible. He added that the group was pressing ahead with the industrial plan presented in February last year “without changes or twists”.