Chairman Leonardo Ferragamo Starts Process to Select Successor to CEO Marco Gobbetti

Luisa Zargani

3 February 2025 at 2:07 pm·5-min read

MILAN — Salvatore Ferragamo is turning to a trusted group of executives as it navigates the exit of chief executive officer Marco Gobbetti, effective March 6.

While the Florence-based luxury company has set in motion a process to select a successor, chairman Leonardo Ferragamo will assume executive powers, supported by a transitional chairman advisory committee. That will comprise James Ferragamo, chief transformation and sustainability officer; former chief financial officer Ernesto Greco, and former CEO Michele Norsa, who will take on the role of special chairman adviser “to consolidate the new phase of sustainable development of the brand’s founding values starting from the work done so far with the aim of moving to a new phase in the renewal process, accelerating its implementation and strengthening the fundamental link with the brand’s heritage,” the company said in a statement.

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Ferragamo revealed on Monday at the end of trading in Milan, where it is publicly listed, that it had reached an agreement with Gobbetti to mutually terminate their employment and directorship relationships.

“I would like to thank Marco Gobbetti, who in recent years has set up and developed a significant brand renewal and evolution activity, as well as significant product innovation and brand positioning, while also carrying out important work on the organizational evolution of the company and the group, which is the basis for continuing the renewal strategy,” stated the chairman.

Gobbetti joined Ferragamo from Burberry in January 2022, succeeding Micaela Le Divelec Lemmi. He had been Burberry’s CEO from July 2017. Early in his career Gobbetti served as CEO of Moschino, and later spent 13 years at LVMH Moët Hennessy Louis Vuitton, where he was CEO of Givenchy, working with Riccardo Tisci. He later decamped to Celine, where he worked with Phoebe Philo.

Only last April, Gobbetti was confirmed as CEO and general manager until the end of 2026.

“The company is determined to pursue the founding principles that have inspired my family over so many years, and in fact the path will be continued with the desire to be inspired by the deeply distinctive values that have marked our history,” continued Leonardo Ferragamo, the son of founder Salvatore Ferragamo.

As per the agreement reached with Ferragamo, in addition to the payment of fixed salary and remuneration until the date of termination and the maintenance of certain fringe benefits until Dec. 31, 2025, Gobbetti will receive 4.45 million euros gross within 30 days of the termination of the relationship, and 50,000 euros gross as bonuses. As of Monday, he held 309,077 shares in the company.

The news of Gobbetti’s exit follows the latest set of lackluster financial results at Ferragamo, which last week reported a 10.5 percent decrease in preliminary 2024 revenues to 1.04 billion euros. The drop was led by its wholesale channel, where sales plunged 21.2 percent, and by the Asia-Pacific market, which fell 19.7 percent in 2024.

Salvatore Ferragamo's Marco Gobbetti — Marco Gobbetti

However, Gobbetti at the time expressed optimism on the start of 2025, noting “January shows an acceleration in our DTC channel’s growth, albeit supported by the different timing of the Chinese New Year and a favorable comparison base versus last year.” He admitted 2024 had been challenging but said that the fourth quarter showed positive signs, even though the group posted a 6.7 percent decrease to 291 million euros in preliminary sales.

Gobbetti named Maximilian Davis the brand’s creative director in March 2022 and has since defended the designer’s style and collections, asking analysts to be patient throughout the roll-out of the new product offer, which was completed last year. With Davis, he has been busy redesigning and enriching the brand’s proposal, building brand awareness and driving engagement through communication initiatives, including the “Three Days in Florence” and “Holiday” campaigns, and tailored CRM initiatives. He credited the fourth-quarter improved performance to the company’s efforts in enhancing the digital channel and effective marketing campaigns.

He spearheaded the realization of a new store concept and in-store experience and in February last year, during Milan Fashion Week, Ferragamo unveiled the newly refurbished women’s boutique in Via Montenapoleone, according to a blueprint by architect Vincent Van Duysen.

Although Gobbetti’s departure was unexpected, it’s not a complete surprise given the difficulties that unfolded during the years spent turning the brand around — not dissimilarly to his experience at Burberry, which saw the exit of Christopher Bailey, his predecessor as CEO and the brand’s chief creative officer, succeeded by Riccardo Tisci, and dealing with the onset of Brexit.

Gobbetti was Ferragamo’s fourth CEO in five years: Michele Norsa stepped down in 2016 after a decade; Eraldo Poletto left in 2018 after less than two years on the job, and le Divelec Lemmi. Since 2015 Ferragamo had been struggling with negative like-for-like and deteriorating operating margins. In addition, the company has been the subject of much speculation in relation to a potential sale by the controlling family. These rumors have swirled for years, and have always been denied by the family, which has been easing out of top roles and hiring outside managers to take the business forward.

In October, Gobbetti said the company’s 2024 operating profit would be expected at the lowest end of analysts’ estimates, standing at around 30 million euros, after revenues in the third quarter decreased 9.6 percent to 221 million euros, compared with the same period last year.

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