On February 3, Italian luxury brand Salvatore Ferragamo announced that its current CEO, Marco Gobbetti, will step down on March 6, 2025. This decision was made by the company’s board of directors and was reached by mutual agreement.
“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,” said the company’s chairman, Leonardo Ferragamo, in a statement.
Ferragamo has already initiated the selection process for Gobbetti’s successor, seeking “a candidate for the position of CEO who will be in charge of continuing the activities of brand renewal and heritage enhancement to strengthen brand evolution.” Until a new CEO is appointed, Leonardo Ferragamo will take on executive responsibilities, supported by a transition chairman advisory committee consisting of James Ferragamo, Ernesto Greco, and Michele Norsa.
As part of the mutual agreement, Gobbetti will receive a severance package totaling €4.45 million, which will be paid within 30 days of his departure. Additionally, he will receive €50,000 in compensation for waiving certain entitlements, including the 2024 STI bonus, Restricted Shares 2024, and LTI “Special Award” 2022-2026. The company also confirmed that malus and clawback clauses remain applicable to any bonuses already received by Gobbetti.
Gobbetti joined Ferragamo as CEO in January 2022. Before that, he served as Burberry’s CEO, where he succeeded Christopher Bailey and spearheaded the company’s ultra-luxury strategy. Earlier in his career, he was CEO of Moschino, followed by 13 years at LVMH Moët Hennessy Louis Vuitton, where he led Givenchy as CEO alongside Riccardo Tisci. He later moved to Celine, working with Phoebe Philo to drive the brand’s growth.
Meanwhile, Ferragamo’s sales, which saw temporary growth in 2022, have been on a decline since 2023, with revenue and profits continuing to fall in 2024. According to the preliminary financial results announced last week, the company reported a year-on-year revenue decline of 8.2% to €1.04 billion in 2024, with the wholesale channel’s sluggish performance cited as a key factor.
With the CEO transition occurring amid an ongoing brand renewal strategy, Ferragamo’s next leadership move will be closely followed. The appointment of the new CEO is expected to play a crucial role in shaping the future direction of the brand.
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