Salvatore Ferragamo parts ways with CEO Marco Gobbetti

Salvatore Ferragamo has announced that Chief Executive Officer Marco Gobbetti will step down on 6 March 2025, following a mutual agreement with the company's board. This decision comes less than a year after the luxury fashion house extended Gobbetti's tenure until 2026.

Gobbetti assumed leadership of the Florentine brand in January 2022, following a five-year tenure as CEO of Burberry. Prior to that, he held prominent positions within the LVMH group, serving as CEO of Givenchy and Celine.

Under Gobbetti's leadership, Ferragamo embarked on a significant brand renewal, including the appointment of British designer Maximilian Davis as creative director. Despite these efforts, the company faced financial challenges, reporting an 8.2 percent decline in revenues for 2024, amounting to 1.04 billion euros. This downturn was notably influenced by a 19 percent decrease in the Asia-Pacific region.

In a statement, Chairman Leonardo Ferragamo expressed gratitude for Gobbetti's contributions, highlighting his role in product innovation and organizational evolution. He emphasized that these developments provide a foundation for the brand's ongoing renewal strategy.

The company has initiated the search for a new CEO, according to Reuters. In the interim, Leonardo Ferragamo will assume executive responsibilities, supported by an advisory committee comprising James Ferragamo, Ernesto Greco, and Michele Norsa.

Gobbetti's departure includes a severance package totaling 4.5 million euros, following his waiver of the 2024 bonus, Reuters said.

During his tenure at Burberry, Gobbetti was credited with revitalising the brand through strategic initiatives and collaborations. However, his efforts at Ferragamo coincided with a period of declining sales, reflecting broader challenges in the luxury sector.