Following Eraldo Poletto’s early leaving, President Ferruccio Ferragamo has taken over in charge of the company, while waiting for the new chief executive officer. For the records, the brand “is not for sale”, despite a complicated 2017. Such are the key issues discussed by Ferragamo’s Board of Directors, who met up to approve the financial statements of the past year. At the end of 2017 consolidated revenues amounted to 1,39 billion euros (-3,1% at current rates of exchange and -1,4% at fixed rates of exchange, compared to 2016) and net profits reached 114 million euros (-42,4% compared to last year). As pointed out by the company, in their release, this performance partly derives from the net profits of 2017 last quarter, which were negatively affected by the US tax reform (which caused a loss of about 13 million euros). In contrast, over the same period of 2016 the company had benefited from 2015 and 2016 Patent Box. In 2017 last quarter sales decreased by 8,4%, “owing to currencies and seasonal sales, which were less determinant in the primary channel”. The Board of Directors approved the resigning agreement with former CEO Eraldo Poletto (who got 2 million euros as redundancy pay), as they gave up non-compete clause. Ferruccio Ferragamo, formerly President of the fashion house headquartered in Florence, has provisionally taken Poletto’s offices. He clearly remarked that selling the company is “out of the question”: “Our CEO left, but our owner is still here”, said Ferragamo. Considering the overall situation, 2018 is going to be a transitional year: the company’s aim, as emphasized in their release, is to “carry on with investment plans to revamp the brand and optimize processes”.
Ferruccio Ferragamo takes over as temporary CEO, while leading the brand on its “transitional stage” and breaking off rumors about transfer
