Salvatore Ferragamo S.p.A. has been synonymous with Italian luxury for more than three-quarters of a century. The Florence-primarily based, family-owned firm continues to produce the shoes that once earned it the nickname “Shoemaker to the Stars,” but additionally designs, produces, and distributes a full vary of males’s and women’s clothing and accessories. As well as, Ferragamo sells its own branded perfume lines, and, in a partnership with one other Italian company, Luxottica, a variety of Ferragamo-branded eyeglasses.
Ladies’s and males’s footwear represent more than 42 % of the group’s gross sales of almost EUR 600 million. Ferragamo’s sales are made by a worldwide community of retailers, together with most of the world’s major department shops, and by way of the corporate’s own network of almost 450 retail Ferragamo stores, approximately half of which are straight owned by Ferragamo. The Asian region, particularly Japan, accounts for the largest share of the company’s sales at 45 %. North America provides 31 p.c to sales, while Europe accounts for 23 p.c. Ferragamo additionally owns French design group Ungaro. Founded by Salvatore Ferragamo, the corporate stays headed by his widow, Wanda, and their kids. Eldest son Ferruccio acts as CEO of the corporate, which stays a hundred percent owned by the Ferragamo household.
The corporate was founded in 1927 by Salvatore Ferragamo, who usual shoes for rich and highly effective clients in Florence, Italy. In 1929 Ferragamo opened a workshop within the Through Mannelli, concentrating his efforts in experimenting with design, applying for patents for ornamental and utility models and a few related innovations. Forced to file for bankruptcy in 1933 resulting from dangerous management and financial pressures, Ferragamo nonetheless expanded his operation during the 1950 to a workforce of round seven hundred knowledgeable artisans that produced 350 pairs of hand-made sneakers a day.
The company is run by Ferragamo’s wife Wanda and their six children (Fiamma, Giovanna, Fulvia, Ferruccio, Massimo and Leonardo).
Inside a yr after her father’s death, Fiamma Ferragamo had already debuted her first collection, in London, to great acclaim.
Over the following a long time, Ferragamo modernized its production methods, adding mechanized and automatic manufacturing strains so as to fulfill the rising demand for its branded products.
Ferragamo also adapted to the rapidly changing luxurious goods sector. The proliferation of designer traces within the late 1970s shifted the main target of the luxury footwear sector from a small, elite group of buyers to a larger, though still upscale client market. Ferragamo responded by diversifying beyond footwear. After introducing an assortment of leather goods, together with luggage, the company launched its own line of knitwear within the 1980s.
In 1980, Ferragamo added its first prepared-to-wear clothes assortment to complement its footwear, accessories, and knitwear, enabling the corporate to advertise its “whole look.” The corporate, which relied on in-store boutiques in the world’s department stores, additionally aimed to extend its vertical integration into the retail channel. Throughout the 1980s, the company began opening its own stores, and by 1990 operated 18 stores in Italy, Zurich, and London. In the United States, Ferragamo had shops in New York and Palm Seaside.
Ferragamo’s confidence allowed it to continue constructing up its retail network through the nineteen nineties. By 2003, the company boasted greater than 200 stores under its direct management and over 250 franchise operations in Asian markets. The company also rolled out its own outlet store format through the decade. By 1993, the corporate’s gross sales had grown to greater than $200 million worldwide.
In the late nineteen nineties, Ferragamo departed from its tradition of controlling its manufacturing. In 1998, the company signed a licensing deal with dominant Italian eyeglass producer Luxottica to release a Ferragamo-branded line of eyeglass frames. The following yr, the group debuted its own Ferragamo-branded perfume, Ferragamo pour Femme, produced beneath license by Bulgari SpA. The company additionally launched a men’s fragrance.
Two years later, however, Ferragamo ended the manufacturing license and instead introduced its fragrance and wonder merchandise operations in-house beneath subsidiary Ferragamo Parfums SA. Growth started on a brand new line of fragrance and bath and beauty merchandise which debuted in October 2003 below the title Incanta. Within the meantime, Ferragamo continued its expansion, opening new flagship shops in New York and Tokyo in 2003. Even because it pursued its drive to turn out to be a pacesetter in the global luxury vogue sector, Salvatore Ferragamo S.p.A.