Reuters, MILAN, June 28 – Salvatore Ferragamo (SFER.MI), an Italian fashion house, announced on Monday that Marco Gobbetti, the outgoing CEO of British luxury house Burberry (BRBY.L), would take over as its new CEO. Even after the Ferragamo family affirmed current Chief Executive Micaela Le Divelec in March, there has been speculation about a probable management shake-up at Ferragamo. Ferragamo has been hurt harder by the coronavirus pandemic than most of its competitors, and it is frequently mentioned by industry watchers as a possible acquisition target, as smaller companies are less able to hedge against changes in trends and tastes than the industry’s giants. Last year, the Italian luxury conglomerate rehired former CEO Michele Norsa as executive director to assist management in rebranding the company and weathering the COVID-19 storm. Gobbetti will start his new job as soon as he is released from his contractual responsibilities, according to Ferragamo, which is known for shoes worn by Hollywood icons such as Audrey Hepburn. Burberry announced in a separate statement that Gobbetti would be leaving the British fashion house at the end of 2021. Gobbetti, a former CEO of Moschino, spent 13 years at the LVMH (LVMH.PA) group, where he was CEO of Givenchy and Celine, before joining Burberry, according to Ferragamo. Ferragamo shares were up 2.6 percent at 0704 GMT, surpassing the All-Share index, which was virtually flat (.FTITLMS). Agnieszka Flak contributed reporting. The Thomson Reuters Trust Principles are our standards. Continue reading
