Salvatore Ferragamo CEO Marco Gobbetti to Exit
MILAN (Reuters) - Salvatore Ferragamo, the Italian luxury goods group, has announced that CEO Marco Gobbetti will step down next month after just over three years at the helm.
The company is actively searching for a successor, according to a statement released Monday. Chairman Leonardo Ferragamo will assume executive responsibilities, assisted by an advisory committee, from March 6 until a replacement is appointed.
Gobbetti joined Ferragamo as CEO in early 2022, as the Florentine group struggled with the impact of the COVID-19 pandemic. The restructuring efforts, however, have faced challenges, resulting in declining sales amidst cooling global luxury demand, particularly in Asia.
A year ago, after a reported 8% revenue decline in 2023, Gobbetti had indicated that achieving turnaround goals may take longer than expected. In October, he forecast 2024 operating profit at the lower end of analyst projections, following a 7.2% decrease in third-quarter revenues at constant currencies.
(Reporting by Valentina Za; Editing by Keith Weir)