Big changes are occurring at Salvatore Ferragamo. The Florence-based label, which has suffered a 30% decline in its sales due to the Covid-19 crisis, has reshuffled its management and brought back Michele Norsan, appointing the Italian businessman who led the company for 10 years, from 2006 to 2016, as executive deputy chairman. Micaela le Divelec Lemmi will continue in her role as CEO, but the Ferragamo family has stepped down from their executive positions.
"The Board of Directors of Salvatore Ferragamo S.p.A., in a meeting chaired today by Ferruccio Ferragamo, has approved a new governance framework for the company, resulting in the majority shareholder Ferragamo Finanziaria S.p.A. focusing on strategic guidance and planning and the management of the Group entirely entrusted to executive managers," the fashion house explained in a press release.
Newly appointed executive deputy chairman, Norsa, has therefore be taken over the authority previously held by Ferruccio Ferragamo, who will continue in his role as chairman but has passed on his previous executive powers. Norsa has also assumed the chairmanship of the executive committee, and the brand and product strategy committee.
As for Ferruccio Ferragamo's son, Giacomo (James) Ferragamo, he has stepped down as a member of the board in order to make a seat available for Norsa. It was confirmed, however, that he will remain at the company as a "manager with strategic responsibilities," focusing on his role as brand & product and communication director.
Norsa boasts many years of experience in the luxury industry, having notably served as CEO at Valentino. Most recently, he was vice chairman at Missoni.