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August 9, 2015
Leonardo Ferragamo: Angels Wish to Wear His Red Footwear
In Italy, the household is every- thing. Many of the country’s largest corporations are still owned and run by dynasties, and the distinction between the boardroom desk and the kitchen desk is often blurred. So when Leonardo Ferragamo, son of the late Salvatore Ferragamo who based the eponymous luxurious goods empire, says “the household is the brand”, you understand he means it.
In contrast to “Model Beckham”, assiduously cultivated by the footballer David and his movie star spouse, Victoria, this isn’t any Johnny-come-recently marketing wheeze. salvatore ferragamo aftershave Salvatore Ferragamo began one of many world’s grandest luxurious goods businesses when he opened his first shoe shop in Florence in 1927. Considered one of his most celebrated pairs of shoes had been the ruby slippers worn by Judy Garland within the 1939 film The Wizard of Oz. He was also answerable for the metal-strengthened stiletto heels made famous by Marilyn Monroe.
By the 1950s, Salvatore Ferragamo was the shoe of selection for stars equivalent to Audrey Hepburn, Sophia Loren and Greta Garbo. All through, he insisted that each one the company’s products ought to solely be made in Italy to ensure quality was not compromised.
Leonardo, who has labored in the company all his life, says of his father: “He was a genius, a particular individual. But I never bought to know him properly as I was seven when he died.”
When Salvatore passed away aged 62 in 1960, his wife, Wanda, took over the operating of the business. With the assistance of her six children, it has since expanded into a worldwide concern, additionally selling luxurious accessories akin to designer glasses, perfume, belts and scarves. Production has grown from 6,500 pairs of sneakers a year when Salvatore died to round 10,000 a day now. In 2005 the corporate made a revenue of nearly $50m (£25m) on sales of $718m. Asia now represents half its revenues.
Leonardo learnt the artwork of shoemaking in the family enterprise and went on to head the menswear division as well as spearheading the drive into Asia. He can be chargeable for the household’s property investments and is the chairman of the yachting group Nautor, extra of which later.
But Salvatore Ferragamo is about to change. Last yr, for the primary time in its eighty-year history, somebody from outdoors the household was brought in to run the business. Michele Norsa, previously the chief government of the rival Italian group Valentino, replaced Wanda, now aged eighty five, who has turn out to be chairman as she cuts down her workload and prepares to cross on the reins.
And in September, the corporate introduced its intention to float on the stock market, though the family will retain a majority 52 per cent shareholding.
The appointment of Mr Norsa, it is hoped, will head off the infighting that has befallen other great household-run Italian companies, similar to Gucci and Pucci, when their patriarchs died and management passed to their youngsters.
“We are a big household – there are sixty five kids and grandchildren. It can be onerous to pick a brand new boss,” says Leonardo, who’s reported to have been answerable for placing ahead the flotation plans to the household. “We have to modernise the corporate and get it ready for the subsequent generation.”
In interviews, Wanda has at all times strongly rejected the potential for promoting the enterprise, saying not too long ago she was “nearly offended” by the thought. However she has conceded that her kids, between whom possession of the company is divided, might really feel in a different way. By going public, the second technology of Ferragamos will be capable of sell their shares in the event that they wish.
It is hard to tell whether Leonardo has discovered it difficult having an outsider working the family enterprise. “It is a part of the transition,” he feedback. “We share the identical values.”
He additionally insists that having to reply to outdoors shareholders is not going to be an issue. “They can be demanding. However that may be a great thing.”
Leonardo says that despite the flotation plans, Salvatore Ferragamo will stay true to its rules and the family will nonetheless be heavily involved even after it lists in round two years’ time.
The dynasty is certainly one of the company’s greatest property, he says. “An organization owned by the household can switch a level of safety and integrity. It offers a guarantee of continuity. We do not just rely on one man who comes and goes. The household is the brand.”
Central to the Salvatore Ferragamo brand is the “Made in Italy” stamp found on its merchandise, denoting prime quality and good workmanship. For example, the corporate’s formal Tramezza sneakers are hand-made in a manufacturing unit near Florence by half a dozen staff. Nevertheless, manufacturing costs are much greater than these of its competitors, a lot of which have shifted operations Salvatore_Po to Asia. Leonardo’s brother, Ferrucio, as soon as complained in an interview that a few of the company’s employees worked fewer than eight hours every day and were “spoiled”. They wanted, he hinted, to adapt to the worldwide economic system.
Leonardo doesn’t promise that each one the corporate’s goods can be made in Italy indefinitely: “We now have to maintain our eyes open. Issues change in the world. There are other alternatives all over the world. Now we have an open perspective to it.”
Apart from sneakers, Leonardo’s great love is crusing, a passion he has been capable of indulge in some fashion. In 1998, he bought Nautor, which makes the well-known Swan yachts, having sailed its boats for years as an enthusiast. In his Italian lilt, he recounts the “beautiful story” of how he first got here to be involved with the company, which has established such racing events because the Swan Regatta and the Swan Cup, and likewise scooped the trophy in 1973 for the first Whitbread Spherical the World Race.
“I went to go to the manufacturing unit. A new world opened as much as me,” he recalls. “I was amazed at the standard and reliability of each worker, especially the pleasure they were taking to make it special.”
Leonardo appreciates good craftsmanship, whether in a shoe or a boat. Like Salvatore Ferragamo, Nautor focuses on quality not quantity, making just 40 yachts a 12 months, which range in price from €400,000 (£250,000) to a number of million. “[Shoes and boats] are both forms of transportation,” he adds without a hint of irony, warming to his theme. “The Swan yacht is about branding and high quality. Shoes aren’t just about aesthetics however what’s inside them. It’s all about the id of the product.”
Born 23 July 1953.
Education College of Imede, Lausanne, Switzerland – business administration diploma; Columbia College, New York – administration and finance diploma.
Profession at Salvatore Ferragamo
1973-75: assistant to director, leather division.
1975-eighty: director, men’s footwear division.
1980-87: director, men’s division.
1987-ninety four: business director, Europe/Asia.
1994-2000: chief government, Europe/South America/Asia.
2000 to now: chief govt of the holding firm.
Bought Nautor in 1998, becoming chairman. Also chairman of the board at Camper & Nicholsons, the English yachting business bought by Nautor in 2001.