Salvatore Ferragamo Italia S.p.A.
From Wikipedia, the free encyclopedia
| Salvatore Ferragamo Italia S.p.A. | |
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| Type | Private |
| Founded | Florence (1928) |
| Founder | Salvatore Ferragamo |
| Headquarters | Florence, Italy |
| Area served | Worldwide |
| Key people | Ferruccio Ferragamo (chairman) Michele Norsa (CEO and General Manager) |
| Industry | Fashion |
| Products | Shoes, leather goods, clothing |
| Revenue | €640m (2006) |
| Profit | €47.1m (2007) |
| Owner | Ferragamo family |
| Website | www.salvatoreferragamo.it |
Salvatore Ferragamo Italia S.p.A. is an Italian fashion house, founded in 1927 by shoe designer Salvatore Ferragamo. As well as footwear, today the company sells ready to wear clothing, handbags, leather goods and other accessories such as scarves, ties, jewelry, watches, fragrances and eyewear. Based in Florence, Ferragamo has more than 450 stores in over 55 countries.
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[edit] History
Salvatore Ferragamo emigrated from Southern Italy to Boston and then California in 1914. He opened the Hollywood Boot Shop in 1923, and made shoes for movie stars such as Joan Crawford and Gloria Swanson, as well as for films such as Cecil B. DeMille's The Ten Commandments.[1] He returned to Italy and set up a shoe shop in Florence in 1927.[2] However the modern shoemaking company regards 1928 as the date of its foundation and so is celebrating its 80th anniversary in 2008.[1] Salvatore filed for bankruptcy in 1933,[citation needed] during the Great Depression, but by 1938 he was in a position to buy the Palazzo Spini Feroni, one of the great palaces of Florence,[1] which now houses the company's flagship store and museum.
The company flourished after World War II, expanding the workforce to 700 craftsmen producing 350 pairs of hand-made shoes a day.[citation needed] After Salvatore's death in 1960, his widow Wanda took over the running of the business and expanded its operations to include eyewear, perfume, belts, scarves,[2] bags, watches, and a ready to wear clothing line. Production has expanded from 6500 pairs of shoes in 1960 to 10,000 pairs in 2007.[2]
The company is currently owned by the Ferragamo family, which in November 2006 included Salvatore's widow Wanda, five children, 23 grandchildren and other relatives.[3] There is a rule that only 3 members of the family can work at the company, prompting fierce competition.[3] To ease these tensions, in September 2006 the family announced a plan to float 48% of the company on the stock market.[2] However, as of January 2008 this plan may be on ice due to turbulent market conditions.[4] If the floatation does go ahead, the funds will be directed towards establishing a leading position in China,[5] in fact the company is holding its 80th birthday exhibition in Shanghai.[1]
[edit] Innovations
Throughout its history the company has been known for innovative design and use of materials. This goes back to Salvatore's time in California, when he studied anatomy in order to make shoes that were more comfortable. Notable inventions include the wedge heel, the shell-shaped sole, the ‘invisible’ sandal, metal heels and soles, the 18-carat gold sandal, the sock-shoe, sculpture heels, and the gloved arch shoe created for the Maharani of Cooch Behar in 1938.[1] Metal-reinforced stiletto heels were made famous by Marilyn Monroe, [2] The company is also known for the ‘Gancino’ decoration, the ‘Vara’ patent ballet pump, the Salvatore bag and the use of patchwork.[1]
[edit] Clients
Salvatore worked with film stars and celebrities from his earliest days in Hollywood. Over the years clients of the company have included film stars such as Audrey Hepburn, Sophia Loren and Greta Garbo[2] as well as celebrities such as Andy Warhol and Diana, Princess of Wales.[1] The company made Margaret Thatcher's infamous handbags.[5]
[edit] Locations
[edit] Italy
In addition to its historical Florence flagship store in the Palazzo Spini Feroni, Ferragamo has 2 stores in Milan, 2 in Rome and another 14 in prestigious locations in Naples, Genoa, Turin, Capri, Portofino and Venice.
[edit] Europe
In Europe it has 58 directly controlled stores, including a flagship in Paris's Avenue Montaigne and one in London's Old Bond Street. The brand is to be found in major cities in France, Germany, the UK and Spain, as well as in Brussels, Monte Carlo, Vienna and Amsterdam.
[edit] North America
Salvatore Ferragamo operates throughout the territory from Canada to Hawaii, with 25 directly controlled points of sale. In the United States, Ferragamo has 15 boutiques in Arizona, California, Florida, Georgia, Hawaii, Illinois, Massachusetts, Michigan, Nevada, New Jersey, New York, Pennsylvania, Texas, and Virginia. Of particular note are the flagship stores in New York (Fifth Avenue), Beverly Hills, Boston (Copley Place) and Honolulu. In addition to its free-standing stores, there are many shop-in-shops and corners in top American department stores.
[edit] Central and South America
Salvatore Ferragamo recently extended its direct control in Central and South America by setting up Ferragamo Mexico, which directly handles 10 points of sale in the country. It also has a select distribution circuit in numerous countries, from Venezuela to Brazil, Panama and Colombia.
[edit] Japan
Salvatore Ferragamo has had directly controlled operations in this key country since the early 70s and can now count on a distribution network of 64 directly controlled points of sale. It has two flagship stores, one in Tokyo, in the Ginza district, and the new flagship in Osaka, opened in October 2004. Twenty-seven percent of its revenue in 2005 (575m Euros) came from Japan.[6]
[edit] Asia
Through its Hong Kong headquarters, Salvatore Ferragamo controls its distribution operations in the following ten countries in Asia and Oceania: Hong Kong (flagship in Canton Road), Taiwan, China (flagship in Shanghai), Korea (flagship in Seoul), the Philippines (flagship in Manila), Singapore (flagship in Paragon), Thailand, Malaysia (duplex flagship at Pavilion Kuala Lumpur), Indonesia and Australia - totalling 64 directly controlled stores.
[edit] Officers and management
- Wanda Ferragamo (Salvetore's wife): chair of the boards of directors of ‘Salvatore Ferragamo Italia S.p.A.’, of the Group holding company, ‘Ferragamo Finanziaria S.p.A.’ and of ‘Palazzo Feroni Finanziaria’, which controls the Ferragamo Group’s other businesses (Ungaro and Lungarno Alberghi S.p.A.).
- Ferruccio Ferragamo: chief executive officer of ‘Salvatore Ferragamo Italia S.p.A.’ and of the Group holding company, ‘Ferragamo Finanziaria S.p.A.’.
- Leonardo Ferragamo: chief executive officer of ‘Palazzo Feroni Finanziaria’ and chairman of ‘Lungarno Alberghi S.p.A.’. He is also on the board of various other Ferragamo companies.
- Massimo Ferragamo: chairman of ‘Ferragamo USA’, which controls the American market. He is also on the board of various other Ferragamo companies.
- Giovanna Gentile Ferragamo: vice-president of the Group holding company, ‘Ferragamo Finanziaria S.p.A.’ and a director of various other Ferragamo companies.
- Fulvia Visconti Ferragamo: vice-president of ‘Salvatore Ferragamo Italia S.p.A.’ and head of the accessories division (silk scarves, shawls, ties and bijoux). She is also a director of various other Ferragamo companies.
[edit] See also
- Salvatore Ferragamo, the company's namesake and founder
[edit] Notes and references
- ^ a b c d e f g Salvatore Ferragamo celebrates its 80th Anniversary in Shanghai (PDF). Salvatore Ferragamo Italia SpA. Retrieved on 2008-04-20.
- ^ a b c d e f Webb, Tim, “Leonardo Ferragamo: Angels want to wear his red shoes”, The Independent (London), 2007-02-04, <http://www.independent.co.uk/news/people/leonardo-ferragamo-angels-want-to-wear-his-red-shoes-434892.html>. Retrieved on 20 April 2008
- ^ a b Sherman, Lauren, “When Fashion Goes Public”, Forbes, 2006-11-16, <http://www.forbes.com/home/2006/11/15/fashion-public-offering-forbeslife-style-cx_ls_1116house.html>. Retrieved on 20 April 2008
- ^ Finch, Julia, “Tommy Hilfiger halts flotation”, The Guardian (London), 2008-01-25, <http://www.guardian.co.uk/business/2008/jan/25/retail>. Retrieved on 20 April 2008
- ^ a b Cartner-Morley, Jess, written at Shanghai, “From Florence to Shanghai, Ferragamo eyes a makeover”, The Guardian (London), 2008-03-29, <http://lifeandhealth.guardian.co.uk/fashion/story/0,,2269167,00.html>. Retrieved on 20 April 2008
- ^ Japan is the world’s most concentrated source of revenue for luxury brands.
