Italian fashion group Salvatore Ferragamo announced this morning that it has chosen Marco Gobbetti as its new CEO.
The now former CEO of Burberry Marco Gobbetti, is joining the Italian fashion group Salvatore Ferragamo. For some time, speculation about a possible management reshuffle at the Italian group has been circulating.
This follows the economic fallout suffered by Ferragamo due to the coronavirus pandemic. The company is often cited by industrialists as a takeover target; small companies being less able to protect themselves against variations in trends or taste. In the first quarter, the luxury house suffered a net loss of 0.6 million euros.
Luxury goods veteran
Marco Gobbetti had been running Burberry for almost 5 years. He had helped Burberry shares gain more than a third in value. Shares that fell 6% to 21.15 pounds, on the FTSE 100 index only minutes after the announcement made by Ferragamo.
Gobbetti, a 62-year-old Italian, is considered a veteran of the luxury goods industry, having led luxury groups Givenchy, Celine, Moschino before joining the British group Burberry.
This decision was also taken by the Italian because he wants to pursue another opportunity in his home country, and to be “closer to his family” said Burberry in a statement. In the same statement, the chairman of the board thanked Marco for “his partnership and his immense contribution to Burberry.”
He is expected to take up his post from the end of 2021, to give the British group time to find a successor.
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Featured picture: © Financial Times
