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No one believed it. And yet, the luxury group Salvatore Ferragamo announced in a press release the return of Michele Norsa as director and executive vice-president of the company. The former boss, who had announced his departure in 2016 from the Italian fashion house, will take up his duties on 28 May. Explanations.
A real stroke of thunder, since after ten years at the head of the Italian luxury brand Michele Norsa had expressed in 2016 the desire “to focus on new professional goals after a long period of intense and rewarding work”.
The former general manager is therefore taking over, in close collaboration with the current director Micaela le Divelec Lemmi, the reins of the company, which is facing major difficulties.
Michele Norsa’s work in the general management of the Italian label had been crowned with success. It is to him that the company owes its IPO in 2011 in particular. The management is now counting on his return and support to reorganize the brand and get back on track following the difficulties encountered by the company for several years. Difficulties reinforced in the current context.
A decision reinforced by the crisis caused by the Covid-19 pandemic
The Covid-19 pandemic will have hit the already weakened luxury group hard. In the first quarter of this year, the company’s sales fell by 30.1% to 222 million euros. Ferragamo recorded a loss of 41 million euros, compared to a profit of 11 million euros for the same period last year.
“We expect Ferragamo to lag behind in the luxury industry sector over the next three years, mainly due to its travel exposure, brand value and limited scope for reinvestment of margins,” said Credit Suisse.
Changes are also taking place within the Ferragamo family. While Ferruccio Ferragamo retains his status as chairman, his son James Ferragamo has resigned from the board of directors. He thus leaves a seat unoccupied for Michele Norsa.
Ferragamo’s experiences since the departure of Michele Norsa
Ferragamo, for its part, has undertaken to reorganize itself to support its sales. Michele Norsa’s successor at the time was Eraldo Poletto, former managing director of the leather goods manufacturer Furla. The latter left the post two years later, replaced by Gucci Micaela’s former number two, Divelec Lemmi.
Michele Norsa’s departure thus marked a certain imbalance in the management of the Italian brand. This imbalance was amplified by the difficulties experienced by the company in achieving its objectives.
A departure in competition with the manager emeritus
The Italian manager Michele Norsa is known for a particularly brilliant career, he has held many high responsibility positions in the publishing and fashion sectors. He has notably worked for Benetton, Sergio Tacchini and Rizzoli and was Managing Director of Missoni and Malboro Classics.
Following his departure from Ferragamo, the former director had joined rival fashion firm M Missoni at the request of the FSI state-backed investment company. The company in which he has operated to date.
He now has the onerous task of contradicting Credit Suisse’s predictions and advancing the company’s strategic plans. More to come…
Read also > FERRAGAMO CONFIRMS ITS MEDIUM-TERM GOALS, DESPITE Q1 NET LOSS
Featured photo : Michele Norsa © DR[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
No one believed it. And yet, the luxury group Salvatore Ferragamo announced in a press release the return of Michele Norsa as director and executive vice-president of the company. The former boss, who had announced his departure in 2016 from the Italian fashion house, will take up his duties on 28 May. Explanations.
A real stroke of thunder, since after ten years at the head of the Italian luxury brand Michele Norsa had expressed in 2016 the desire “to focus on new professional goals after a long period of intense and rewarding work”.[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Ftest2023.luxus-plus.com%2Fen%2Fabonnements-et-newsletter-2%2F|||”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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[/vc_cta][vc_column_text]Featured photo : Michele Norsa © DR[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”people-in-the-roles” njt-role-user-roles=”customer”][vc_column][vc_column_text]
No one believed it. And yet, the luxury group Salvatore Ferragamo announced in a press release the return of Michele Norsa as director and executive vice-president of the company. The former boss, who had announced his departure in 2016 from the Italian fashion house, will take up his duties on 28 May. Explanations.
A real stroke of thunder, since after ten years at the head of the Italian luxury brand Michele Norsa had expressed in 2016 the desire “to focus on new professional goals after a long period of intense and rewarding work”.[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Ftest2023.luxus-plus.com%2Fen%2Fabonnements-et-newsletter-2%2F|||”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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[/vc_cta][vc_column_text]Featured photo : Michele Norsa © DR[/vc_column_text][/vc_column][/vc_row]
