New Ferragamo CEO to start in January, sales rise in Q3

Ferragamo’s new Chief Executive Marco Gobbetti will take the helm from Jan. 1, the Italian luxury group said on Tuesday, after beating analysts’ expectations with a 17.4% increase in third quarter sales at constant exchange rates.

Revenues rose by 35% to 785 million euros ($907 million) in the first nine months of the year, mainly driven by strong growth in the United States in the last quarter.

That was still down on the 994 million euros booked in the same period of 2019, before the pandemic hit.

In addition, the health emergency broke out just as the family-owned firm was striving to revamp a brand famous for shoes worn by Hollywood stars such as Audrey Hepburn.

The Florentine group announced its new CEO in June in a bid to speed up its relaunch, following Gobbetti’s success with Burberry’s (BRBY.L)’s turnaround.