“Although market fluctuations are inevitable, we remain committed to Ferragamo’s strategic transformation. We have embarked on a journey of change to adapt to the ever-evolving luxury market, ensuring the brand continues to resonate with modern consumers while preserving our heritage,” said Leonardo Ferragamo, Chairman of the Board of Directors of Salvatore Ferragamo S.p.A., in an exclusive interview with Luxe.CO.
He revealed that in 2025, the brand will focus on expanding in key cities such as Shanghai and Chengdu.
In an announcement released on December 3, Salvatore Ferragamo S.p.A. stated that while accounting impairments of EUR 70–90 million might occur, the fiscal year 2024 is expected to be profitable. After experiencing a historic stock price low in July this year, the announcement boosted market confidence. As of the close of trading that day, Salvatore Ferragamo S.p.A.’s stock price had risen by 7.06%, reaching EUR 6.125 per share. At the time of writing, the stock price remains strong at EUR 6.87 per share, with a current market capitalization of EUR 1.15 billion.
The Luxe.CO Monthly Report on Luxury Stocks, published on January 2, 2025, revealed that Salvatore Ferragamo S.p.A. ranked among the top three companies with the highest stock price increase in December 2024, achieving a growth rate of 22.2%.
This year, Ferragamo has benefited from a hit product—the revamped ballet flats, which have dominated the annual “IT SHOE” rankings by platforms such as Lyst and Re-Hub.
Speaking as the second-generation heir of the family, Leonardo Ferragamo recounted the profound connection between Ferragamo and ballet flats, the brand’s efforts to solidify its DNA, plans to strengthen its ties with core female audiences in China, and his confidence in continued investments in the Chinese market.
“Reinterpreting Ballet Flats to Strengthen Our Brand Identity”
“Ballet flats are synonymous with Ferragamo. My father devoted much of his creativity to this model, drawing inspiration from the elegance of ballet,” Leonardo Ferragamo told Luxe.CO.
Ballet originated in 16th-century Italy. As it gained popularity in French courts, ballet shoes transitioned from high-heeled designs to more lightweight flats, becoming a symbol of French fashion globally.
In the modern luxury industry, ballet flats are a staple product that nearly every brand attempts to launch. Ferragamo, however, stands out as the representative brand that has successfully turned this single product into its hallmark, even a synonym for the category.
In Ferragamo’s 2025 Resort Collection, the brand’s iconic ballet flats took on a refreshed look:
The heels feature elastic straps for enhanced comfort and fit. The squared toe is adorned with natural pleats, a hallmark of handcrafted shoemaking. Compared to the classic Vara ballet flats, the new design is more casual and modern.
Even the shoe box has been redesigned, now in pink with the inscription “Ballerina by Ferragamo,” a classic logo personally designed by Salvatore Ferragamo.
As Salvatore Ferragamo once described fashion: “An eternal, endless tide.” The 2025 Resort Collection campaign, “Florentine Imprints,” photographed by Juergen Teller, takes Ferragamo back to its headquarters in Florence, using the Renaissance-era Loggia dei Lanzi as a backdrop to showcase the new ballet flats. This creates a dialogue across time, reflecting the brand’s history.
From the first ballet flats designed by Salvatore Ferragamo in the 1950s to the new designs by Creative Director Maximilian Davis, each pair of ballet flats still requires over 200 manufacturing steps, preserving the tradition.
Since becoming Creative Director two years ago, Maximilian Davis has been dedicated to revitalizing Ferragamo’s reputation in the Italian luxury market, particularly for its iconic shoes and handbags. In addition to updating the ballet flats, the new signature handbag, the “Hug Bag,” has also contributed to the brand’s resurgence in popularity.
In the Q3 financial report ending September 30, Marco Gobbetti, CEO and General Manager of Salvatore Ferragamo S.p.A., stated: “We have already seen encouraging signs in the sales of new products.”
Luxe.CO: Can you share more stories about your father and ballet flats? How do you view this rich brand heritage?
Leonardo Ferragamo: Ballet flats are synonymous with Ferragamo. My father devoted much of his creativity to this model, drawing inspiration from the elegance of ballet. He was always fascinated by the anatomy of the foot and focused on creating innovative shapes, beginning as early as the 1920s with this iconic shoe design.
His legendary contributions to ballet flats are closely tied to his collaborations with Hollywood stars and legendary dancers in the 1950s. He crafted ballerina flats for icons such as Audrey Hepburn, Greta Garbo, Marilyn Monroe, and Ingrid Bergman, as well as exquisite shoes for renowned dancers like Katherine Dunham, Alicia Markova, Anna Pavlova, Colette Marchand, and Agnes de Mille.
This connection enriched Ferragamo’s brand heritage, establishing a timeless brand ecosystem. Revisiting our classic styles strengthens our identity and celebrates timeless elegance and sophistication.
Above: A corner of the “Salvatore Ferragamo 1898–1960” retrospective exhibition at the Museo Salvatore Ferragamo, showcasing Salvatore Ferragamo’s favorite books on subjects like anatomy, philosophy, and religion, alongside custom shoe lasts he made for actresses such as Katharine Hepburn and Sophia Loren.
Luxe.CO: How do you evaluate the work done by CEO Marco Gobbetti and Creative Director Maximilian Davis in revitalizing the brand? What are the strengths of this duo?
Leonardo Ferragamo: They bring complementary strengths to Ferragamo. Marco Gobbetti’s expertise in business strategy and Maximilian Davis’s fresh creative vision are revitalizing the brand in a modern way while respecting our traditions. They will continue refining our brand narrative, introducing new products, and enhancing customer experiences to fully express Ferragamo’s unique value.
“In 2025, We Will Focus on Expanding in Key Cities Such as Shanghai and Chengdu.”
“China remains a vibrant and strategically important market for us. Looking ahead to 2025, we will focus on expanding in key cities such as Shanghai and Chengdu, opening new concept stores that highlight our brand heritage and modernity,” Leonardo Ferragamo shared with Luxe.CO regarding Ferragamo’s plans for the Chinese market.
The continued fluctuations in the Asia-Pacific market, led by China, have negatively impacted the overall performance of Salvatore Ferragamo S.p.A. In its Q3 financial report, the Group predicted this trend would persist until the end of the fiscal year. Nonetheless, the company’s pace and determination to invest in the Chinese market have not slowed.
Above: FERRAGAMO’s new concept store at China World Trade Center, Beijing.
Since Q3 of this year, the brand has unveiled refreshed concept stores at Beijing China World, Suzhou Matro, and Wuxi Hang Lung Plaza. Additionally, new stores were opened at Shanghai Réel Mall and Lanzhou MixC, with designs reflecting the brand’s new visual identity.
When discussing engagement with China’s target audience, Leonardo Ferragamo said: “By blending our heritage with narratives that reflect the aspirations and cultural pride of modern Chinese women, we have built meaningful connections. These connections honor both Ferragamo’s traditions and the intrinsic values of our Chinese audience.”
Ferragamo’s support for women’s individuality and self-expression has been part of its DNA since its inception.
Born in 1898, Salvatore Ferragamo began studying shoemaking at age 11. In 1923, he opened his first boutique opposite Grauman’s Egyptian Theatre in Hollywood. His original designs for film, theatrical, and ballet shoes gained worldwide fame, supporting women’s individuality and earning him the nickname “Shoemaker to the Stars.”
Above: A scene from the retrospective exhibition simulating Salvatore Ferragamo’s journey of opening a store in Hollywood.
Over the past two years, Maximilian Davis has redefined Ferragamo’s portrayal of women with a sleek and modern style, drawing inspiration from the founder’s historical legacy.
In the “Ferragamo Leading Women” short film series released this year, Ferragamo invited accomplished women from diverse backgrounds to share their experiences. The latest episode featured international ballet artist Tan Yuanyuan, a brand ambassador, who shared her journey as the “leading lady” on stage and in life. This series, showcasing the confidence, elegance, intelligence, and resilience of Chinese women, has strongly resonated with the local audience. As of publication, the topic has garnered over 100 million views on social media platforms.
Luxe.CO: Please describe the brand’s target consumers in China.
Leonardo Ferragamo: Ferragamo’s target consumers in China are discerning, culturally aware individuals who value authenticity, quality, and a refined lifestyle.
Every woman is the protagonist of her own story. The unique voices and achievements of outstanding women like Tan Yuanyuan inspire our audience. Through localized storytelling, we convey Ferragamo’s brand values, philosophy, and image, resonating strongly with Chinese consumers.
By blending our heritage with narratives that reflect the aspirations and cultural pride of modern Chinese women, we have built meaningful connections. These connections honor both Ferragamo’s traditions and the intrinsic values of our Chinese audience.
Luxe.CO: How do you view the evolution of the Chinese market and its strategic importance to the Group? What plans does the company have to boost performance in China?
Leonardo Ferragamo: China remains a vibrant and strategically important market for us.
As consumer preferences evolve, our focus is on deepening engagement with local consumers and tailoring our offerings to resonate with their tastes. Ferragamo’s plans include increasing brand visibility, enhancing our digital presence, and improving client experiences to build more meaningful connections with the Chinese audience.
Looking ahead to 2025, we will focus on expanding in key cities such as Shanghai and Chengdu, opening new concept stores that highlight our brand heritage and modernity. Ferragamo is committed to elevating customer experiences while staying aligned with the evolving expectations of today’s luxury consumers.
“The Luxury Industry Still Holds Significant Growth Potential, Especially for Brands That Stay True to Their Values While Innovating”
After a century in the fashion and luxury industry, Salvatore Ferragamo S.p.A. has embarked on a comprehensive brand revamp and reform:
- In April 2021, the company appointed former Burberry CEO Marco Gobbetti.
- In March 2022, 26-year-old Maximilian Davis was named Creative Director.
- In September 2022, the brand officially rebranded from Salvatore Ferragamo to FERRAGAMO and introduced a new logo.
- In April 2024, the Board of Directors was refreshed, featuring two third-generation members of the Ferragamo family: Giacomo Ferragamo and Niccolò Ferragamo.
With the popularity of the revamped ballet flats and the Hug Bag, along with the fiscal year 2024’s forecasted return to profitability, the industry is witnessing early signs of Ferragamo’s successful rejuvenation.
On October 25, the Board of Directors of Salvatore Ferragamo S.p.A. approved the acquisition of minority shares in three joint ventures that distribute the company’s products in Greater China, for a total consideration of $42 million. Following this transaction, Salvatore Ferragamo S.p.A. and its subsidiary Ferragamo (Hong Kong) will become the sole shareholders of these joint ventures, thereby consolidating and relaunching its operations in Greater China.
Regarding this, CEO Marco Gobbetti stated in the announcement: “The completion of this transaction will enhance Ferragamo’s presence in Greater China, one of the Group’s most important markets, at a pivotal time for the brand’s relaunch.”
Industry analysts highlight one of Salvatore Ferragamo S.p.A.’s strengths: its strong control over distribution channels. Retail accounts for 70% of its distribution, with 150 travel retail stores worldwide, including extensive airport locations. As global tourism recovers, the brand is expected to benefit significantly.
Above: Ferragamo boutique at 3 Montenapoleone Street, Milan.
However, brand transformation is not achieved overnight, and more measures and outcomes are awaited with anticipation.
Luxe.CO: Over the past year, Salvatore Ferragamo S.p.A. has refreshed its Board of Directors and made significant personnel changes. As Chairman, what do you see as the core of this transformation? What fresh perspectives have the new members brought to the brand? What key goals do you hope the Board will achieve during its term ending in fiscal year 2026?
Leonardo Ferragamo: The heart of this renewal is to bring diverse perspectives and fresh energy to the brand, ensuring the Group remains competitive in a rapidly evolving industry. The new members bring unique insights and expertise, which will help us strengthen our strategic focus. Our goal is for the Board to guide us through our transformative period, achieving long-term growth and solidifying our global position.”
Luxe.CO: Do you feel any pressure regarding the historically low stock price of Salvatore Ferragamo S.p.A.? We know the Group is undergoing a major strategic transformation. What do you think Ferragamo truly needs to change?
Leonardo Ferragamo: “Although market fluctuations are inevitable, we remain committed to Ferragamo’s strategic transformation. We have embarked on a journey of change to adapt to the ever-evolving luxury market, ensuring the brand continues to resonate with modern consumers while preserving our heritage.”
Luxe.CO: You have experienced many economic cycles. Do you think the current state of the luxury industry is very serious?
Leonardo Ferragamo: “Undoubtedly, the luxury industry is facing challenges, particularly with shifting consumer expectations and economic uncertainties. However, I believe that the luxury industry still holds significant growth potential, especially for brands that stay true to their values while innovating to meet new demands.”
| Image Credit: Salvatore Ferragamo S.p.A., Luxe.CO onsite photography.
| Editor: Xiaoyue
