Salvatore Ferragamo, the esteemed luxury fashion brand headquartered in Florence, has recently named Alessandro Corsi as their new Chief Financial Officer. This appointment was made official during a board of directors’ meeting held on December 13, 2018, with Corsi set to take on his new role starting January 11, 2019. He will be stepping into the position previously held by Ugo Giorcelli, who had been serving as the CFO since March 2017. The company has noted that Giorcelli’s departure is due to his decision to explore new professional opportunities.
Corsi brings a wealth of experience to his new role, having been a part of Salvatore Ferragamo for over a decade. His journey within the company began in the finance department at General Electric before he transitioned to the luxury fashion house in 2003. Throughout the years, Corsi has taken on several key roles within the organization, such as Director of Group Business Development and E-commerce, Investor Relations Director, and most recently, Chief Strategy Officer. Despite not being a shareholder, Corsi has been instrumental in the financial operations of the company.
Alongside Corsi’s appointment, Marco Fortini has been assigned the responsibility of overseeing the corporate financial reports for the group starting on the same date. Fortini, who has previously held this position in 2016 and 2017, brings a strong background in financial management to his role.
Salvatore Ferragamo has a robust global presence, with 679 monobrand stores scattered across Europe, America, and Asia, employing around 4,000 individuals. Despite recent challenges like a downgrade from financial services firm Kepler Chevreux and a conservative outlook for the luxury sector due to China’s economic slowdown, Ferragamo remains a significant player in the industry.
For the first three quarters of the fiscal year, Ferragamo reported revenue of €972 million, indicating a slight decline of 3.3% compared to the same period in the previous year. However, the third quarter showcased signs of improvement, with revenue reaching €298 million, marking a 3.9% increase. EBITDA decreased by 7.9% to €149 million, while net income witnessed a 17.5% decrease to €65 million. Sales performance across different product categories varied, with handbags and leather accessories showing growth, while apparel and footwear experienced declines.
With Alessandro Corsi at the helm as the new CFO, Salvatore Ferragamo is poised to navigate the evolving luxury fashion landscape. His strategic financial planning and expertise are expected to steer the company towards a path of sustainable growth in the foreseeable future.
To learn more about Salvatore Ferragamo, visit their official website here. For the latest news and updates on the luxury fashion industry, check out FashionUnited here.
