Italian fashion house Salvatore Ferragamo is teaming up with online luxury shopping retailer Farfetch to strengthen its digital presence and target younger consumers. Ferragamo plans to utilize Farfetch’s e-commerce platform to engage with millennial and Gen Z luxury shoppers worldwide.
José Neves, CEO of Farfetch, expressed excitement about the collaboration, believing that Ferragamo’s exceptional products and creativity, combined with Farfetch’s marketing capabilities and innovative digital experiences, will captivate the desired audience. Neves sees this partnership as an opportunity to introduce Ferragamo’s rich heritage of creativity and craftsmanship to a new global audience.
Ferragamo, known for its iconic footwear worn by Hollywood legends, has encountered challenges in appealing to younger luxury shoppers. To address this, the company brought in former Burberry Chief Executive Marco Gobbetti to lead a turnaround effort. Gobbetti aims to double Ferragamo’s sales to approximately €2.3 billion ($2.4 billion) by 2026 through increased investments in marketing, communication, store renovations, technology, and the supply chain.
By partnering with Farfetch, Ferragamo aims to leverage the retailer’s online platform and reputation to expand its reach and attract younger consumers who prefer digital channels for luxury shopping. This collaboration aligns with Ferragamo’s broader strategy to revitalize its brand and secure a strong position in the luxury market.
The partnership reflects a larger trend in the luxury industry, with brands increasingly focusing on their digital presence to reach and engage with younger, tech-savvy consumers. The COVID-19 pandemic has accelerated the shift towards e-commerce, prompting luxury brands to adapt quickly. Collaborations with established online platforms like Farfetch offer fashion houses a ready-made infrastructure to expand their online operations and connect with a wider customer base.
Ferragamo’s partnership with Farfetch holds great promise as the fashion brand aims to rejuvenate its image and attract the next generation of luxury shoppers. By embracing the power of digital channels and aligning with a respected online retailer, Ferragamo strategically positions itself for future success in the ever-evolving fashion industry.
Useful Links:
1. Salvatore Ferragamo Official Website
2. Farfetch Official Website
