Ferragamo calls back Norsa to help weather COVID storm
Reuters
Published May 27, 2020 02:24PM ET
MILAN (Reuters) - Italian luxury group Salvatore Ferragamo (MI:SFER) has called back former CEO Michele Norsa as executive director to help management revamp the brand and weather the COVID-19 storm.
In a statement on Wednesday, the company said Norsa had been appointed to the board as executive deputy chairman as part of plans to change governance at the fashion house.
Under the new structure, the group's majority shareholder, family holding Ferragamo Finanziaria, will focus on strategic planning, while the running of the company will be left entirely to executive managers.
The company said Ferruccio Ferragamo would keep his position as chairman but that Norsa would take over his executive powers.
Norsa was chief executive at Ferragamo for around 10 years before leaving in 2016. He later joined rival fashion firm Missoni at the behest of state-backed investment company FSI.
After his departure, Ferragamo set about reorganising its business to sustain sales but went through a period of turbulence, changing managers several times.
Norsa will start in his new role on May 28 and will work closely with the group's CEO Micaela le Divelec Lemmi, the company said.
The luxury industry worldwide is facing a major sales hit due to the health emergency which first emerged in China, home to more than a third of global luxury shoppers.
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Written By: Reuters
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