Ferragamo partners with Farfetch to grow online, reach younger shoppers
Reuters
Published Aug 11, 2022 03:43AM ET
Updated Aug 11, 2022 04:25AM ET
MILAN (Reuters) -Italian fashion house Salvatore Ferragamo said on Thursday it had struck a partnership with online luxury shopping retailer Farfetch (NYSE:FTCH) to expand its digital presence, targeting younger shoppers.
Ferragamo said it would use Farfetch's platform for its e-commerce and look to engage with a global Millennial and Gen Z luxury audience.
"Ferragamo has a wonderful heritage of creativity and craftsmanship and I am hugely excited about the opportunity to take it to a unique new audience globally," said José Neves, the chief executive of Farfetch.
"Ferragamo's outstanding product and creativity, coupled with our marketing capabilities and innovative digital experiences will captivate that audience."
Ferragamo, whose shoes have been worn by Hollywood legends such as Audrey Hepburn, has struggled in recent years to rejuvenate its image and appeal to younger luxury shoppers.
In its latest turnaround attempt, Ferragamo hired former Burberry Chief Executive Marco Gobbetti in January.
Gobbetti has pledged to double Ferragamo's sales to nearly 2.3 billion euros ($2.4 billion) in 2026 from last year by investing more in marketing and communication, renovating stores and improving technology and the group's supply chain.
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Written By: Reuters
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