Salvatore Ferragamo Profits, Sales Down in 2018

MILAN — “Execution is key.” Micaela Le Divelec Lemmi, CEO of Salvatore Ferragamo, is banking on carrying through “a clear and definite action plan” to turn around the company, which in 2018 saw an erosion in profits and sales.

Le Divelec Lemmi was speaking with analysts during a conference call on Tuesday at the end of trading after the Florence, Italy-based company revealed a 21.1 percent drop in net profits last year. Earnings, including a minority interest of 2 million euros ($2.3 million), totaled 90 million euros, compared with 114.3 million in 2017.

“We are very vigilant, the strategy is alive and not completed in one year,” said Le Divelec Lemmi, who took on the CEO role at the end of July last year. “We are fine-tuning our communication, our digital organization, our cultural strategy, and the real key driver is the ability to execute in due time in a precise and specified manner.”

This story was reported by WWD and originally appeared on WWD.com. To view the full story, please click here

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