MILAN — Since the exit of Marco Gobbetti as chief executive officer of Salvatore Ferragamo last March, executive chairman Leonardo Ferragamo has been spearheading the strategy of the Florence-based company with a transitional chairman advisory committee. On Tuesday, reporting its preliminary 2025 revenues, Ferragamo said the board appointed the company’s vice president Angelica Visconti as a new member, with immediate effect. She is the daughter of the late Fulvia Ferragamo Visconti, who died in 2018, and the granddaughter of founder Salvatore Ferragamo.
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The advisory committee comprises James Ferragamo, chief transformation and sustainability officer, and son of Ferruccio Ferragamo; the company’s former chief financial officer Ernesto Greco, and former CEO Michele Norsa, who has taken on the role of special chairman adviser. The search for a new CEO is ongoing.
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Visconti’s appointment comes as the company continues to see sales declines. In the 12 months ended Dec. 31, consolidated revenues amounted to 976.5 million euros, down 5.7 percent compared with 1.03 billion euros in 2024. At constant exchange rates, the decrease stood at 3.8 percent. In the fourth quarter, sales totaled 282 million euros, down 3.2 percent compared with the same period a year earlier.
While there was no conference call with analysts following the release of the figures, the group outlined in a statement the progress made and its business priorities, as it had started to implement “the necessary actions to ensure full alignment and coherence across design, product, communication and distribution channels, leveraging its strong heritage and creative capabilities.” The brand is designed by creative director Maximilian Davis, who was tapped by Gobbetti in March 2022.
The company said it has strengthened its signature shoes, such as the Vara for women and the Tramezza line for men, named after the layer of leather inserted between the insole and outsole to ensure durability, flexibility and comfort. During Men’s Fashion Week in Milan earlier this month, Ferragamo unveiled the first chapter of its “Legends, Reimagined” project, conceived as an ongoing series aimed at celebrating the brand’s iconic designs alongside key figures exemplifying excellence. The initiative kicked off with Italian ski legend Alberto Tomba as ambassador.
Ferragamo also enhanced the Hug handbags line and introduced new bestsellers, such as the Soft bag.
In addition to more efficient and improved communication campaigns, the retail network was a focus area, as Ferragamo aimed to improve its visual displays and enrich its in-store experience, while progressing with store renovations and strengthening data-driven clienteling.
“We continued to execute our strategy with flexibility and operational discipline, through effective cost control, higher collection efficiency and inventory optimization,” stated Ferragamo.
These steps contributed to a positive performance of the direct-to-consumer channel in the fourth quarter, which accelerated sequentially despite a tougher comparison base, with all regions posting positive trends. “The results benefited from higher conversion rate and average ticket, improved cross-selling and a continued solid growth of the online business,” the company said.
The wholesale channel continued to decline, aligned with the company’s focus on key accounts to protect the brand’s image.
“Mindful that the geopolitical and macroeconomic environment remains uncertain, and that wholesale is likely to remain challenging, our focus in 2026 will be to sustain current momentum, fully deploy the revised positioning and reassess our retail distribution network,” concluded Ferragamo. “We look forward to build on these initial positive results, reigniting brand desirability and supporting topline and profitability.”
In 2025, sales of the direct-to-consumer channel decreased 3.1 percent to 752.3 million euros, representing 77 percent of the total. At constant exchange rates, they edged up 0.4 percent, helped by positive performances in the U.S., Europe and Latin America, offsetting weaker results in Asian markets.
The wholesale channel decreased 17.5 percent to 192 million euros.
In the fourth quarter, the DTC channel was up 6.3 percent at constant exchange rates. At current exchange rates, it inched up 0.6 percent, accelerating compared with the third quarter.
The online channel continued its positive trend, reporting solid growth also in the fourth quarter, with higher traffic, order number and value.
In the fourth quarter, the wholesale channel was down 23.5 percent, reflecting the renewed focus on controlled distribution and key accounts.
In 2025, net sales in the Europe, Middle East and Africa region decreased 4.4 percent to 235.6 million euros, with the positive DTC channel offsetting the double-digit negative wholesale result.
Net sales in North America were down 0.9 percent to 305 million euros, but at constant exchange rates they increased 3.1 percent.
Net sales in Central and South America decreased 1.4 percent to 80 million euros, but at constant exchange rates they were up 7.9 percent.
In Asia-Pacific, net sales fell 15.6 percent to 246 million euros, mostly penalized by the wholesale business.
Net sales in Japan were down 6 percent to 78 million euros.