Ferragamo: Norsa returns to driving, step back from the family

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After four years Ferragamo again relies on Michele Norsa. That is to the manager who for ten years, and until 2016, had been the CEO of the Florentine fashion house and who brought the group on a listing in 2011. The board of directors appointed him executive vice president, confirming at the same time, as specified in the release, all the powers of the managing director Michele le Divelec Lemmi. Ferruccio Ferragamo remains president without executive roles. To make room for Norsa, James Ferragamo, Ferruccio’s son, resigned from the board. The reorganization of governance raises inevitable questions. When the change in governance was announced, many on the market hypothesized a sale by the Florentine company – a sale that the Ferragamo family has always denied. But there are also rumors of ongoing projects for an Italian alliance, considering that there is also talk of the return on the market of Italian brands now in the hands of foreign investors. A very fluid moment.

Norsa, who knows the Ferragamo family well, had left the group for reasons personal in 2016. In the meantime, he became industrial partner of Fsi, favoring the entry of Fsi into the shareholder of Missoni, a maison of which Norsa himself was vice president until two weeks ago and of which today he is a board member. Positions – both in Missoni and in Fsi – that the manager will continue to maintain. This is also why there is much speculation on the market. Norsa himself had longed for the creation of an Italian hub in response to the French ones.

This was the communication released yesterday from Florence. The board of directors meeting today under the chairmanship of Ferruccio Ferragamo has defined a new governance structure for the company, with the controlling shareholder Ferragamo Finanziaria engaged in the role of guide and strategic direction of the company and the management entrusted entirely to figures management. Giacomo (James) Ferragamo to leave a place available on the Board, resigned from his board office and in his replacement the Board of Directors appointed by co-optation, pursuant to art. 2386, paragraph 1, of the civil code, with the favorable opinion of the Remuneration and Appointments Committee and the Board of Statutory Auditors, Michele Norsa as new Director, also assigning him the role of Executive Vice President and conferring on him the executive powers previously exercised by the President Ferruccio Ferragamo . Michele Norsa a manager with great experience and knowledge of the luxury sector and has a long term in the Company, of which he was CEO in the period from 2006 to 2016. He took up his new role effectively from May 28, 2020 and until the next Shareholders’ Meeting, and will work in coordination with the CEO Micaela the Divelec Lemmi for the implementation of the Company’s programs and development plans. Giacomo (James) Ferragamo will concentrate on the role of Brand & Product and Communication Director, an area of ​​fundamental importance for the Company especially in this moment of profound changes caused by the ongoing emergency. Giacomo (James) Ferragamo has been confirmed as the company’s strategic director. Michele Norsa has also taken on the Presidency of the Executive Committee and of the Brand & Product Strategies Committee.The Michele Norsa Curriculum Vitae published on the Salvatore Ferragamo S.p.A. website Based on the declarations made by the new Director and the information available to the Company, the Board of Directors has ascertained that Michele Norsa has the integrity requirements and that there are no causes of ineligibility and incompatibility, as required by current legislation. We inform you that as of today, Michele Norsa does not hold any equity investment in the Company. The Salvatore Ferragamo group is one of the main players in the luxury sector born in 1927. Active in the creation, production and sale of footwear, leather goods, clothing, silk products and other accessories, as well as perfumes for men and women. Furthermore, the range of products is completed with glasses and watches, made under license by third parties. Attention to uniqueness and exclusivity, created by combining style, creativity and innovation with the quality and craftsmanship typical of Made in Italy, are the characteristics that have always distinguished the Group’s products. With approximately 4,000 employees and a network of 652 mono-brand stores as of March 31, 2020, present in Italy and worldwide through companies that allow it to oversee the European, American and Asian markets.



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