Salvatore Ferragamo S.p.A.
Salvatore Ferragamo S.p.A. () is an Italian luxury goods company, with headquarters in Florence, Italy. It specializes in shoes, leather goods, Swiss-made timepieces, and ready-to-wear for men and women. The company licences eyewear and watches. It is the parent company of the Ferragamo Group which employs about 4,000 persons and maintains a network of over 654 mono-brand stores, and it runs operations in Italy and worldwide. History. Salvatore Ferragamo emigrated from southern Italy to the US, first to Boston and then California in 1914. He opened the Hollywood Boot Shop in 1923  and made shoes for movie stars such as Joan Crawford and Gloria Swanson, as well as for films such as Cecil B. DeMille's feature film "The Ten Commandments". He returned to Italy and set up a shoe shop in Florence in 1927. The current shoemaking company regards 1928 as the date of its foundation, however, and it therefore celebrated its 80th anniversary in 2008. Salvatore Ferragamo filed for bankruptcy in 1933, during the Great Depression, but by 1938, he was in a position to buy the Palazzo Spini Feroni, one of the great palaces of Florence. This houses the  company's flagship store and a museum dedicated to Ferragamo's life and work. The company flourished after World War II, expanding the workforce to 700 craftsmen producing 350 pairs of handmade shoes a day. After Salvatore's death in 1960, his widow, Wanda, took over the running of the business and expanded its operations to include eyewear, perfume, belts, scarves, bags, watches and a ready to wear clothing line. The company's majority owners remain the Ferragamo family, which in November 2006, included Salvatore's widow Wanda, five children, 23 grandchildren, and other relatives. There is a rule that  only three members of the family can work at the company, prompting fierce competition. To ease these tensions, in September 2006, the family announced a plan to float 48% of the company on the stock market, and since October 2006, Michele Norsa has been managing and general director. However, as of January 2008, this plan may be put on hold in the midst of the downturn in the financial market. If the listing on the stock market proceeds, the fund will be directed primarily towards building its positions in China. The company is holding its 80th birthday exhibition in Shanghai . In 2011, the company was listed on the stock exchange. On 2 August 2016, Eraldo Poletto was appointed as new CEO of the group. On 8 March 2017, conclusion of the relation with Poletto granted interim management powers to the chairman, Ferruccio Ferragamo. On 31 July 2018, Micaela le Divelec is appointed as new CEO of the group. In January 2022, Marco Gobbetti was appointed as new CEO of the group. On March 14, 2022, British designer Maximilian Davis was named as the new creative director for the brand in an effort to revitalize their ready-to-wear line. Innovations . Throughout its history, the company has been known for innovative designs and use of materials. Such ingenuity goes back to Salvatore's time in California, when he studied anatomy to make shoes which were more comfortable. Notable innovations include the wedge heel, the shell-shaped sole, the ‘invisible’ sandal, metal heels and soles, the 18-carat gold sandal, the sock-shoe, sculpture heels, and the gloved arch shoe created for the Maharani of Cooch Behar in 1938. Metal-reinforced stiletto heels were made famous by Marilyn Monroe. The company is also known for the ‘Gancini’ decoration, the ‘Vara’ patent ballet  pump, the Salvatore bag, and the use of patchwork. It makes also eyewear and watches in partnership with Marchon and Timex Group. It started adding NFC tags to their products in 2014 to fight counterfeits. Clients. Salvatore worked with film stars and celebrities from his earliest days in Hollywood. Clients over the years included Audrey Hepburn, Sophia Loren, and Greta Garbo, as well as Andy Warhol, Seulgi, Grace Mugabe, and Diana, Princess of Wales, Namal Rajapaksha. The company made Margaret Thatcher's famous handbags and for King Jigme Khesar Namgyal Wangchuck during the coronation on November 6, 2008, in Thimpu , Bhutan.