Salem Radio Network News Monday, October 3, 2022

Business

Ferragamo partners with Farfetch to grow online, reach younger shoppers

MILAN (Reuters) -Italian fashion house Salvatore Ferragamo said on Thursday it had struck a partnership with online luxury shopping retailer Farfetch 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.

($1=0.9693 euros)

(Reporting by Valentina Za; Editing by Federico Maccioni and Clarence Fernandez)

Previous
Next

Editorial Cartoons

View More »

Gary Varvel
Tue, Sep 27, 2022

X CLOSE