Ferragamo was the shoemaker to the stars — then it tried to be something else

Salvatore Ferragamo founded his Florence workshop in 1927 and became the shoemaker to the stars, designing for everyone from Marilyn Monroe to the British royal family. The company survived the Great Depression — filing for bankruptcy in 1933 and recovering — and grew into a global luxury house spanning shoes, handbags, silk scarves, and fragrances. In 2011, the family took the company public on the Milan stock exchange while retaining 65% ownership.

Revenue peaked around €1.4 billion in the mid-2010s but began a slow decline. In 2021, revenue was €1.136 billion. That year the company hired Marco Gobbetti, the former Burberry CEO credited with turning around that British house. Gobbetti brought in Maximilian Davis as creative director, rebranded the company simply as 'Ferragamo', and pushed the brand upmarket with bolder designs, higher prices, and a younger-targeted marketing strategy.

The upmarket pivot failed to find an audience. In the first nine months of 2023, revenue fell 8.3% year-over-year, with a 20% decline in the United States — the brand's most important market. The strategy had abandoned Ferragamo's core customers — older, loyal, shoe-focused — without winning a new generation. In 2024, Ferragamo posted a net loss of €68 million, a sharp reversal from the €26 million profit of 2023. Gobbetti resigned in March 2025. Chairman Leonardo Ferragamo took interim charge.