Ferragamo puts in place an executive committee

MILAN (Reuters) – The group of Italian luxury, Salvatore Ferragamo is going to put in place an executive committee to carry out its reorganization, which will delay the recruitment of a new executive director, reported on Wednesday two sources.

Its president Ferruccio Ferragamo has temporarily assumed the leadership in march after the resignation of the ceo Eraldo Poletto, who remained in office less than two years.

He had then declared that the fashion house would take the time needed to choose its new leader, who would be recruited from outside the company.

According to sources, the executive committee that the president puts in place includes leaders from outside the company. The recruitment of a new ceo could take up to 18 months, she added.

The family group struggled last year to implement its ambitious strategic shift through a renewal of its product range to attract a younger clientele to rebalance its sales and profitability.

“(Ferragamo) will not be a leap into the unknown by choosing a successor (Poletto),” said the second source.

(Claudia Cristoferi, Catherine Mallebay-Vacqueur for French service, edited by Véronique Tison)