Ferragamo are going to strengthen their supply chain. In fact, as reported by Il Sole 24 Ore, the fashion brand bought out Arts, a “family” footwear-making workshop. In fact, Jerry Ferragamo, 91 years old, who is the current owner, is also Salvatore’s grandson: he founded the business in 1984. The deal worth was 15 million euros.
Arts headquarters are situated in Scandicci. Jerry Ferragamo, who is the founder and current owner of the company, is Salvatore Ferragamo’s grandson. While liaising together in the past, they carried out a few footwear-making projects based on foot ergonomic design and shoe wearing adaptability. Subsequently, Arts and Ferragamo fashion house carried on with their cooperation, which led the former to reach, in terms of revenues, about 3.5 million euros, as reported by the financial newspaper.
Ferragamo have invested around 15 million euros in the deal to strengthen their supply chain. “Such buyout aims to reinforce the group’s control over its own supply chain”. On top of that, it also aims to “embed some strategic assets and expertise in one of the group’s most important product categories”, commented the fashion brand while talking to Il Sole 24 Ore.
Picture taken from ferragamo.com