Upheaval at Ferragamo: CEO Eraldo Poletto quits the job, less than 2 years after his appointment

Less than two years. Chief executive officer Eraldo Poletto, on duty since summer 2016, will quit his position at Ferragamo on March 8. The fashion house personally announced the upheaval in a short public statement released yesterday, in the late afternoon, after the closing of the stock exchange markets. “On March 8, 2018, the board of directors will certify that Mr Eraldo Poletto is terminating his contract as council member and chief executive of the company, in accordance and step with Mr Poletto himself”. Shortly after his appointment, then, Poletto’s occupational experience at Ferragamo comes to an end: “He contributed – remarks the fashion brand – to the start of a new business stage for the company”. Yet, the brand restart was very hard going and tough. Earlier in February, Ferragamo made public their financial turnover data, which were not outstandingly good at all. Last year, in mid-December, the company had highlighted, before markets and investors, “their business transitional period, which had been going on throughout 2017”. Such transition “is to be extended till 2018 financial year, thus affecting the company’s mid-term expectations”. At the end of 2017, revenues amounted to slightly less than 1,4 billion euros, -3,1% compared to 2016; the last quarter was considerably negative (-8,4%). Ferragamo splits their top management, though they do not say (for the moment) who is going to take Poletto’s place. In the meantime, the Stock Exchange positively accepted the news, since the company’s shares have gone up again.


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