Salvatore Ferragamo | The Board of Directors approves the Half Year Financial Report as of 30 June 2018
Salvatore Ferragamo Group Six Months Revenue -6.2%, Gross Operating Profit (EBITDA1) -14.5%, Net Profit -23.1% and Positive Net Financial Position of 101 million Euros.
The Board of Directors of Salvatore Ferragamo S.p.A. (MTA: SFER), parent company of the Salvatore Ferragamo Group, one of the global leaders in the luxury sector, in a meeting in Florence last 31 July, chaired by Ferruccio Ferragamo, examined and approved the Half Year Financial Report as of 30 June 2018, prepared according to IAS/IFRS international accounting principles (Limited Audit).
Salvatore Ferragamo S.p.A. is the parent Company of the Salvatore Ferragamo Group, one of the world’s leaders in the luxury industry and whose origins date back to 1927. The Group is active in the creation, production and sale of shoes, leather goods, apparel, silk products and other accessories, along with women’s and men’s fragrances. The Group’s product offer also includes eyewear and watches, manufactured by licensees. The uniqueness and exclusivity of our creations, along with the perfect blend of style, creativity and innovation enriched by the quality and superior craftsmanship of the ‘Made in Italy’ tradition, have always been the hallmarks of the Group’s products. With approximately 4,000 employees and a network of 677 mono-brand stores as of 30 June 2018, the Ferragamo Group operates in Italy and worldwide through companies that allow it to be a leader in the European, American and Asian markets.
During today’s meeting, the Board of Directors has appointed by co-optation, with the favorable opinion of the Compensation and Appointment Committee as well as of the Statutory Auditors, Mrs. Micaela Le Divelec Lemmi as new Director pursuant to article 2386, clause 1, of the Italian civil code, replacing Director Raffaela Pedani who resigned with immediate effect. The Board has also appointed Mrs. Micaela Le Divelec Lemmi as the Company’s Chief Executive Officer, with powers of ordinary administration, except for those powers explicitly reserved for the Board of Directors’ exclusive jurisdiction. Mrs. Micaela Le Divelec Lemmi has taken office immediately and until the next Shareholders Meeting.
Micaela Le Divelec Lemmi, who joined the Ferragamo Group on April 2018 as General Manager, has a long-term experience in the fashion and luxury industry having worked for 20 years within the Kering Group with growing responsibilities. She first joined the Finance Department, then she has been appointed CFO at Gucci in 2008 and Executive Vice President and Chief Operations Officer in 2013. In 2014 she became also Richard Ginori’s CEO, under the control of the Kering Group, until 2015 when she has been named Executive Vice President and Chief Consumer Officer of Gucci.