Milan (Reuters) – Ferragamo is sliding more than 5 % on Tuesday after the Italian luxury group announced that CEO Marco Jobiti will leave next month after more than three years.
Jobiti, the former British brand, Berberry, was trying to circumvent the Florentine brand, but the progress was slower than he was hoping.
“While awaiting more clarity in the new stage of re -launch, we see potential negative effects in the short term, bearing in mind that the transition stage can also include the creative team and part of senior management,” said analysts at Italian Broker Equita. In their daily note.
They added that the exit of Jobiti may be the result of the results that are less than expectations and delay in reviving the brand compared to the initial goals.
Gobbetti joined the group at the beginning of 2022 and promised a quick shift. However, last year he warned that achieving transformation goals could take longer than expected.
Britain was appointed Maximilian Davis as creative director in 2022 shortly after Gobbetti took over the company’s responsibility.
Ferragamo, which is controlled by the family of the late founder Salvatore Ferragamo, said on Monday that it started searching for the new CEO, who will be responsible for “continuing the brand renewal and promoting heritage activities.”
The stocks in Ferragamo 4.64 % fell at 0935 GMT.
Last year, stocks lost about 38 % of their value and hit a record decrease at the beginning of December.
“We believe that his departure can be seen as a small positive by the market, as the brand was low in the sector during the past few years,” said Barclays analysts.
(Participated in the coverage Elisa Anzolin; Tahrir by Keith Warf)