Ferragamo family signs agreement on generational handover; chairman rules out sale (translated)
14 NOV 2017
The Ferragamo family, which controls the Italian fashion group of the same name, has signed an agreement related to future control of the company, the Italian newspaper L’Economia de Il Corriere della Sera reported.
The item, which cited Ferruccio Ferragamo, the group’s chairman, said that all 26 adult members of the family have signed the three-year agreement, which is focused on the third and fourth generation. Such an agreement confirms that the CEO will always be external to the family and the family members that want to be involved in the business are subject to verification by the family board.
Ferruccio Ferragamo has ruled out the option of selling the group, the item concluded.
Ferragamo posted revenues of EUR 1.4bn and an EBITDA of EUR 324m in 2016.