Ferragamo Names Former Gucci Veteran as New Chief Executive

FLORENCE, Italy — Salvatore Ferragamo SpA appointed Micaela le Divelec Lemmi, a veteran of French luxury conglomerate Kering, to become its new chief executive officer as the Italian shoe- and scarf-maker seeks a turnaround.

Le Divelec Lemmi, who served as chief financial officer of Kering's Gucci brand, has been general manager of Ferragamo since April. The appointment is effective immediately, the Florence-based company said in a statement Tuesday.

Former chief executive Eraldo Poletto stepped down earlier this year after the company backed away from its financial targets, saying it needed to spend more on technology and marketing to relaunch the brand. The turnaround effort remains a work in progress: The announcement of the new chief came as Ferragamo said revenue fell 3.4 percent at constant exchange rates in the first half to 674 million euros ($789 million). Analysts had predicted 685 million euros.

Poletto had pushed for more investment in e-commerce and online communications. He also brought in new creative directors, including the British shoe designer Paul Andrew, to revamp its offer. Poletto has since joined Coach owner Tapestry as chief executive of the Stuart Weitzman brand.

By Robert Williams; Editor: Eric Pfanner and John Lauerman

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