Salvatore Ferragamo’s controlling shareholder said on Monday it had appointed former Estee Lauder chief executive Fabrizio Freda as special strategic adviser, sending shares in the Italian luxury group as much as 1.6% higher in early trading.
Ferragamo Finanziaria, the holding company of the Ferragamo family, controls 54.3% of the Florentine company, which has been trying to revive its performance.
Freda, who led U.S. beauty group Estee Lauder for nearly 16 years before retiring in 2024, will advise on strategic decisions and on strengthening the structure and operations of the Ferragamo Group and the family’s other businesses, with a view to creating value, the holding company said. He will also support the search for a new CEO at Salvatore Ferragamo.
Ferragamo has been without a CEO for more than a year after parting ways with Marco Gobbetti.
Freda, who currently sits on the board of BlackRock, could also be appointed to Salvatore Ferragamo’s board in the future, according to the press release.
“We are pleased to begin this collaboration with Fabrizio Freda…whose experience will represent an important contribution to our medium to long-term strategic reflections and to strengthening the entrepreneurial role of our family,” Diego di San Giuliano, chairman of Ferragamo Finanziaria, said in a statement.
Shares of Salvatore Ferragamo pared earlier gains to stand 0.6% at 0740 GMT, outperforming a mostly negative luxury sector.
(Reporting by Elisa Anzolin)
