Italian luxury goods group Salvatore Ferragamo said CEO Marco Gobbetti would step down next month after little over three years in charge.
The company has started looking for a new chief executive, it said in a statement on Monday. Chairman Leonardo Ferragamo will take on executive powers, with help from an advisory committee, once Gobbetti leaves on March 6 and until his replacement is found.
Ferragamo brought board former Burberry chief Gobbetti on board at the start of 2022 as the Florentine group grappled with the damage wrought from the COVID-19 pandemic, which hit it harder than rivals.
The revamp, however, has proven difficult, leaving the Ferragamo group battling a slide in sales as luxury demand globally cools down, especially in Asia.
A year ago, after reporting an 8% drop in sales for 2023, Gobbetti warned that hitting turnaround goals could take longer than anticipated.
In October, Gobbetti guided for a 2024 operating profit at the low end of analyst estimates, after revenues fell 7.2% at constant currencies in the third quarter.
