MILAN – Salvatore Ferragamo SpA has named a new ad interim chief financial officer.
Less than two years into the job, Pierre La Tour has left the CFO position to pursue other professional opportunities, the company announced after the market closed on Thursday.
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La Tour’s next move could not immediately be learned.
Paolo La Morgia, a seasoned Ferragamo executive and its current group planning and control director and group risk and internal control director, has been promoted to the CFO role on an interim basis, effective Sept. 29.
He will be responsible for preparing the listed company’s financial reports and sustainability reporting, the company said.
A Deloitte alum, La Morgia joined Salvatore Ferragamo in 2010 working on the luxury house’s initial public offering and subsequently holding increasingly managerial positions. Between 2019 and 2024 he was group internal audit director and has been the company tax risk officer since 2022.
Ferragamo is navigating the hardships of the global downturn in luxury spending without a chief executive officer since the exit of Marco Gobbetti in March.
In a conference call with analysts last July, executive board member Ernesto Greco had said that “the recruiting process [for a new CEO] is underway and ongoing.”
He also mapped out a detailed strategy to address declining revenues and profitability focusing on core product offerings, optimized pricing, and improved store efficiency, while navigating challenges in Asia-Pacific and the wholesale channel.
Weak traffic, particularly in Asia-Pacific, and a difficult wholesale scenario weighed on Ferragamo’s first-half performance.
As reported, revenues in the first six months ended June 30 were down 9.4 percent to 474 million euros compared with 523 million euros in the same period last year. At constant exchange rates, they fell 7.1 percent. The performance was mainly penalized by the wholesale channel, which was down 17.9 percent to 105 million euros.
In the second quarter, revenues were down 14.6 percent to 253 million euros.
Profitability was also impacted in the first half, as earnings before interest, taxes, depreciation and amortization fell 38.1 percent to 73 million euros compared with 117 million euros.
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