Country: Italy

Creative Director of Italian luxury label Salvatore Ferragamo, Massimiliano Giornetti is stepping down from his post after 16 years of being associated with the brand. He joined the company in 2000 as a menswear designer, before taking over the role of Creative Director in 2011.

Commenting on the departure of Giornetti, Michele Norsa, CEO of Salvatore Ferragamo said, “Over the years, the company has discovered and supported so many young talents and today can count on an excellent in-house creative team. We’ll seize this opportunity to revisit our approach to creativity.” Replacement of Giornetti is yet to be announced; Ferragamo’s in-house team will continue designing for the brand at the moment.

Also Read – Brioni appoints Justin O’Shea as Creative Director

Before joining Ferragamo, Giornetti worked with Rome-based designer Anton Giulio Grande on the development of the ready-to-wear and haute couture collections; he later worked as a designer for a knitwear company specializing in cashmere.

It’ll be interesting to see who will step into Giornetti’s shoes for Salvatore Ferragamo as the designer did well for the label for such a long course of time…

Menswear couture house Brioni has appointed Justin O’Shea as its new Creative Director, effective April 1, 2016. He will be responsible for the brand’s collections as well as its image.

On appointing Justin, Gianluca Flore, Chief Executive Officer of Brioni said, “I am very confident Justin O’Shea’s new artistic direction for Brioni will be instrumental in strengthening our core values and continuing to drive dynamism and innovation into the brand heritage. Justin has shown an accurate understanding of the company’s DNA and historic roots and an assertive approach on how to make those values relevant for the brand today.”

Also Read – Jean-Philippe Bailly appointed COO of Kering

Established in Rome in the year 1945, Brioni is known as one of the world’s most prestigious menswear couture houses. It develops and manufactures sartorial ready-to-wear, leather goods, shoes, eyewear and fragrance, in addition to the Su Misura – made-to measure – service. The company’s products are distributed world over through directly-owned boutiques and a network of selected department stores.

The company is a part of Kering group, a worldwide leading Luxury and Sport & Lifestyle group.

Italian fashion label Valentino’s CEO, Stefano Sassi has informed an Italian financial daily Il Sole 24 Ore that the brand noted 48 per cent increase in its revenue to € 987 million for the full year 2015. The company’s EBITDA touched € 180.2 million mark against € 98.5 million in the comparable period last year, and was equivalent to 18.3 per cent of total sales, compared to 14.8 per cent in 2014.

Sassi further stated that EBIT grew from € 43 million in 2014 to € 104.4 million a year later. The factors that pushed earnings at Valentino are – store growth in like-for-like terms, a 20 per cent surge by a retail network which now accounts for 55 per cent of total sales; good performance of wholesale channels; opening of around 20 to 30 new stores last year; and a favourable exchange rate effect.

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Founded in 1960, Valentino is a clothing firm that also offers products in segments like footwear, accessories, etc. It operates around 160 mono brands across the globe. Accessories section has also fetched great profits for the brand. The section accounts for 55 per cent of revenue today as against 30 per cent a year ago. Menswear segment too did well for the clothier as it was worth € 100 million in 2015.

Italian fashion house Prada SpA said that its Chief Financial Officer Donatello Galli has resigned from his post. The company informed that Galli is exiting due to some personal reasons in order to pursue new career opportunities. He will be replaced as CFO by Investor-Relations Director Alessandra Cozzani, whose appointment takes effect immediately and “is a natural extension of the role she has already been playing in the management of the company,” it mentioned.

Prada further said in a statement, “There is no other matter relating to his resignation that needs to be brought to the attention of shareholders of the group.” The departure has come three days after the luxury goods retailer reported a second year of low sales, struck by crumpling demand in mainland China, strong dollar and terror attacks in the fashion capital Paris.

Also Read – Prada notes fall in revenue

Prada S.p.A. is an Italy-based luxury fashion house, specializing in ready-to-wear leather and fashion accessories, shoes, luggage, etc., founded in 1913 by Mario Prada. It would be interesting to note what new changes or solutions Cozzani will bring at the luxury fashion giant to get it back on profit making track. No doubt, the brand is facing tough competition in the luxury goods market from other labels like Gucci and Chanel, still Prada has got its own charm and is eager to note positives on its balance sheet again.

Italian luxury fashion house Prada has noted plunge in its preliminary revenues, due to low sales in Greater China region which is facing sluggishness in economic growth and a clampdown on extravagance.

Also Read – Prada targets cost reduction in 2015

The retailer reported that its consolidated net revenue dived 0.2 per cent for a year earlier to 3.54 billion euros (US $ 3.94 billion) in the 12 months to January 31, 2016. Further to this, a fragile Chinese yuan and a change in consumer’s buying behaviour towards more inexpensive brands have downcast the buying capacity of mainland Chinese tourists in Hong Kong, a traditional shopping hub, in the three months through January.

Besides, luxury goods maker’s shares have gone down by 44 per cent over the past year, underachieving the benchmark Hang Seng Index which has dropped 19 per cent in the same period. It has also been observed over a course of time that growth in the luxury goods market has dived to low single digits from more than 10 per cent four years ago, as consumers are looking for better deals which are less expensive and more affordable. This is making a notable shift in buying of other brands such as Furla, Longchamp and Kate Spade in the United States of America.

Also Read – Prada reports 8.9% dip in sales

Headquartered in Milan and founded in 1913 by Mario Prada, Prada S.p.A specializes in ready-to-wear leather and fashion accessories, shoes, luggage, perfumes, watches, etc.