Salvatore Ferragamo SpA said Eraldo Poletto will replace Michele Norsa as chief executive officer as the Italian luxury shoemaker grapples with falling sales.
Poletto will join from leather-goods maker Furla SpA where he expanded revenue 30 percent in 2015, twice the rate of the year before. He’s due to leave his current role at the end of June. Ferragamo announced last month that Norsa planned to step down after 10 years at the helm, and said last week that it was in talks with Poletto. Norsa will continue to advise the Ferragamo family as a consultant, the Florence-based company said in a statement.
Poletto, who previously headed merchandising at Brooks Brothers, will have to address a creative vacuum after designer Massimiliano Giornetti resigned in March. The recent luxury slowdown has led to a wave of executive departures, including Norsa and Hedi Slimane, the former creative director at Yves Saint Laurent.
Ferragamo also reported a 2.4 percent decline in first-quarter sales, excluding currency fluctuations, as revenue fell in all three of its three biggest markets -- Asia, Europe and North America. Analysts had anticipated a 2 percent drop.