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Ferragamo Picks Gucci Veteran to Lead Faltering Turnaround

  • New CEO had been financial executive at French rival Kering
  • Shoemaker reports first-half sales missed analysts’ estimates
Salvatore Ferragamo SpA Chief Executive Officer Eraldo Poletto Hosts An Investor Day
Photographer: Alessia Pierdomenico/Bloomberg
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Salvatore Ferragamo SpA appointed Micaela le Divelec Lemmi, a 20-year veteran of French luxury conglomerate Kering SA, to become its new chief executive officer as the Italian shoemaker seeks leadership for its turnaround bid.

Le Divelec Lemmi, who served as chief financial officer of Kering’s Gucci brand, has been general manager of Ferragamo since April. The stock rose as much as 4.5 percent Wednesday, giving the company a market value of 3.4 billion euros ($4 billion), as analysts said the appointment signaled an extended rebuilding effort at Ferragamo.