Maximilian Davis - Designer, Creative Director of Ferragamo

[kasper!]

Just hire Bruno Frisoni. Their DNA is footwear and they are like selling that Varina bow pumps for like 3 decades. Not changing at all. Paul Andrew just changed the size of the toe shape and it didn't go well...

 

[Nimsay]

Ferragamo is not going to shut down an entire product line. Thats not how business works. They will keep retooling until it hits.

 

[Lola701]

Putting a brand whose core DNA is not RTW in the hands of a young talent is the original mistake.

In a configuration like this, you need to give it to a household name who is gonna drive people to you based on their name and recognition only. That way, you can start building a RTW signature, benefiting from their proven (i.e. that prove to sell) skills and own signature. Giving it to a Phoebe-type could have been an interesting move.

Overall, I think there needs to be an industry shift and CEOs / investors need to stop wanting to make their brand the "(insert regional adjective) Hermes" and wanting to be the next hip thing. First because it never works (Bottega's goal to be the Italian Hermes ends up with RTW moving even less than before from what I heard leading to them revising their pricing strategy for the next seasons, Burberry's insane prices are already biting them in the a** etc), and I'm sure there is room to make profit off being true to your core identity and selling reliable products you are known for.

Perhaps they should just give up RTW to focus on accessories and have a crazy strong PR strategy to turn their shoes and accessories into IT pieces.

I wish him the best though.

While I agree with you, Ferragamo has done clothes for a long long time and I think it’s kind of natural for them to continue this activity. I think it’s one of those brands where people buys clothes to go with the accessories…
They have had amazing designers at the helm.

I think there’s no problem with wanting to be the « Regional Hermes » or « Vuitton » or whatever. After all, Marc Jacobs was hired to make Vuitton into the « French Gucci ». And when Tom Ford hired Tomas Maier from Hermes to do BV, the goal was to recreate a success à la Hermes and it worked.

The problem is when they are trying to compete with the model they are inspired by. Because historically, Italian fashion, even from the Haute Couture days, has always been more affordable and practical than French fashion.

It’s very presumptuous for Gobbetti who worked at LVMH to try to copy paste a formula that can only work with a handful of houses. Even Givenchy under Riccardo Tisci was less expensive than Dior.

Those big brands raises their prices because it actually make sense for their growth. They sell already big quantities of products and the various price increases allows them to have a gradual growth each year, depending on the performances of each houses. I find it ridiculous but it’s the world we are in…

I think nobody learned nothing from the pandemic. Those amazing growth from Chanel, LVMH and Hermes makes those shareholders and executives believe that they can do it. I think that a slow growth is healthy for business.

It’s also maybe a thing that needs to be discussed in a philosophical level: Not every brand needs to be a billion dollar brand.

The Asian market will at some point mature and the numbers will gradually be less exceptional. I’m not sure the whole business side of the industry is anticipating that. Even more considering that the new markets that are supposed to be South America and Africa aren’t ready yet to support those irrational ambitions.

 

[Nimsay]

In 2010 everyone wanted to be a BOSS, #Entrepreneur #GenerationalWealth. Brands responded to that by trying to be the Hermes (which just shows u how high Hermes status truly is). That whole Kardashian self made sex worker look is passé.


Now its clean girl clean boy. Southern California energy. Celines look really.

 

[yslforever]

While I agree with you, Ferragamo has done clothes for a long long time and I think it’s kind of natural for them to continue this activity. I think it’s one of those brands where people buys clothes to go with the accessories…
They have had amazing designers at the helm.

I think there’s no problem with wanting to be the « Regional Hermes » or « Vuitton » or whatever. After all, Marc Jacobs was hired to make Vuitton into the « French Gucci ». And when Tom Ford hired Tomas Maier from Hermes to do BV, the goal was to recreate a success à la Hermes and it worked.

The problem is when they are trying to compete with the model they are inspired by. Because historically, Italian fashion, even from the Haute Couture days, has always been more affordable and practical than French fashion.

It’s very presumptuous for Gobbetti who worked at LVMH to try to copy paste a formula that can only work with a handful of houses. Even Givenchy under Riccardo Tisci was less expensive than Dior.

Those big brands raises their prices because it actually make sense for their growth. They sell already big quantities of products and the various price increases allows them to have a gradual growth each year, depending on the performances of each houses. I find it ridiculous but it’s the world we are in…

I think nobody learned nothing from the pandemic. Those amazing growth from Chanel, LVMH and Hermes makes those shareholders and executives believe that they can do it. I think that a slow growth is healthy for business.

It’s also maybe a thing that needs to be discussed in a philosophical level: Not every brand needs to be a billion dollar brand.

The Asian market will at some point mature and the numbers will gradually be less exceptional. I’m not sure the whole business side of the industry is anticipating that. Even more considering that the new markets that are supposed to be South America and Africa aren’t ready yet to support those irrational ambitions.

None of that is the responsability of Maximilian Davis, it's the Gobetti/sales/marketing or the shareholders who f*cked up.
Maximilian Davis offered the house very decent collections of RTW, perhaps not the most exciting ones of MFW, but he is a consistent, and his RTW is very coherent with what Ferragamo represents. He also came with a new logo, a new branding and a new color (that red).
It's a shame management did not follow his creative lead and did not improve the stores, the retail experience, the shoes and the bags. They were so greedy with prices above BV or Celine.

To be strictly honest, as of today, from my POV of a male customer primarily interested in menswear and mens shoes, Bally has a much better offering, even after the Rhuigi guy fiasco.
But none of that can be attributed to Davis. He did good and he's doing the best he can, in a obviously very ignorant or blind management. I wish him luck and a better house, where he will be encouraged.

 

[LadyJunon]

I feel that Ferragamo is trying to pull a "Slimane", without actually putting in the effort and commitment needed to properly execute it:
• they've failed to redecorate the stores to match the new branding (minimalist, sharp red, new logo)
• both of Davis' collections have arrived late to boutiques
• prices jumped up despite being at the starting point of rebuilding their image
• the old collections (pre-Davis) still haven't been cleared out after a year

Under Davis' artistic direction, Ferragamo could absolutely become the Italian equivalent of Loewe or Céline. Unlike many other younger designers at established houses, there is a potential long-term audience for Davis and Ferragamo. That said, Gobetti needs to realise that doing so is a marathon, not a sprint.

 

[Lola701]

I feel that Ferragamo is trying to pull a "Slimane", without actually putting in the effort and commitment needed to properly execute it:
• they've failed to redecorate the stores to match the new branding (minimalist, sharp red, new logo)
• both of Davis' collections have arrived late to boutiques
• prices jumped up despite being at the starting point of rebuilding their image
• the old collections (pre-Davis) still haven't been cleared out after a year

Under Davis' artistic direction, Ferragamo could absolutely become the Italian equivalent of Loewe or Céline. Unlike many other younger designers at established houses, there is a potential long-term audience for Davis and Ferragamo. That said, Gobetti needs to realise that doing so is a marathon, not a sprint.

Slimane is very products-centric though.
He is someone who understand business and the strategy all along. Which is not the case of Ferragamo.
I think Ferragamo maybe expected a high demand on wholesale first.
They were on the decline prior to Davis so ultimately, the impact of his vision will be seen. We can’t argue the fact that since he is there, Ferragamo is now back into some sort of conversation.
It’s a brand now on the radar of people in a way that it has never been before.

I bought my Ferragamo shoes at a department store so, I’m surprised to hear that they haven’t redecorate the stores…
Not even the main stores in the major cities?

 

[yslforever]

Slimane is very products-centric though.
He is someone who understand business and the strategy all along. Which is not the case of Ferragamo.
I think Ferragamo maybe expected a high demand on wholesale first.
They were on the decline prior to Davis so ultimately, the impact of his vision will be seen. We can’t argue the fact that since he is there, Ferragamo is now back into some sort of conversation.
It’s a brand now on the radar of people in a way that it has never been before.

I bought my Ferragamo shoes at a department store so, I’m surprised to hear that they haven’t redecorate the stores…
Not even the main stores in the major cities?

In Europe, not in the major cities, they just changed armchairs, tables and some shelves, so it has become kinda odd, new shelves and racks for Davis' creations, and the older shelves for the other non-fashionable lines.

 

[style_expert]

I think the full financial impact of a complete rebrand shouldn't be underestimated. Especially when it comes to revamping the entire store network (Ferragamo has around 400 stores globally). The Ferragamo stores I've seen indeed look very outdated and they need a complete rehaul, not minor updates.
In the end it's a matter of how much confidence they place (and can place) in the vision of a CD. Hedi Slimane more or less got a carte blanche from LVMH with Celine because -rightly so- they were very confident he could do it successfully.
Ferragamo is a sole player, still mainly family owned. It makes for a totally different story.
After his stint at Burberry, I'm also not so sure Marco Gobetti is a visionary CEO.
From the moment Davis was appointed to today, the outlook for the luxury market has changed a lot and it's definitely not a great time for a big brand to be in flux.

 

[Drusilla_]

I'm honestly surprised at how badly the Ferragamo marketing team seems to have fallen down on the job in an effort to launch the rebrand - they basically behave like the house's smash hit shoes like the Vara and Varina flats don't exist while ballet flats are bigger than ever (when a halfway competent PR should have been reminding every magazine and online channel out there that Ferragamo was one of the OG's of that style), MD should ideally have been putting a few pairs on the runway to take advantage of the fact that things that were part of Ferragamo's house codes ended up back in the trend forefront.

I actually think his most recent collection was pretty strong but it's just bizarre to be hired in hopes of a turnaround and then ignore your house's bestselling and classic product right when its trend is having a moment, all because ~it's for grannies~ (ballet flats/how heels with a bow). Ah well, I'm not complaining if it means I can sometimes find Varas at affordable prices on the secondhand market.

The Ferragamo store in my city still had the old branding as of the time of the A/W 2023-24 show, now they've got a new sign but still none of the new goods and otherwise not renovated the interiors at all.

 

[Lola701]

I think the full financial impact of a complete rebrand shouldn't be underestimated. Especially when it comes to revamping the entire store network (Ferragamo has around 400 stores globally). The Ferragamo stores I've seen indeed look very outdated and they need a complete rehaul, not minor updates.
In the end it's a matter of how much confidence they place (and can place) in the vision of a CD. Hedi Slimane more or less got a carte blanche from LVMH with Celine because -rightly so- they were very confident he could do it successfully.
Ferragamo is a sole player, still mainly family owned. It makes for a totally different story.
After his stint at Burberry, I'm also not so sure Marco Gobetti is a visionary CEO.
From the moment Davis was appointed to today, the outlook for the luxury market has changed a lot and it's definitely not a great time for a big brand to be in flux.

After all, Hedi came to an already successful, close to 1 billion, company. There were infrastructures and funds to push his vision.
Ferragamo has had difficulties already during the Paul Andrew years…

 

[style_expert]

After all, Hedi came to an already successful, close to 1 billion, company. There were infrastructures and funds to push his vision.
Ferragamo has had difficulties already during the Paul Andrew years…

Actually, I was surprised to see the Ferragamo statistics. Pre-pandemic the revenues were quite stable yearly at the 1.3/1.4 billion euro mark. Last year 2022 it was at 1.25 billion and from that latest article it sounds like this year will be even less. The shares are down 30% since January 1st.

Of course incomparable to a LVMH backed house when it comes to existing infrastructure and collective advantages. It's not easy being a sole player this size; they will remain to be a target for LVMH or Kering I guess.

 

[Drusilla_]

yeah it'll be apparent soon enough whether this is just a stumbling block on the way to an actual revitalisation, or this is just Blumarine mk. II.

 

[LadyJunon]

Loïc Prigent reviews Ferragamo's SS24 show:

 

[90sFan]

Went to the Ferragamo store yesterday. Completely empty.
Uninteresting product hanging bored on shelves.
Reminded me of you know who…
Lol

 

[90sFan]

Not a good sign...

Not a good designer

 

[disco54]

Same here its always empty

 

[lhhbl]

Same here its always empty

passed by an empty one today as well and the store itself was pretty ugly and bland, very H&M-like

 

[tatouejeremie]

Ferragamo CEO warns turnaround may take longer after 2023 sales drop

26 January 2024

Sales at Italian luxury goods group Salvatore Ferragamo dropped by 8.1% at constant currencies last year,prompting Chief Executive Marco Gobbetti to warn that hitting turnaround goals could take longer than anticipated.

Revenues reached 1.16 billion euros in 2023, a touch above the 1.15 billion euros estimated by analysts according to an LSEG consensus.

With a 17% plunge in revenues, the North American region was the biggest drag last year, only partly offset by a3.4% increase in revenues in Europe, Middle East and Africa.

The Asia Pacific area saw an 8.3% drop in revenue at constant exchange rates.

Asia Pacific accounts for nearly one third of group revenues, followed by North America and Europe which are similar in size at around a quarter of the total.

"The complex market environment with the slowdown of luxury demand may impact the timing of our initial assumptions, nevertheless the commitment to our ambition is unchanged," the CEO said in a statement.

Shortly after joining two years ago from Burberry, Gobbetti promised a quick turnaround of the Florentine group,aiming to reach almost 2.3 billion euros in sales by 2026.

fashionnetwork.com

 

[LadyJunon]

fashionnetwork.com

I'm starting to think that this is more of a Gobbetti issue than a Davis issue.