Q&a / Ferragamo chairman Leonardo Ferragamo on competing with luxury groups like LVMH, what he’s looking for in a new CEO, and keeping the family’s values alive

Feb 18 , 2025

Leonardo Ferragamo, chairman of Ferragamo, started working for the family company at the age of 20. Photo: handout

Florence-born Ferragamo remains in the hands of its founding family in an industry dominated by conglomerates like LVMH and Kering – its chairman shares why this is important and how they’ve done it

Ferragamo chairman Leonardo Ferragamo has a busy few months ahead. A second-generation descendant of the family behind the Florence-based leather goods label, Leonardo started working at the company at the young age of 20 and has been instrumental in expanding Ferragamo’s presence globally, including in Hong Kong and China.

He is now tasked with the challenge of appointing a new CEO for the storied Italian house, one of the few independent luxury brands left in a landscape dominated by conglomerates such as LVMH and Kering.

Ferragamo’s spring/summer 2025 campaign starring Liu Wen. Photo: Handout

Earlier this year, Ferragamo, which is listed on the Italian Stock Exchange, reported that sales were down four per cent in the fourth quarter of 2024, with a 25 per cent drop in the Asia-Pacific region. Not long afterward, the company announced that it had parted ways with CEO Marco Gobetti, who’d joined in 2022.

Like most luxury brands, Ferragamo has not been immune to the headwinds of the Chinese economy. A drop in spending in mainland China has created uncertainty in a part of the world that had, until recently, experienced extreme growth.

On a recent visit to Hong Kong, during a whirlwind trip that also took him to Shanghai and Taipei, Leonardo sat down for a chat with Style.

What are the pros and cons of being an independent brand?

A look from the Ferragamo spring/summer 2025 collection. Photo: Handout

Many of the most prestigious brands in the world are independent, and I say that with great appreciation. Chanel, Armani, Zegna, Ralph Lauren, Prada – they’re all examples of success stories that have stayed independent. One of the advantages is that the family that controls the company can maintain a coherence behind the brand, and that’s very important. You can still be coherent when you’re part of a big group, but this element of consistency is a key [advantage] of independent brands. You can make choices outside the box and be more original as an independent brand, and you have more advantages long-term. In a case like Ferragamo, we have founding values and principles that make the difference.

There are also disadvantages. It’s a challenge to stay independent and stay competitive, especially when it comes to sourcing and the retail network, but we are very determined and do it.