MILAN - A stock market listing is on the horizon for the Salvatore Ferragamo Group and the company is turning outside the family to do it.
To wit, Ferragamo on Wednesday appointed Michele Norsa as its new chief executive officer and general manager of the group, controlled by Salvatore Ferragamo Italia (SFI).
“The [family’s] fourth generation is up next and we did not want for these young shareholders to be restrained, without the chance to sell or buy [shares],” said Ferruccio Ferragamo - managing director of the company since 1984, who will now take on the role of chairman of SFI - in a phone interview. “We want a company with a broader and more fluid breadth,” he added.
This is the first time Ferragamo has stated an interest in an IPO. Norsa, who, as reported last week, will leave his post as ceo of Valentino SpA and general manager of Valentino Fashion Group’s licensed brands M Missoni and Marlboro Classics at the end of September, played a critical role in Marzotto SpA's stock market spin-off of its fashion interests into Valentino Fashion Group.
“Norsa is an expert, well-prepared and knowledgeable, someone I’ve known for years, and I really admire him,” said Ferragamo, who did not point to a specific time frame for the IPO. “We want to do it well, but there is no rush, we have liquid assets and we will go public when the company will be ready and when the market will be favorable,” said Ferragamo.
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