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Ferragamo CFO La Tour resigns, La Morgia takes interim role

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  Published in Business and Finance on Thursday, September 11th 2025 at 15:12 GMT by reuters.com
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Ferragamo Names Interim CFO Amid Leadership Shake‑up

In a move that has sent ripples through the luxury‑goods sector, Italian fashion house Salvatore Ferragamo announced that its chief financial officer, David La Tour, will step down from the role effective immediately. The company has named Gianfranco La Morgia as the interim CFO, a decision that comes as Ferragamo seeks to steady its finances and navigate an increasingly volatile market.

The announcement, issued by Ferragamo’s press office and reported by Reuters on September 11, 2025, comes after the brand’s recent earnings release that showed a mixed performance. While revenue grew 4.5 % year‑on‑year in the first half of 2025, net profit slipped by 12 % due in large part to higher operating costs and a weaker currency environment. La Tour, who had been with the company for more than a decade, had been instrumental in restructuring the firm’s supply chain and expanding its presence in the Middle East. His departure, the company said, is a personal decision, “which has no impact on our operational or strategic direction.”

Why the CFO Change Matters

Ferragamo’s financial stewardship has been a central pillar of its recent turnaround. The brand, whose headquarters remain in Florence, has struggled in a crowded luxury market dominated by fast‑moving brands such as LVMH, Richemont, and Kering. La Tour’s tenure saw the introduction of a new financial control system and a shift toward a more flexible cost structure. Under his guidance, the company increased its earnings before interest, taxes, depreciation and amortization (EBITDA) margin from 12 % to 16 % over the last two fiscal years. Critics, however, have pointed to a lagging retail presence in key Asian markets and a slow response to the shift toward digital‑first shopping.

The appointment of Gianfranco La Morgia as interim CFO signals Ferragamo’s intent to maintain continuity while the board searches for a permanent replacement. La Morgia comes with a wealth of experience in the luxury sector. A former finance director at Bulgari and a long‑time executive at the Hermès Group, he has spent the last eight years managing the financial affairs of high‑profile luxury brands in Europe and Asia. In his new role, La Morgia will oversee the company’s quarterly reporting, budgeting, and the implementation of a new treasury strategy aimed at hedging currency risks.

The Financial Landscape: A Quick Look at the Numbers

Ferragamo’s first‑half earnings, released on August 29, revealed the following key figures:

• Revenue: €620 million, up 4.5 % from €595 million in 2024. Growth was driven primarily by a 7 % increase in the luxury footwear segment, but offset by a 3 % decline in apparel sales.
• Gross Profit: €210 million, representing a 34 % gross margin, slightly above the industry average of 32 %.
• Operating Expenses: €160 million, up 5 % due to increased marketing spend in the Middle East and higher logistics costs in Europe.
• Net Income: €20 million, down 12 % from €22.6 million in the same period last year, largely attributable to higher interest expenses and a €4 million currency adjustment.

The company also noted that its share price fell 3 % following the announcement, reflecting investor uncertainty about the CFO transition and broader market volatility.

Strategic Context: Navigating a Tough Luxury Market

Ferragamo’s leadership team has been working to reposition the brand in a rapidly evolving industry. The company has placed greater emphasis on experiential retail and has recently opened flagship stores in Shanghai and Riyadh, aiming to tap into the growing Middle‑East luxury consumer base. The brand is also investing in its digital platform, with a new e‑commerce portal expected to launch in Q3 2025, featuring personalized shopping experiences and AI‑driven product recommendations.

La Morgia’s background in digital finance is seen as a strategic fit for this direction. During his tenure at Bulgari, he led the implementation of a real‑time analytics platform that integrated supply‑chain data with consumer insights. The platform helped Bulgari reduce inventory holding costs by 8 % while boosting sales conversion rates. Ferragamo’s board is reportedly hoping that La Morgia will replicate this success to streamline operations and improve margin sustainability.

Looking Forward

While the interim appointment may temporarily raise questions about long‑term strategic clarity, Ferragamo’s senior management remains focused on its core goals: enhancing product innovation, expanding into high‑growth markets, and strengthening its digital footprint. The company’s upcoming annual general meeting will likely address the search for a permanent CFO, and shareholders can expect a detailed report on the succession plan.

In an industry where leadership stability can be as critical as brand appeal, Ferragamo’s decision to install an experienced interim CFO reflects its commitment to preserving financial discipline amid a challenging global economic backdrop. Investors, analysts, and consumers alike will be watching closely to see whether the new interim leadership can deliver the operational resilience that the luxury house needs to stay competitive in the coming years.