Business is in turmoil, volatility of the markets high, competition very aggressive, stock exchange very demanding.
A lot has to be done to reach a new successful position in the industry.
While we see Burberry CEO Gobetti defining a clear, painful and bold next step for the further development of the Brand: shift upmarket, stop selling products in non-luxury stores and hiring a full, rounded Creative Director, we cannot see the same grit and resolution coming from Ferragamo company statements. Caution is the key word frequently used.
The Brand is getting weak. The competitors of 10 years ago have disrupted their brands in terms of products and fresher brand image: Gucci, Valentino, Dior, Vuitton.
Other competitors came up: Celine, Fendi, Loewe among others.
While 20 years ago the Ferragmo strategy and positioning was crystal clear to stakeholders, customers, business partners, media, now it is not.
A global luxury brand such as Ferragamo cannot rely on nostalgia. And it has to take a position: Hermès or Valentino?
This brand was a winner 20 years ago and it can be again only if it has the courage to innovate, to set a proper pace in the industry and to develop a strong image and product.
Valentino could be a nice benchmark to get inspiration from.