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Shares in Italy based, high-end footwear and leather goods maker, Salvatore Ferragamo fell on June 20 after the luxury group’s controlling family sold shares at a steep discount, sparking concern about the group’s profitability.
Ferragamo Finanziaria sold a 3.5% stake in the Florence-based group in an accelerated book building process. Since launching a strategic plan last year to boost its appeal to a younger clientele and reverse falling sales and profitability, the group has issued a profit warning and Chief Executive, Eraldo Poletto has left the company.
It has since battled to reverse falling sales and profitability, partly due to a clean-up of inventories.
The founding family, which now holds around 65% of the group, has repeatedly ruled out any idea it might sell its controlling stake.