Salvatore Ferragamo Profitability, Revenues Down in 2018Ceo Micaela Le Divelec Lemmi said the company's turnaround strategy is not done and revelaed that creative director Paul Andrew has put his namesake brand on hold.

[Collection]MILAN — “Execution is key.” Micaela Le Divelec Lemmi, chief executive officer of Salvatore Ferragamo, is banking on carrying through “a clear and definite action plan” to turn around the company, which in 2018 saw an erosion in profits and sales. Le Divelec Lemmi was speaking with analysts during a conference call on Tuesday at the end of trading, after the Florence-based company revealed a 21.1 percent drop in net profits last year. In the 12 months ended Dec. 31, earnings, including a minority interest of 2 million euros, totaled 90 million euros, compared with 114.3 million euros in 2017. “We are very vigilant, the strategy is alive and not completed in one year,” said Le Divelec Lemmi, who took on the ceo role at the end of July last year. “We are fine-tuning our communication, our digital organization, our cultural strategy and the real key driver is the ability to execute in due time in a precise and specified manner.” Asked by one analyst if she was bringing to Salvatore Ferragamo elements from her previous experience at Gucci and parent company Kering, Le Divelec Lemmi said “the brands are completely different and we cannot mutualize Gucci, we must be respectful of the

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