Salvatore Ferragamo shares reached their two-year high, rising by 8,8% in Milan, after announcing the death of the widow of the founder of the fashion house, writes Business of Fashion.
Wanda Ferragamo died on Friday at the age of 96 after six decades of managing the Florida shoe brand. She was a key figure in the family-owned joint-stock company, who controlled the company, opposing any option to sell the company, after the company entered the Milan Exchange in 2011.
Wanda Ferragamo owned 20% of the company’s business, another 15% passed to her after the death of her daughter Fulvia, which happened a year earlier.
According to analysts, the death of the widow of the founder of Salvatore Ferragamo opens up new possibilities for different scenarios of mergers and acquisitions, since a greater concentration of control over the enterprise will be concentrated in the hands of fewer family members.
The Ferragamo business was part of a generation of women entrepreneurs whose ambitious leadership completely transformed the fashion landscape. Among such entrepreneurs are the sisters Fendi, Miuce Prada, Donatella Versace. Wanda Ferragamo has turned Italian craftsmanship into a global brand. After the death of her husband in 1960, she added handbags, clothes, perfumes to the shoe assortment, creating a real fashion brand. Today it is one of the few remaining independent companies in the world of luxury fashion, owning a brand with a long history.
Note that in April this year, the eldest son of Ferragamo Ferrucio, who is the head of the company, said that the family is not going to sell the business.