by Susy Lines
Florence – Ferragamo grows also in quarantine. In these days of forced break, the Tuscan group has made an acquisition that allows it to strengthen its control over the supply chain, a strategy to consolidate the production activities of the internal supply chain that many other fashion houses are also pursuing. The Florentine fashion house in recent weeks has in fact signed an agreement to acquire 100% of Arts srl, a company based in Scandicci (Florence) belonging to another branch of the family specialized in prototyping, industrialization, quality control and monitoring of the network of men’s shoes suppliers.
This company, which is small but essential to maintain high production in the men’s shoes segment, belongs to Gerry Ferragamo, ninety-one year old grandson of the founder Salvatore Ferragamo. Arts, which has a turnover of about 3.5 million, as far as we know, has been paid 15 million. The acquisition was conceived as follows: 11.3 million at the time of closing, expected by the end of April 2020; plus a sum, to be paid by 28 February 2021, equal to the net liquidity at 31 March 2020 of the acquired company, a figure which, according to the Ferragamo Group’s 2019 financial statements report, amounts to 3.5 million.
Gerry has always collaborated with Ferragamo starting with the founder, the legendary Salvatore, the Tuscan artisan who has gone down in fashion history as “the shoemaker of the stars” for dressing the feet of so many Hollywood stars. Gerry, son of Salvatore’s brother, worked for many years with his uncle to study the anatomy of the foot and to create the prototypes from which to start the industrial productions that have made Ferragamo a worldwide brand. Then, in 1984, he founded Arts while still collaborating with the parent company.
“The purpose of the acquisition is to strengthen the group’s control over its supply chain – says the Florentine fashion house in a statement – and to integrate some strategic skills into one of the most significant product categories for the group”. Letting go of the “family” know-how on shoes would have been unforgivable.
In these weeks of pandemic, the Ferragamo have not failed to emphasize their attachment to the territory and their sense of social responsibility. Together with the Fondazione CF Firenze, Ferragamo spa has made funds available for the recovery of two wards of the former “I Fraticini” hospital. This operation has made it possible to make 60 beds available to the public for patients in non-acute phase or with quarantine characteristics.
“Today, more than ever before, civil society is facing phenomena that undermine people’s health and safety: it is our task, as a company, to inspire our work to the principles of solidarity and generate positive value, with the aim of protecting and enhancing communities,” said Ferruccio Ferragamo, president of Salvatore Ferragamo spa. “With this in mind, with pride and a sense of responsibility, our company has decided to support the Italian Red Cross in the restructuring of the I Fraticini hospital to cope with the covid-19 emergency. A heartfelt thanks can only be addressed to the Italian Red Cross, for the fundamental task it is carrying out with praiseworthy dedication, and to all those who, on a daily basis and courageously, are working to cope with this emergency”.
(Associated Medias/ Red-Giut)