Salvatore Ferragamo is working to further its digital capabilities with a new global strategic partnership with Farfetch.
According to a press release, the new partnership will involve leveraging Farfetch’s global audience reach to strengthen Ferragamo’s presence on the shopping platform’s marketplace. Fafetch stated that it will also help the Italian luxury brand deliver engaging digital experiences for a younger and global audience with the help of its media solutions division.
“Ferragamo has a wonderful heritage of creativity and craftsmanship and I am hugely excited about the opportunity to take it to a unique new audience globally,” José Neves, founder, chairman and CEO of Farfetch, said in a statement. “Ferragamo’s outstanding product and creativity, coupled with our marketing capabilities and innovative digital experiences will captivate that audience while our media and technology platform capabilities power Ferragamo’s digital ecosystem.”
Salvatore Ferragamo CEO Marco Gobbetti added: “Farfetch is the leading digital platform in luxury fashion and represents the ideal partner to further boost Ferragamo’s omnichannel innovation, fueling our plans to reach new, younger audiences and accelerate our growth.”
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This new move by Gobbetti comes months after he laid out an ambitious plan that sees Ferragamo aiming to double revenues in four to five years and to double marketing and communication spending as a percentage of revenues beginning in 2023. According to Gobbetti, this plan will lead to a cumulative investment of 400 million euros in the 2023-to-2026 period focused on store renovations, technology and supply chain.
“The company has under-invested in the past few years, and it will be key to massively step up our investments,” said Gobbetti during the company’s first quarter earnings call with analysts in May. “The boldness of the plan [lies in the fact that] we don’t have to rebuild the brand but accelerate its growth.”
One of Ferragamo’s most recent investments is its recently opened SoHo store in New York City. Located at 63 Greene Street, the 2,600 square foot store features a new concept focused on accessories and footwear – with an infusion of two tech elements including an NFT installation and a custom hologram sneaker program which gives guests the chance to design a completely personalized version of Ferragamo’s latest unisex style, the 6R3ENE.
At the same time, Farfetch is working to expand its reach in the luxury fashion world. In May, the UK-based online shopping platform closed a new minority common equity investment of $200 million in Neiman Marcus Group (NMG).
Farfetch previously announced that its investment in NMG would be used to further accelerate growth and innovation in the Texas-based retailer’s technology and digital capabilities. The company’s initial focus will be on re-platforming the Bergdorf Goodman website and mobile app in order to “expand its global capabilities and services,” the retailer said.
