Salvatore Ferragamo SpA CEO Eraldo Poletto is leaving after less than two years as the Italian shoe- and tie-maker struggles to latch on to the luxury industry’s rebound.

Poletto will step down on March 8, the company said in a statement late on Tuesday though it did not name a successor. The shares rose as much as 4.6 per cent in early Wednesday trade, but have fallen about 13 per cent over the past year.

Ferragamo did not disclose a reason for Poletto’s departure but said that the split was mutually agreed.

The Florence, Italy-based company in December backed away from its own financial targets, saying it needed to spend more on technology and marketing to relaunch the brand. That was the latest in a series of setbacks for Poletto, who joined the company in August 2016 from leather-goods maker Furla SpA.

Paul Andrew makes elegant Ferragamo debut at Milan Fashion Week

Ferragamo has named a trio of designers to refresh the brand’s offer in women’s shoes, womenswear and menswear. In October it elevated shoe designer Paul Andrew to oversee all its products for women. Earlier this month, however, it reported revenue below estimates.

The company, in its statement, praised Poletto for “having contributed, during his tenure, to the start of a new chapter in the company’s history, characterised by a great dynamism, an important digital breakthrough and a special attention to the brand and to the product.”

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