The Salvatore Ferragamo fashion house has named a former Gucci executive as CEO to relaunch the brand after reporting a 23 per cent drop in first-half profits.

The Italian luxury brand said Micaela Le Divelec Lemmi, who spent 20 years working for French conglomerate Kering, had been appointed chief executive on Tuesday – replacing Eraldo Poletto, who had been in the post less than two years.

Le Divelec had been Ferragamo’s general manager since April.

Ferragamo CEO Eraldo Poletto to step down after less than 2 years

At Gucci, she was CFO, chief operations officer and chief consumer officer.

She was also CEO of porcelain maker Richard Ginori.

Ferragamo said profits fell to 59 million (US$69 million) in the first six months of the year, from 76 million in 2017.

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Revenues were down 6 per cent, to 674 million (US$789 million), with sales of the brand’s footwear down 5.5 per cent and flat for handbags and accessories.

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