Salvatore Ferragamo

i) Profile of Entrepreneur by popular product invention/s

ii) A Photo of Entrepreneurs

Salvatore Ferragamo (June 5, 1898 – August 7, 1960)

The Product of Salvatore Ferragamo

Men's Shoes

Women's Shoes



Women's Watch




Perfumes

iii)A brief introduction of how the business started

Salvatore Ferragamo was born in 1898 in Bonito, near Naples, Italy. He was one of the most influential footwear designers of the 20th century, providing Hollywood's glitterati with unique hand-made designs and spawning an emporium of luxury consumer goods for men and women, with stores in some of the most important cities of the world. After making his first pair of shoes at age nine, for her sister to wear on her confirmation, young Salvatore decided that he had found his calling. After studying shoemaking in Naples for a year, Ferragamo opened a small store based in his parent's home. In 1914, Salvatore immigrated to Boston, where one of his brothers worked in a cowboy boot factory. After a brief stint at the factory, Salvatore convinced his brothers to move to California, first Santa Barbara then Hollywood. It was here that Ferragamo found success, initially opening a shop for repair and made-to-measure shoes, which soon became prized items among celebrities of the day, leading to a long period of designing footwear for the cinema. For more than 30 years he shod the whole galaxy, from Lillian Gish in the first silent films to Marilyn Monroe in the Seven Year Itch. Greta Garbo purchased 70 pairs of shoes in one visit to the shop in Florence. One of his most celebrated pieces are Dorothy's ruby slippers for the 1939 version of The Wizard of Oz.

After spending thirteen years in the United States, Ferragamo returned to Italy in 1927, this time settling in Florence. In 1929 Ferragamo opened a workshop in the Via Manelli, concentrating his efforts in experimenting with design, applying for patents for ornamental and utility models and some related invetions. Forced to file for bankruptcy in 1933 due to bad management and economic pressures, Ferragamo nonetheless expanded his operation during the 1950 to a workforce of around 700 expert artisans that produced 350 pairs of hand-made shoes a day. By 1936, he was using materials other than leather, such as needlepoint, lace, hemp, cellophane, raffia, cork - he even tried fishskin. Left above is the 1947 "Invisible" shoe made with nylon thread and on the right is the 1938 sandal with gold kid straps and platform sole.

In 1949, he married Wanda Milleti and they had 6 children, Flamma, Giovanna, Ferrucio, Fulvia, Leonardo and Massimo. They followed in their father's footsteps and today the house of Ferragamo is bigger than Salvatore could ever imagine. In 1952 Salvatore got the idea that his heels would last longer if made of steel, and so he fitted some to try out. They were a great success and he called them by the Italian name Stiletto. Ferragamo was always recognized as a visionary, and his designs ranged from the strikingly bizarre objet d'art to the traditionally elegant, often serving as the main inspiration to other footwear designers of his time and beyond. Salvatore Ferragamo died in 1960 at the age of 62, but his name lives on as an international company, which has expanded its operations to include luxury shoes, bags, eyewear, silk accesories, watches, perfumes and a ready to wear clothing line. Today, his two sons, James and Salvatore, run the Ferragamo Company. The Salvatore Ferragamo Museum was opened in 1995 at the second floor of the Palazzo Spini Feroni in Florence, Italy, to display part of the collection of revolutionary designs by Ferragamo. Leonardo was only 7 when his father died but when he was 14 he made a pair of shoes for his mother by hand.

The Ferragamo house is a family concern. Mother Wanda keeps an overall eye on everything. The three sons of Salvatore all take care of different activities. Massimo, the youngest looks after the United States from New York. Leonardo Ferragamo, from the Italian headquarters, has moved the overall concern also into fashion design, and supplies exquisite garments world-wide. Ferragamo is also known for printed scarves, soft cashmere shawls and elegant jewellery. They are now a million dollar concern. Leonardo Ferragamo continues to design, as also his sister Fiamma. Giovanna resides over the ready-to-wear production in Milan, Fulvia looks after silk accessories and has also recently added jewellery. They have broadened their product line to include ready-to-wear clothing that is simple but luxurious and also soft leather garments. Mens wear is another line. Salvatore's grand-daughter Vivia (daughter ofFerrucio Ferragamo CEO of Ferragamo, Italy) set up her own London-based label in September 2002 for womenswear. She presented her first catwalk show during the London Fashion Week of February 2003. She has a very feminine, young, fresh look and hopes to be successful. She had spent 3 years learning about design at Emanuel Ungaro which she says was a very positive experience. Marc Audibet joined the Ferragamo Italy design team for the company in 2000. He left after presenting collections for 4 seasons. Nicole Fischelis, former fashion director of Saks Fifth Avenue store in New York, is also part of the design team. In April 2002, Scottish designer Graeme Black joined Ferragamo as chief designer. He was earlier with Armani for many years.

v)Achievements attained in terms of market share, sale turnover, number of outlets

Palazzo Spini Feroni: headquarters of the Salvatore Ferragamo Spa, Florence.

Palazzo Spini Feroni: headquarters of the Salvatore Ferragamo Spa, Florence.Salvatore Ferragamo emigrated from southern Italy to Boston and then California in 1914. He opened the Hollywood Boot Shop in 1923, and made shoes for movie stars such as Joan Crawford and Gloria Swanson, as well as for films such as Cecil B. DeMille's The Ten Commandments.He returned to Italy and set up a shoe shop in Florence in 1927.However the modern shoemaking company regards 1928 as the date of its foundation and so celebrated its 80th anniversary in 2008. Salvatore filed for bankruptcy in 1933, during the Great Depression, but by 1938 he was in a position to buy the Palazzo Spini Feroni, one of the great palaces of Florence,which now houses the company's flagship store and museum.

The company flourished after World War II, expanding the workforce to 700 craftsmen producing 350 pairs of hand-made shoes a day. After Salvatore's death in 1960, his widow Wanda took over the running of the business and expanded its operations to include eyewear, perfume, belts, scarves, bags, watches, and a ready to wear clothing line.

The company is currently owned by the Ferragamo family, which in November 2006 included Salvatore's widow Wanda, five children, 23 grandchildren and other relatives. There is a rule that only 3 members of the family can work at the company, prompting fierce competition. To ease these tensions, in September 2006 the family announced a plan to float 48% of the company on the stock market, and since October 2006 Michele Norsa has served as managing and general director. However, as of January 2008, this plan may be on put on hold in the midst of the downturn in the financial market. If the listing on the stock market proceeds, the fund will be directed primarily towards building its positions in China. The company is holding its 80th birthday exhibition in Shanghai.

Salvatore Ferragamo Italia knows the value of style. It offers clothing and accessories, such as belts, ties, handbags, and scarves. Ferragamo has a reputation for elegance -- outfitting popes and presidents. The Ferragamo shoe line still generates most of its sales, while handbags, belts, luggage, and small leather goods account for another large chunk of revenue. The company, which also got into watches in 2007 and eyewear in 2009, distributes its products through about 450 department stores and boutiques in some 60 countries. Family-owned since its founding by Salvatore Ferragamo in 1914, the company began trading on the Milan stock exchange in 2011.

Locations

Italy

In addition to its historical flagship store at the Palazzo Spini Feroni in Florence, Ferragamo has two stores in Milan, two in Rome and 14 in prestigious locations in Naples, Genoa, Turin, Capri, Portofino and Venice.

Europe

In Europe, it has a total of 58 shops it directly controls, including a flagship in Paris's Avenue Montaigne and one in London's Old Bond Street. The shops are found in major cities in France, Germany, the UK and Spain, as well as in Brussels, Athens, Monte Carlo, Vienna, Prague and Amsterdam.

North America

Salvatore Ferragamo markets products in North America from Canada to Hawaii, with 25 directly controlled points of sale. In the United States, Ferragamo has 15 boutiques in Arizona, California, Florida, Georgia, Hawaii, Illinois, Massachusetts, Michigan, Nevada, New Jersey, New York, Pennsylvania, Texas, Virginia, and Washington. Of particular note are the flagship stores at Fifth Avenue in New York and at Copley Place in Boston, as well as in Beverly Hills and Honolulu. In addition to its free standing stores, there are many shop-in-shops and corners in the department stores in the U.S.

Latin America

Salvatore Ferragamo recently extended direct control in Latin America by setting up Ferragamo Mexico, which directly handles 20 points of sale in the country including the first flagship store in latin america. It also has a select distribution circuit in numerous countries, from Venezuela to Brazil, Argentina, Panama, Colombia and Peru.

Japan

Salvatore Ferragamo has had directly controlled operations in this key country since the early 70s and can now count on a distribution network of 64 directly controlled points of sale, through Japanese department stores such as Iwataya and Daimaru. It has two flagship stores, one in Ginza, Tokyo, and one in Osaka, opened in October 2004. 27 percent of its revenue in 2005, 575m euros, came from Japan.

Asia Pacific

Through its Hong Kong headquarters, Salvatore Ferragamo controls its distribution operations in the following 11 countries in Asia and Oceania: Hong Kong (flagship in Canton Road), Taiwan, China (flagship in Shanghai), India (flagship in DLF Emporio, New Delhi), Korea (flagship in Seoul),[Singapore]], Thailand (flagship in Paragon), Malaysia (duplex flagship at Pavilion Kuala Lumpur), Indonesia, Doha (The Pearl), Qatar, Australia and Philippines. In 2010 a massive expansion plan is set to expand the pressence of Salvatore Ferragamo in the Philippines. The plan includes the renovation of all four stores in Manila and Cebu and the opening of Resorts World Manila Store and openng of another two stores in 2012

Key numbers for fiscal year ending December, 2010:

 Sales: $781.6M
One year growth: (12.0%)
Net income: $60.8M