Spini Feroni (Spagne Mansion), which was built in the 13th century, is the headquarters of the Salvatore Ferragamo Empire. The building is breathtaking. Numerous tapestries and paintings dotted its high room. It is a landmark building in Florence, where visitors are quietly submissive under its solemnity.
But in Ferruccio Ferragamo – chairman of the group and the eldest son of Salvatore Ferragamo – more than half a century ago there is no such luxury, but also some noisy.
“When I was young, the next door was the room where the cobblers were making shoes,” he pointed to one of the few small living rooms today. “I still remember the sweet voice, which is a unique sound from the hammer, which is the music that flows in the blood.
Blood is very important for the Ferragamo family. It is the combination of shoes and blood to create the “tribe” (family members like to call it), one of the world’s most famous business empire.
Salvatore Ferragamo brand known for fake Ferragamo belts its bow ballet shoes, last year’s annual income of 1.3 billion euros, as of December, has been around the world with 620 stores. One-third of the company’s shares are listed on the Milan Stock Exchange, and most of the company’s stock remains in Salvatore Ferragamo – a shoemaker from the south of Neapolitan – more than 70 survivors. In the 1920s, Salvatore Ferragamo fame in Hollywood, when the fame is less than 20 years old.
This is a very unique story from scratch. In 1927 Ferragamo returned to Italy, this soft and stylish shoes made him very famous, so that Judy Garland, Marilyn Monro e and Sophia Loren such stars are looking for personal customization. He can even buy the entire Spini Feroni mansion, but at the beginning also had to rent most of the floor to help pay for the month.
At the age of 93, the awesome act of Ferragamo insists that all family members take the same remuneration and hold the same proportion of company stock. Mr. Ferragamo said that at first he thought it was not fair because he assumed more responsibility. But in the end he realized that such a clear provision would help the company to flourish.
This provision has been extended to the third generation – management shows that the family business is usually to this generation will decline. Up to three third-generation members of the Ferragamo family can work in the business and need to prove that they are competent and good enough.
“We set this rule because we saw too many companies fail because of the division of the family,” he said. “When I was young, I often told them that I would put the company’s interests first, not their own direct benefits, because the company’s interests were their interests, but if I had them The interests of the first place, I may ruin the company.
Michele Norsa previously worked in another family business, Marzotto, who came to the office in 2006 and made an initial public offering. Recruitment of external staff is also part of the company’s long-term survival program. Salvatore Ferragamo’s stock value has doubled since its listing in 2011. The holding company owned by the second generation of brothers and sisters owns 56% of the shares of the listed company. And the shares held shall not be sold – at least in this generation – all family members can freely sell their own shares within the company.
In spite of this, Ferragamo admits the experience of replica Ferragamo belt the Hermes family – LVMH has bought 23% of the shares without the family’s knowledge or consent – is a matter of great concern. “We want to avoid getting someone else into the company,” he said.
As their wealth grows, their business interests are more extensive. Mr. Ferragamo and his brother Massimo (chairman of Ferragamo America) are in Tuscany, Il Borro and Castiglion del Bosco have huge real estate, are luxury resorts and wine estate. Every year, the whole family will meet at Il Borro.
“If I do not live in Italy, I will live in the United States.” His brother Massimo will never leave the United States back to Italy. “His children often said,” When do we go home? ” “And he said,” absolutely no, “he said with a smile.
James Ferragamo is one of Ferragamo’s twin sons who work in the Women’s Leather Products division, which will lead the third generation of the family into senior management. Does he want his son to take over his post as chairman? “If this is right for the company, if not, then I hope he is a wealthy shareholder, not a bad chairman.”