“After five years, with pride and a heavy heart, I have decided it’s time for a new challenge,” Andrew mentioned in a put up on Instagram, following months of hypothesis about his doable departure from the model, well-known for sneakers worn by Hollywood stars similar to Audrey Hepburn.
Shortly after the put up was revealed, an announcement from Ferragamo confirmed Andrew would step down, including that from subsequent month the 30-strong in-house design staff can be accountable for creating the group’s new collections, beginning with September’s style reveals.
The model plans to rent a brand new artistic director, however doesn’t need to rush a brand new appointment given the difficult market circumstances, a supply near the corporate advised Reuters.
Ferragamo’s gross sales has been hit more durable by the pandemic more durable than many rivals, partly due to its heavy deal with airport spending.
Paul Andrew joined Ferragamo in 2016 to design sneakers for its womenswear division, whereas he was residing in New York and working his personal shoe model. He grew to become artistic director for the entire group in 2019.
Two sources accustomed to the matter mentioned that relations between Andrew and the Ferragamo household, which controls the group, grew to become more and more strained in latest months.
The group dampened hypothesis of an imminent administration shake-up final month when it confirmed Chief Executive Micaela le Divelec in her function. However, sources have mentioned that it was not clear whether or not she would keep on for the complete three-year mandate of the brand new board, as a result of be appointed by shareholders on April 22.
“A new direction is a must, not a choice, for what remains one of the most famous luxury brands globally that has been plagued with significant underperformance in recent years,” mentioned Jefferies analyst Flavio Cereda.
This story has been revealed from a wire company feed with out modifications to the textual content.