Ferragamo reports profit drop, names ex-Gucci exec as CEO

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

The Italian luxury brand said Micaela Le Divelec Lemmi, who spent 20 years working for French conglomerate Kering, was appointed chief executive Tuesday.

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

At Gucci, she was CFO, chief operations officers and chief consumer officer. She also was CEO of porcelain maker Richard Ginori.

Ferragamo said profits dropped to 59 million euros ($69 million) in the first six months of the year, from 76 million euros in 2017. Revenues were down 6 percent, to 674 million euros ($789 million), with sales of the brand's footwear down 5.5 percent and flat for handbags and accessories.