MILAN, Italy - The Ferragamo family does not plan to exit the eponymous luxury company as it is committed to further developing the brand worldwide, Chairman Leonardo Ferragamo told Reuters on Wednesday.
Rumors of a possible stake sale by the family, which holds a 64% stake in the luxury company, have been recurring every now and then, but have always been denied.
'We are working in a very dedicated and resolute way with great effort to strengthen our brand in the world', Ferragamo said on the sideline of a conference in Milan.
The company, whose shoes have been worn by Hollywood legends as Audrey Hepburn, has struggled in recent years to revamp its brand and appeal to younger luxury shoppers.
Ferragamo added he hoped the China market could soon return to normal.
In the second quarter, the Italian luxury group saw a light slowdown of its business in China due to COVID-19 restrictions, though overall group sales in the first half of the year were still better than expected.