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Ferragamo and Marco Gobbetti to part ways next month

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February 3, 2025

Salvatore Ferragamo announced late on Monday that its CEO, the ex-Burberry chief Marco Gobbetti, is to step down from the helm of the company and the board by “mutual agreement”.

Marco Gobbetti

The company said the board met on Monday under the chairmanship of Leonardo Ferragamo and along with Gobbetti, agreed “to mutually terminate their employment and directorship relationships, effective as of the date of approval of the draft financial statements for the year 2024, March 6 2025”.

The chairman thanked Gobbetti for setting up and developing “a significant brand renewal and evolution activity, as well as significant product innovation and brand positioning, while also carrying out important work on the organisational evolution of the company and the group, which is the basis for continuing the renewal strategy”.

There’s no successor waiting in the wings and the Italian firm has begun “the process of selecting a candidate for the position of CEO who will be in charge of continuing the activities of brand renewal and heritage enhancement in order to strengthen brand evolution”.

Between the CEO’s departure date next month and the arrival of the new chief executive, whenever that is, the chairman will be granted executive powers. He “will propose a distribution of proxies and will be supported by a transition chairman advisory committee composed of experts with consolidated experience in the sector of business who have already worked in top management roles within the company”. 

That select group will include James Ferragamo, Ernesto Greco and Michele Norsa (who will take on the role of special chairman advisor).

Norsa was the longstanding CEO of the business earlier this century and left the role before returning after a few years as it navigated the problems caused by the pandemic. He left again just ahead of Gobbetti’s arrival.

Gobbetti joined in January 2022, after having led Burberry as successor to Christopher Bailey and initialising its ultra-luxury strategy.

Ferragamo’s sales grew in 2022 but a decline started in 2023 and its sales and profits continued to fall during 2024.

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Newton appoints Schoenmakers global head of retail and consumer goods

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February 3, 2025

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February 3, 2025

Strategic delivery consultancy Newton, which works with a wide range of retailers, has appointed Wil Schoenmakers senior partner, becoming global head of Retail and Consumer Goods.

His hiring “complements… and expedites the expansion and growth of the company globally, positioning the business to capitalise on its competitive advantage when it comes to increasing its presence and offering across broader Europe and North America within the retail and consumer sector”.

Schoenmakers will be responsible for “expanding and evolving” the impact and value that Newton is able to offer clients in Europe and beyond, “helping them solve their most complex challenges”. 

He joins with “an extensive understanding of the challenges the sector faces, and experience in building solutions that address them”. He has led a large number of strategically significant projects for clients over many years”.

That’s via a 30-year track record in the global consumer sector, from Procter & Gamble as PA Consulting as a Partner and Global Head for Consumer, Retail and Manufacturing to leading Korn Ferry’s global consulting business for consumer, specialising in organisation and cultural transformation.

Newton MD Steve Phillips said: “His track record within the sector is exemplary and he is committed to spending significant time with clients on the ground to support their strategic delivery and ambitions.”

Schoenmakers added: “Newton already has a huge impact in the consumer goods and retail sector, with a potent mix of a strong culture, bright minds, deep sector insights, a true collaborative spirit and real impact offering huge potential globally. 

“We are on an exciting journey to be able to deliver even more impact to current and future clients as true global strategic delivery partners.”

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Estée Lauder names Michael Bowes as first chief people officer

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59 minutes ago

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February 3, 2025

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February 3, 2025

The Estée Lauder Companies announced on Monday the appointment of Michael Bowes as executive vice president, chief people officer, becoming the first executive to hold the newly created title.

Estée Lauder names Michael Bowes as first EVP, chief people officer. – Estée Lauder

In this role, effective April 1, Bowes will oversee all aspects of global human resources, including talent management, career development, and organizational design. He will succeed Michael O’Hare, executive vice president and chief human resources officer, who is retiring. 

“Michael is a dynamic leader with a deep passion for people and culture,” said president and CEO Stéphane de La Faverie, who Bowes will report to.

“His strategic vision, commitment to talent development, and ability to foster collaboration across our global organization make him the ideal leader to shape the future of our workforce. Michael’s promotion to EVP, chief people officer, reflects his exceptional track record and his unwavering commitment to making ELC a place where all employees can thrive, innovate, and grow.”

Since joining Estée Lauder in 2015, Bowes has led global talent acquisition and talent management, including executive talent management, talent development, and enterprise learning and development. His leadership was instrumental in launching a new internal talent marketplace, employee listening surveys, and leadership development programs. Bowes is also recognized for championing diversity and inclusion efforts.

Prior to Estée Lauder, Bowes held senior HR and talent management roles at retail brands, including Coach, Nike, Tommy Hilfiger, Cole Haan, and Saks Fifth Avenue. He was also managing director of executive search at Karen Harvey Consulting.

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Australia December retail sales fall by less than expected

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2 hours ago

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February 3, 2025

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Bloomberg

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February 3, 2025

Australian retail sales fell by much less than expected in December, while snapping four straight months of gains that have underlined households’ continued resilience to high borrowing costs.

Bloomberg

Sales slid 0.1% from the prior month, compared with a forecast 0.7% decline, figures from the Australian Bureau of Statistics showed on Monday. The outcome follows a revised 0.7% increase in November, a month boosted by Black Friday. 

“Retail spending held firm following strong growth in recent months with promotional activity stretched across the quarter,” said Robert Ewing, ABS head of business statistics. “Cyber Monday fell in early December and boosted spending to begin the month.”

The figures are likely to reinforce the Reserve Bank’s confidence that the economy remains on a narrow path toward a soft landing. Economists and financial markets widely expect the central bank to finally embark on an easing cycle on Feb. 18.

Monday’s figures follow data last week showing price pressures eased by more than expected in the final three months of 2024, boosting market confidence in a rate cut. 

Retail sales can be an important consideration in policy decisions as consumption accounts for more than half of gross domestic product. The RBA highlighted the outlook for household spending as a key uncertainty when it held the cash rate at a more-than decade high of 4.35% in December.

Prime Minister Anthony Albanese has been counting on at least one rate cut before an election due by May 17. His center-left Labor government is lagging in polls as the electorate is frustrated with cost of living pressures and high borrowing costs.

Money markets imply about a 90% chance of a rate reduction in just over two weeks’ time.
 



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