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A Business Analysis of Salvatore Ferragamo in the Luxury Industry
- 1 Dalian American International School, Dalian, 116000, China
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Abstract
Established in 1927, Salvatore Ferragamo S.p.A. is a renowned Italian luxury company renowned for its excellent craftsmanship, particularly in ready-to-wear clothes, leather products, and footwear. To shed light on Ferragamo's potential and difficulties in the global luxury market, this study examines the company's financial performance, customer experience, marketing initiatives, and market positioning. Ferragamo caters mostly to affluent clients that appreciate elegance and superior quality, such as professionals and celebrities. Ferragamo prioritizes traditional craftsmanship and elegance over that of rivals like Gucci, despite difficulties in expanding internationally and gaining market share. The company leverages influencers and well-known brand ambassadors to increase its reach, particularly among younger consumers, through both traditional and digital marketing strategies. However, Ferragamo's financial results for 2023 showed a sharp drop in earnings and sales, pointing to the necessity of making tactical changes. To be competitive and seize expansion prospects in the changing luxury market, Ferragamo will need to concentrate on strengthening its online presence, increasing manufacturing efficiency, and investigating new markets going forward.
Keywords
Ferragamo, Marketing, Luxury brand, Consumer psychology
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Cite this article
Ren,X. (2025). A Business Analysis of Salvatore Ferragamo in the Luxury Industry. Advances in Economics, Management and Political Sciences,142,154-160.
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Volume title: Proceedings of ICFTBA 2024 Workshop: Human Capital Management in a Post-Covid World: Emerging Trends and Workplace Strategies
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