Michele Norsa Returns to Salvatore Ferragamo as Executive Deputy Chairman

Norsa helmed the Florence-based company for 10 years, publicly listing it in 2011 and exiting in 2016.

MILAN –  The Ferragamo family is turning to a trusted executive for support as the coronavirus pandemic shakes up the industry and the economy.

Michele Norsa is returning to Salvatore Ferragamo, a company he helped grow over 10 years and publicly listed in his role as chief executive officer. Norsa will join the board as director and executive deputy chairman, effective May 28.

Ferruccio Ferragamo will continue to helm the company as chairman. His son, James Ferragamo, has resigned from the board, allowing Norsa to be recruited and assume the executive powers previously exercised by Ferruccio Ferragamo.

James Ferragamo will continue in his role as brand and product and communication director. He was also confirmed as manager with strategic responsibilities in the context of the current stock exchange regulations applicable to the company.

Norsa has also taken over the chairmanship of the executive committee and the brand & product strategic committee.

Michaela le Divelec Lemmi will remain the company’s ceo and in a statement the company said Norsa’s arrival will “entail strict co-operation with” le Divelec Lemmi “in the implementation of the company’s strategic plans.”

The new management structure was revealed at the end of trading on Wednesday, after a meeting of the board of the majority shareholder Ferragamo Finanziaria S.p.A. that focused on strategic guidance and planning the management of the group to be entirely entrusted to executive managers.

Norsa joined Ferragamo in 2006 and exited in 2016. His experience with the IPO process was one of the reasons he was brought into the company as he played a critical role in Marzotto SpA’s stock market spin-off of its fashion interests into Valentino Fashion Group. Norsa became ceo of Valentino SpA in 2002 , when Marzotto bought the fashion house from the now-defunct holding company HdP. He was also general manager of VFG’s licensed brands M Missoni and Marlboro Classics. Earlier, the executive worked at other family-owned companies such as Benetton, Sergio Tacchini and Rizzoli.

A member of the board of the Ermenegildo Zegna Group, the Rocco Forte Hotels and Oettinger Davidoff AG, Norsa is a partner of the Italian fund FSI and vice chairman of Missoni.