The 69-year-old Mr. Ferragamo attributed the company’s success to his father’s innovation (he applied for 350 shoe-like patents) – 14,000 different styles of shoe-like drawings in the company’s archives house – and a group of loyal external managers. Ferragamo’s business ranges from women’s and men’s shoes to clothing, handbags, scarves and ties.
But he admits that the core of the company is still his mother, and the mother is the driving force behind the whole family. In the conversation, Mr. Ferragamo’s tone was mild and his style was often mentioned. “She is the second pioneer of the family,” he said. When a third of the company’s shares were listed on the Milan Stock Exchange in July 2011, he stepped on the stage with his mother, and the mother wiped her tears saying she was so proud of her family’s achievements.
Mr. Ferragamo said that at first he thought it was unfair because he took on more responsibility. But in the end he realized that such clear regulations helped the company thrive.
This rule has been extended to the third generation – management studies show that family businesses usually fall into this generation. Up to three third-generation Ferragamo family members can work in the enterprise and need to prove that they are competent and good enough.
“We set this rule because we saw too many companies failing because of family splits,” he said. “When my children are still young, I often tell them that I will put the interests of the company first, not their own direct interests. Because the interests of the company are their interests, but if I will The interests of the first place, I may ruin the company.”
As their wealth grows, their business interests are more extensive. Mr. Ferragamo and his brother Massimo (the chairman of Ferragamo USA) have huge real estates in Tuscany, Il Borro and Castiglion del Bosco, all of which are luxury resorts and wine estates. Every year, the entire family meets at Il Borro