Ferragamo, the iconic Italian maker of shoes, leather goods, and apparel, was founded by Salvatore Ferragamo in Florence, Italy. He had learned the craft of shoemaking in Naples before emigrating to the US as a teenager. There, he made a name for himself in Hollywood, designing shoes for the growing film industry. In 1927, he returned to Italy and continued building his brand from Florence.

After Salvatore’s death in 1960, his wife Wanda took over the business, helping shape it into the global luxury brand it is today, now valued at over a billion euros. Ferragamo went public on the Milan Stock Exchange in 2011, though the Ferragamo family still holds majority ownership.

James Ferragamo, Salvatore and Wanda’s grandson, now serves as the company’s chief transformation and sustainability officer. A double alumnus of NYU Stern (BS ’93, MBA ’97), he delivered the keynote session at the Luxury and Retail Conference this spring, hosted by Stern's full-time accelerated MBA Program dedicated to luxury and retail. He also sat down for a conversation with Professor Thomaї Serdari, academic director of the program.

Q&A with James Ferragamo

Thomaї Serdari: Tell us about the origins of Ferragamo.

James Ferragamo: My grandfather’s creative, well-crafted shoes had become popular with Hollywood stars in the 1920s, and he had a very good business making exceptional footwear, including for the likes of Marilyn Monroe and Audrey Hepburn, among others. He returned to Italy and established the beginnings of the business we know today. When he died in 1960, my grandmother took over and transformed the company from a shoemaker into a global brand. She did this first by creating a matrix structure, with her three sons overseeing the US, Europe, and Asia regions, and her three daughters responsible for the product. During this period the company expanded from shoes into accessories and fashion. 

TS: How did you become involved in the business?

JF: Though I was born after my grandfather died, I lived next door to my grandmother, and I saw how she steered the company through both good and bad times—navigating extreme currency fluctuations, resisting selling it when times were tough. She was a visionary and truly an inspiration. As kids, my twin brother and I worked during the summer on the production line, putting shoes in the boxes. She sustained the business with her work ethic and stamina, which I inherited.

TS: How did your family approach the business?

JF: We think that family brings added value to our business, but we have instituted some practices to ensure it is a meritocracy. For instance, only three family members are allowed to work for Ferragamo at a time, and our CEO must come from outside the family. Other requirements for family to work here are that you must speak English, have an education, and have worked at least 10 years elsewhere—I was with Saks Fifth Avenue in New York after graduating from Stern to learn the art of retailing, which I loved.  

TS: Ferragamo is famous for its “Rainbow Shoe.” What makes that design so special?

JF: This was a product designed for a specific customer, in this case Judy Garland. My grandfather designed and made it in a unique way during a time—1938—when steel for the shank was scarce due to wartime rationing. He worked with upholstery artisans to create a triple platform wedge using very lightweight wood and cork lined with rainbow-colored suede. The craftsmanship was of the highest level, and an example of Ferragamo’s tradition of “customer-centricity” as well as fashion, innovation, and inspiration.

TS: You lead sustainability initiatives for the company. What does that mean to you?

JF: Just as my grandfather was innovative in finding materials during times of scarcity, finding new ways to use materials in ways that produce less carbon dioxide emissions takes thinking outside the box. We are committed to net zero emissions by 2050, and I set the strategy for that for the year, assessing different types of fuel and collaborating with an environmental expert for opportunities to recycle, revise, or transform. Our upcoming collection was made with sustainability in mind. We also consider other avenues of sustainability to be important—for example, we treat all employees fairly; all products are made in Italy; we care about social impact in our community. We have contributed to museum and art restoration in Florence museums, and we’ve been very supportive of cancer research and affiliated hospitals here. 

TS: How have your customers evolved over the years? 

JF: We keep our approach and message coherent. There’s a specific customer who buys Ferragamo. This customer is sophisticated and appreciates innovation and a product that’s always relevant. They understand the quality of Italian craftsmanship. Today especially they want excellent quality leathers with sustainability and comfort and time-tested styles. Whereas in my grandfather’s day, we catered to movie stars, today we look to develop unique styles for celebrities that young people admire, such as Dua Lipa.

TS: What personal legacy do you hope to leave?

JF: I hope my legacy will be that I led initiatives that helped burnish Ferragamo’s brand as a marriage of uncompromising craftsmanship and quality, sustainability, comfort, and customer-centricity, in shoes, handbags, accessories, and ready-to-wear fashion.

Did You Know?

1. An avid runner, James Ferragamo has participated in Ironman competitions. 
2. While earning his MBA at Stern, he interned at Goldman Sachs in London.
3. He began his managerial experience in the Women's Shoe Division at Ferragamo.

Check out Professor Sedari's conversation about the hot topic of the evolving world of luxury brands. 

Photo Credit: "Rainbow Shoe" Courtesy of FERRAGAMO; Illustration by Joe McKendry