Salvatore Ferragamo Internship Report

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Transcript of Salvatore Ferragamo Internship Report

SALVATORE FERRAGAMOINTERNSHIP REPORT

Alessandra PetrungaroBoston UniversitySummer 2014

TABLE OF CONTENTS

Introduction1

Part I: Summary of The Salvatore Ferragamo Group2History of the brand3Salvatore Ferragamo S.p.A Today4Image and Identity of The Salvatore Ferragamo Brand5

Part II: Internship Narrative Section8Tasks Performed & PR Lessons Learned9Appendix Disclaimer13

Part III: Self-Evaluation14Conclusion16Bibliography 17

17IntroductionThis past summer I had the opportunity of interning with the iconic Italian fashion house Salvatore Ferragamo. My internship took place at the retail store in Chicago, Illinois from the beginning of June until the end of August, and I worked three to four days per week. I worked largely under the store manager and Midwest Regional Director, Jason Ross. The Chicago store is Ferragamos main operating branch for the midwest and southern regions within the United States. Salvatore Ferragamos unique image and coveted designs are desired all over the world, and I was able to see a portion of the brands influence at my summer internship.

PART I Summary of The Salvatore Ferragamo Group

Summary of the Salvatore Ferragamo GroupHistoryIn 1927 Salvatore Ferragamo legitimized his footwear creations into a high fashion brand.[footnoteRef:1] Originating in Florence, Italy, Salvatore Ferragamo gained popularity from his innovative womens footwear styles and functionality. Then in 1948, the brand expanded into the United States creating a headquarters in New York City.[footnoteRef:2] With this expansion, Salvatore Ferragamo also expanded his product line. By 1980 the brand had collections such as womens ready-to-wear, leather goods, ladies footwear, mens footwear, and mens ready-to-wear.[footnoteRef:3] Adding a mens fashion division heightened Ferragamos presence in the fashion world and thus gained a much larger customer base. Over the next decade Salvatore Ferragamo expanded the brands scope into Asian countries such as China, Japan, and South Korea.[footnoteRef:4] This provided the brand with another massive addition to its customer base. [1: The Salvatore Ferragamo Group. Web. .] [2: Ibid.] [3: Ibid.] [4: Ibid.]

As Ferragamo continued to establish retail locations all over the globe- additions in Latin America, India, and the Middle East from 1999-2010- and also continued to expand its products, Ferragamo still remained true to its family-operated foundations.[footnoteRef:5] With such massive retail development the brand created product lines such as eyewear, fragrances, and timepieces for both men and women. In 2009, to accompany its global retail locations, Ferragamo created a new website with an e-commerce access for the United States and major European countries.[footnoteRef:6] [5: Ibid.] [6: Ibid.]

Even though the brands presence is highly regarded all over the world, Italy still remains the brands true source for inspiration and identity. In 2011 Salvatore Ferragamo reached a level of grandeur: the brands initial public offering on the Milan Stock Exchange.[footnoteRef:7] The brand profited nearly 345 million euros during the IPO, and gained a market value of 1.65 billion euros.[footnoteRef:8] This success has allowed Ferragamo to continue developing the brand, yet still remain true to its authentic Italian style. [7: Ibid.] [8: Paul Jarvis, "Salvatore Ferragamo Advances as Much as 8.3% in Milan Stock-Market Debut."Bloomberg.com. Bloomberg, 29 June 2011. Web.]

Salvatore Ferragamo S.p.A TodayThe Salvatore Ferragamo S.p.A is the parent company of the Ferragamo group, thus existing because of the Milan Stock Exchange IPO. The S.p.A has over 3,000 employees and an extensive network of 606 single-brand stores.[footnoteRef:9] Salvatore Ferragamo is established in 26 countries worldwide with a total of 338 directly operated single-brand stores.[footnoteRef:10] In addition to the directly operated Ferragamo boutiques around the world, the brand has also partnered with third-party retailers such as Bloomingdales, Neiman Marcus, and Saks Fifth Avenue as several examples within the United States.[footnoteRef:11] In total, Ferragamo has 268 wholesale locations worldwide, and therefore offers its glamorous products, in some retail form or another, in nearly 90 countries across the world.[footnoteRef:12] [9: The Salvatore Ferragamo Group. Web.] [10: Ibid.] [11: Ibid.] [12: Ibid.]

The Salvatore Ferragamo S.p.A is unique in that it is one of the only fashion brands not owned by large luxury goods conglomerates such as LVMH Group or Kering Group. The Salvatore Ferragamo S.p.A has a Board of Directors consisting of five positions: Chairman, Vice Chairman, Managing Director, Directors, and Independent Directors.[footnoteRef:13] Salvatore Ferragamos familial descendants compose three of the five positions, notably the Chairman (Ferruccio Ferragamo) and Vice Chairman (Giovanna Ferragamo) titles.[footnoteRef:14] [13: Ibid.] [14: Ibid.]

Image and Identity of The Salvatore Ferragamo BrandThe S.p.A is highly recognized in the luxury goods market and focuses on designing and manufacturing high-fashion products all handmade in Italy. Salvatore Ferragamo works to combin[e] style, creativity, and innovation with the quality and craftsmanship typical of Italian-made goods.[footnoteRef:15] Salvatore Ferragamo aims its identity at combining elegance and luxury with contemporary designs for the modern man and woman of all ages. [15: Ibid.]

Regarding womens fashion, the brand has historically designed products geared towards a more mature demographic of women. As Salvatore Ferragamo began his brand with womens footwear, the craftsmanship of each shoe is highly coveted by women who desire style and functionality. Ferragamos footwear serves not only a fashion purpose but an orthopedic function as well. Since the brand puts great emphasis on the quality of ones shoes in regards to orthopedic health, women in the workforce and of a mature age appreciate the functionality of Ferragamos footwear. In recent collections, however, Creative Director Massimiliano Giornetti has designed not only footwear, but ready-to-wear as well, that has a more modern aura. In Anamaria Wilsons article, Fashions Best Kept Secret, for Harpers Bazaar, Wilson recounts James Ferragamos statement about the then-new creative director: Massimiliano is helping us maintain my grandfathers principles, beliefs, and values but at the same time supports the innovation, creativity, and modernity of the brand.[footnoteRef:16] Blending these elements has expanded Ferragamos female target audience to attract the chic young woman looking for elegance who does not have to sacrifice her flare for trend to achieve it. [16: Anamaria Wilson, Fashions Best Kept Secret, Harpers BAZAAR, Web. 30 October 2012.]

Concerning mens fashion, Ferragamo has historically appealed to both the younger, fashion conscious man and the more mature refined man. Consistent with the values of the brand, Ferragamos products emote a true Italian style. Giornetti led the mens division of the brand for nearly 10 years before his promotion to Creative Director.[footnoteRef:17] With this, Massimiliano Giornetti continues to design the mens collection with an ode to true Italian fashion, but with functionality and style that appeal to all men interested in fashion. In Laurie Brookins article for Vegas Magazine, Brookins interviews Giornetti who states, Menswear for me is very surgical and really about working on the details. [I] want to create a closer language between tailoring and sportswear, to create pieces that feel closer to the refinement of a tailored piece while at the same time less strict.[footnoteRef:18] [17: Ibid.] [18: Laurie Brookins, Ferragamos Massimiliano Giornetti, Vegas Magazine RSS, Web. ]

Salvatore Ferragamos brand identity remains true to its foundation. Classic Italian fashion comprised of elegant silhouettes and unmatched quality mixed with modern elements makes Ferragamo truly distinct. Regarding the brands perceived image among its publics, the image is a direct reflection of how the brand has promoted its identity: Massimiliano masterfully introduced his own vision while respecting and building upon the rich legacy of Ferragamo. That first resort collection set the tone for what was to come- elegance and decadence. We quickly moved to have Ferragamo on Moda Operandi, and customer response has been phenomenal, stated Lauren Santo Domingo, a cofounder and creative director of the major online retail haven Moda Operandi.[footnoteRef:19] With large retailers and famous figures in the fashion world praising Giornettis designs, the brands image remains esteemed among its publics. Moreover, the brands favorable image promotes its success in the luxury goods market, thus solidifying its prestige as a premiere fashion brand. [19: Anamaria Wilson, Fashions Best Kept Secret.]

PART IIInternship Narrative Section

Internship Narrative Tasks Performed & PR Lessons LearnedSalvatore Ferragamos corporate offices are located in New York City. Since my internship took place in Chicago, Illinois, I did not work in a traditional office setting, yet I still performed tasks associated with this type of environment. As stated earlier, I worked mainly with my internship supervisor, Store Manager, and Midwest Regional Director, Jason Ross. There are 12 employees at the Chicago store that I worked with throughout my internship. Since the Chicago Salvatore Ferragamo store is primarily a retail location, 10 of the employees are sales associates, one employee is a shipping and handling manager, and the other is Mr. Ross. Since Jason Ross oversees all of the stores in the midwest and southern region of the United States, he manages all internal communication, product information and orders,