FOLLOWING yesterday's announcement that Peter Dundas is departing Roberto Cavalli after just 18 months and three seasons as creative director, it has been revealed that the Italian fashion house is currently undergoing a major shake-up.
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Almost 30 per cent of the brand's global workforce - an estimated 200 jobs - will reportedly be cut as part of a radical reorganisation strategy which aims to return the company to operating profitability by 2018, according to WWD. Furthermore, all functions are being transferred to the company's headquarters in Florence, meaning that its corporate and design offices in Milan will be closed, along with underperforming stores being shut or relocated.
Roberto Cavalli Milan Spring/Summer 2017 Ready-To-Wear
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Roberto Cavalli Milan Spring/Summer 2017 Ready-To-Wear
SPRING/SUMMER 2017
“The fashion industry is facing uniquely challenging times, with changing consumer demands, significant contraction in various key markets and fundamental transformation in the industry’s dynamics,” said Gian Giacomo Ferraris, who took over as chief executive officer last month, in a statement. Ferraris was announced as Renato Semerari's successor in July, after it was announced that Semerari would be leaving his position due to "divergences on the company's development strategy". Prior to joining Roberto Cavalli - just over a year after Clessidra, an Italian private equity fund, bought a 90 percent stake in it - Ferraris had worked for Versace, where he was also responsible for leading a company-wide turnaround.
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“In this environment, only iconic brands with a coherent business model and an efficient organisation can survive," he continued, highlighting that the company is not in debt and estimating this year's sales will come in between 155 million and 160 million euros. "After my initial examination of the company, I believe the Cavalli brand has what it takes to succeed. But the reality is that the company’s costs must be in line with its revenues and that is the task we now have to embark upon.”
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