Ferragamo’s China stores stay closed due to coronavirus as label funds art restorations in Florence

“We fear a decrease in revenue. We don’t yet have an accurate estimate. Full monthly figures comparable with the same period of the previous year aren’t yet available. Many of our stores in China are closed, others are open with modified hours.” This was the response of Ferruccio Ferragamo, president of luxury label Salvatore Ferragamo, to questions about the impact of the coronavirus outbreak, in a press conference at Florence’s Palazzo Vecchio.

Ferragamo confirmed that the effects “are felt on a daily basis, but it's too early to make any forecasts” for the medium and long term. “Many of our employees in China are staying at home and are still getting paid, so we have high costs and little revenue. We’re working on an emergency plan, but it’s still early days,” he added.

At the press conference, Salvatore Ferragamo presented the restoration project for the Renaissance statues of Florence's Piazza della Signoria, and for the bronze replica of Michelangelo’s marble ‘David’, located in piazza Michelangelo. The label is investing €1 million in the project over the course of three financial years (2019-2021), taking advantage of Italy's ‘Art bonus’ legislation.

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The restoration work will be carried out between June 2020 and autumn 2021, and will involve statues by Renaissance sculptors Giambologna and Bandinelli, and several bronze replicas of other Renaissance works, including one of Michelangelo’s ‘David’.

“For our company, fashion and art have always been strongly linked,” said Ferragamo, adding that “when my father Salvatore started his business, he realised there is a close connection between the worlds of [art and fashion] in terms of research and creativity, and throughout his career he drew inspiration and brilliant insights from the various modes of artistic expression.”