Ferragamo announces Giornetti quits

Italian luxury goods maker Salvatore Ferragamo said on Thursday Massimiliano Giornetti had stepped down as its Creative Director to be replaced by the group's current team of fashion designers.

Giornetti, who joined Ferragamo in 2000 to design menswear collections, became its Creative Director in 2011.

"We'll seize this opportunity to revisit our approach to creativity," CEO Michele Norsa said in a statement. "Over the years the company discovered and nurtured several young talents and can now count on an excellent internal creative team."

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Last week, Ferragamo beat expectations with an 11 percent rise in 2015 core profit but said the start of the year had not been particularly good.