Dear Shareholders,

The year 2024 was particularly important in the process of envisioning and building the Ferragamo of the future. In the current global environment, which remains intricate and particularly demanding, our strategic product categories, specifically leather goods and footwear, are demonstrating encouraging signs.

This has enabled us to establish new style icons. We have enhanced the brand’s appeal and expanded our product range; our ability to engage and inspire has increased significantly, thanks to the implementation of highly effective and engaging campaigns that have been appreciated across all major media in the target geographical areas.

In the global context of a general reduction in traffic at points of sale, our customer base has evolved significantly. Our existing loyal customers show a growing affinity with our brand, and new customers are strongly in tune with Ferragamo’s distinctive features. Therefore, we will direct our efforts to ensure a more precise alignment between our customers’ preferences and the products we offer them.

I would like to thank Marco Gobbetti for initiating this strategic transformation, which we will continue to pursue with determination, focusing on increasingly effective implementation.

We look to the future with confidence, strengthened by Ferragamo’s core values. These principles have guided us since the beginning and are at the heart of our identity. The Passion that guides our creative process, the Courage to innovate while building on such a unique and prestigious tradition, the Determination to strive for Excellence, the Creativity that defines our unique style, and the Sustainability that is essential to ensuring a responsible and conscious future.

Last year was also a turning point in our approach to sustainability. In 2019, thanks to the Sustainable Thinking exhibition organized by the Ferragamo Museum, we confirmed our vision of responsibility towards people and the environment, and led the luxury sector to follow us. In 2024, we translated this vision into concrete and decisive action. From Sustainable Thinking to Sustainable Acting, as in the name we chose for our first Circularity Hackathon, thanks to which we engaged our most talented professionals to reimagine some of Ferragamo’s most iconic products from a sustainable and innovative perspective. The extraordinary results of this initiative will be showcased in our upcoming collections.

During the year, we made clear and visible progress against all the targets in the five pillars of our Sustainability Plan, and we received clear feedback in the major ESG ratings that recognized our progress. Among our proudest achievements are the reduction of our carbon intensity in line with our Net Zero 2050 goal, the sourcing of almost all of our leather from suppliers that adhere to the highest environmental and social standards, and the creation of Employee Resource Groups (ERGs) worldwide, which have generated enthusiasm and a strong sense of belonging among our employees, fostering a more inclusive and engaging work environment.

Nearly a century ago, my father, Salvatore, achieved significant success in the United States. He subsequently returned to Italy, to Florence, to find artisans with unique skills. These artisans represent one of the most incomparable and unique expressions of our country and of the Made in Italy that we at Ferragamo have always considered a fundamental value of our identity.

Today, we are pleased to share a future of excellence with the partners in our value chain and with our employees and collaborators, to whom I express my sincere gratitude.

We are confident, focused, and determined as we look to 2025, aware of the significant opportunities available to us on a course of transformation that is already well set.

Our vision remains clear and ambitious: to create authentic luxury that combines timeless craftsmanship with cutting-edge innovation, always with the well-being of our employees, our customers, and the planet we live on, at the heart of what we do.

Thank you for your trust and for being part of this extraordinary journey.

The Chair

Leonardo Ferragamo