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Ferragamo family increases stake in company

The family behind the luxury goods maker Ferragamo has upped its stake in the company by 2%, following a sale of shares by the Hong Kong-based Woo family.

The family behind the luxury goods maker Ferragamo has upped its stake in the company by 2%, following a sale of shares by the Hong Kong-based Woo family.

According to Reuters, the Ferragamo family’s holding company has increased its stake to 58.24% from its earlier 56%.

This rise came after the family’s long-time partner, businessman Peter Woo, cut his stake in the Italian shoemaker. Reuters said the company filing showed that Woo sold a 2% stake for €30.3 million, at €9 per share.

In March, the Ferragamo family had sold an 8% stake to Woo, in an attempt to strengthen the group’s market presence in Asia. Last month, Ferragamo listed on the Milan Stock Exchange, when it sold 25% of the family’s holdings for more than €375 million. The listing diluted family ownership of the Florence-based company from its earlier 90%.

Ferragamo was founded in 1927 by the group’s namesake Salvatore Ferragamo. His wife Wanda took over the company after his death in 1960. She is now the honorary chairman of the group, while son Ferruccio is president of the company. Third-generation James is the product director of the women’s leather division, while the group’s first non-family member Norsa is the chief executive.

Ferragamo reported a 26% rise in its 2010 revenues to €781 million. Its net profits for 2010 also increased to €60.8 million, after a loss of €14.7 million the year before.

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