Salvatore Ferragamo, the renowned Italian shoe designer, amassed a net worth of $50 million by 1960, the year he passed away. The fashion world continues to hold his namesake company, Salvatore Ferragamo, in high esteem as one of the premier fashion houses globally1.
Italian shoe designer Salvatore Ferragamo, known as the “shoemaker to the stars” in Hollywood during the 1920s, founded Salvatore Ferragamo S.p.A. in Italy in 1927.
By the time of his death in 1960, he had accumulated a net worth of $50 million. His legacy continues through the Salvatore Ferragamo company, which remains one of the world’s most respected fashion houses.
As of the latest reports, Salvatore Ferragamo S.p.A. operates over 440 stores worldwide and trades publicly under the ticker SFER, boasting a market capitalization of approximately $3 billion. In 2021, the company achieved a revenue of €1.136 billion, underscoring its enduring success in the luxury fashion industry.
Early Career
Salvatore studied shoemaking for a year in Naples, and at the age of 14, he opened a small shoe store out of his parents’ home. He emigrated to the U.S. in 1915, settling in Boston, Massachusetts. One of his brothers worked at the Thomas G. Plant Shoe Factory, and Ferragamo briefly worked at there before talking his brothers into moving to California.
After moving there, the brothers lived in Santa Barbara, then they moved to Hollywood. In 1923, Salvatore opened a store in Santa Barbara, and some of his most loyal customers were well-known actresses. In 1925, he opened a store in Hollywood. Ferragamo designed shoes for films such as “The Ten Commandments” (1923).
He attended the University of Southern California, and according to “InStyle” magazine, “There, he studied anatomy and learned that the arch of the foot supports the weight of the body.
Salvatore Ferragamo Early Life
Salvatore Ferragamo was born on June 5, 1898, in Bonito, Campania, Italy. His first name was registered as “Salvadore.” He was the son of Mariantonia and Antonio Ferragamo.
Mariantonia’s maiden name was the same as her husband’s surname, which was not unusual in smaller Italian towns. Salvatore’s family was poor, and he had 13 siblings. Ferragamo made his first pair of shoes (high heels) when he was 9 years old and realized that he had found his purpose in life.
Salvatore Ferragamo S.p.A.
After returning to Italy in 1927, Salvatore Ferragamo began crafting shoes for notable figures like Marilyn Monroe and Eva Perón and established Salvatore Ferragamo S.p.A. in Florence. Despite filing for bankruptcy in 1933 due to the Great Depression’s impact, by 1938, Ferragamo had bounced back financially and acquired the Palazzo Spini Feroni in Florence, setting it as the company’s headquarters and main store.
Salvatore Ferragamo S.p.A. marked its American expansion with the opening of its first New York store in 1948. By the 1950s, Ferragamo’s enterprise had grown to employ 700 artisans, producing 350 handmade shoes daily. Ferragamo’s innovative spirit led to the creation of the wedge heel, cage heel, and the invisible sandal. The company also expanded its offerings to include ready-to-wear lines for men and women, along with eyewear, perfumes, and accessories.
The Ferragamo family celebrated the brand’s 80th anniversary with a grand three-day event in Shanghai in 2008. Ahead of Milan Fashion Week in 2022, the company underwent a rebranding to “Ferragamo.” Initially a private family-owned business, Salvatore Ferragamo S.p.A. went public on the Milan Stock Exchange in 2011, with the Ferragamo family retaining approximately a 65% stake.
As of 2021, the company reported total assets of €1.010 billion, total equity of €785.879 million, and a workforce exceeding 3,800 employees. The global presence of Ferragamo stores reached 447 locations by 2022.
Personal Life
Salvatore married Wanda Miletti after meeting her in 1940. The couple remained married until Ferragamo’s death in 1960, and they welcomed six children, Ferruccio, Fulvia, Massimo, Fiamma, Giovanna, and Leonardo.
Death and Legacy
On August 7, 1960, Salvatore died of liver cancer at the age of 62. Wanda became a widow at the age of 38, and the couple’s youngest child was just 2 years old at the time. After Ferragamo’s death, Wanda took over Salvatore Ferragamo S.p.A. and served as the CEO for more than two decades.
She expanded the company’s offerings to include ready-to-wear fashion, handbags, fragrances, and scarves. Wanda passed away in 2018 at the age of 96. All six of the Ferragamo children have helped run the company, and Salvatore’s son Leonardo has been the Chairman of Salvatore Ferragamo S.p.A. since 2021, succeeding his eldest brother, Ferruccio. In 1995, the Salvatore Ferragamo Museum opened in Florence’s Palazzo Spini Feroni.
The museum includes 10,000 models of shoes that Salvatore created and owned as well as “films, press cuttings, advertising materials, clothes and accessories from the 1950s to the present day.” In 2013, Salvatore Ferragamo S.p.A. launched the Ferragamo Foundation to “encourage and educate prospective fashion talent.”