Ferragamo chairman says luxury shoemaker not up for sale

Ferragamo's Chairman Ferruccio Ferragamo denied on Saturday the founding family could consider selling the eponymous luxury shoemaker, after speculation about a possible sale.

"We're in love with this company, it's not up for sale," the Ferragamo chairman said on the sidelines of a fashion show in Milan.

The chairman and newly-appointed Chief Executive Micaela Le Divelec expressed confidence about the group's ability to relaunch.

Shrinking profits in the past two years and the challenge of rejuvenating a brand rendered famous by Hollywood stars such as Audrey Hepburn have fuelled market talk that Ferragamo could follow other Italian fashion names that have been snapped by foreign buyers.