Gianfranco Ferre Closes Manhattan Flagship

"Repositioning of the label" is the reason given by the brand's owner, IT Holding SpA. "We decided to close the Madison Avenue store in view of a future reopening in a location that will better enhance our products from both a merchandising and image point of view", Michela Piva, CEO of  Ferré told WWD. It has nothing to do with Ferré's financial performance, as the group's last quarter in 2007 showed a 17.6 percent growth.

Gianfranco, who died in June 2007, was known as 'the architect of fashion', due to his bold architectural designs. By the end of 2008, a new Flagship store designed by architect Tiziano Vudafieri will open in Milan. Vudafieri's concept will eventually be applied to all existing stores and units.

The 3,000-square-foot Ferré flagship at 870 Madison Avenue, between 71st and 72nd Streets, opened in 2004 with elegant interiors featuring a two-story entry, polished white floors, glass shelves and separate areas defined by different styles of furniture. It was projected to do $10 million in sales. Ferré has long had a presence in Manhattan. The designer's previous store opened at 845 Madison Avenue in 1993.

Photo: Gianfraco Ferré