FLORENCE, Italy — Massimiliano Giornetti is stepping down from his position as creative director of Salvatore Ferragamo. The Florence-based fashion house made the announcement late on Thursday, after the closure of the Milan Stock Exchange on which the company is publicly listed. Giornetti is expected to be replaced by the brand's in-house design team.

The news is the latest in a string of high profile designer exits, including the departure of Raf Simons from Dior and Alber Elbaz from Lanvin.

Giornetti first joined Ferragamo in 2000, when he took over the design and development of the brand’s menswear before being appointed overall creative director of the house in 2011.

Earlier this month, Ferragamo reported a larger-than-expected 11 percent rise in core profit for 2015, with earnings before interest, taxes, depreciation and amortisation reaching 324 million euros (almost $362 million), beating analysts' estimates of 314 million euros. However, despite growth being larger than expected, the brand expressed caution in its 2016 outlook. "The start of the year has not been particularly good," chief executive Michele Norsa told analysts, pointing to a double-digit drop in sales in Hong Kong.

Updated 11:00pm GMT on 24 March, 2016:

Massimiliano Giornetti resigned from Salvatore Ferragamo for what a statement provided by a spokesperson for the designer refers to as "just cause." The complete statement reads:

On March 1st, 2016 Massimiliano Giornetti has resigned as creative director of Salvatore Ferragamo for just cause. Massimiliano Giornetti started working at Ferragamo in 2000, spending the last 6 years as the brand's creative director. Under his creative leadership, Salvatore Ferragamo has seen constant growth in revenue and in the brand image. "I wish to thank still the Ferragamo family for the invaluable professional opportunity given to me in these years of mutual collaboration," said Massimiliano Giornetti.