Tod’s CEO declines intention of selling company

Italy
Published:  09 July, 2020

Diego Della Valle, Chairman and CEO of the Italian premium fashion brand, said he has no intention of selling the company.

Tod’s has been often seen by analysts as a possible target for major conglomerates such as LVMH. During the Online Fashion & Luxury Talk conference organised by Italy’s RCS Academy Business School on July 7, Della Valle said he raised his potential share of voting rights in the firm to above 80% in 2019. “I have bought Tod’s shares in the last year and a half. I am going in a clear direction”, he said.

In 2019, Tod’s registered €606.8 million of sales turnover, down from €665.4 million in 2018. Net profit amounted to €30.3 million, or 5% of revenues. During an annual Board of Directors meeting on March 12, it was decided that 1% of net profit for the Tod’s Group would be allocated to a special reserve fund for solidarity projects on local territory.

Source: Reuters