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Tod’s chairman denies rumours about a possible sale

Tod’s sales drop nearly 5%, CEO departs

Speaking at the 2018 Milano Fashion Global Summit, Tod’s Chairman and CEO Diego Della Valle denied rumours surrounding a possible sale of the Tod’s group, reports WWD.

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The report quoted Della Valle saying: “This rumor is a “recurring” one, but “if we really had to do an operation, it would be to buy, not to sell. “We are preparing the company for the next 10 years, when we will surely be attentive to new consumers, but carefully avoiding going overboard in chasing trends. We must not lose sight of who we are,” he added.

According to Reuters, speculations followed after an Italian newspaper reported on Monday that Della Valle’s reorganization of the family’s holding companies may be an indication to a future sale of the group.

The Della Valle family currently owns majority 60 percent of the Tod’s group through two separate holding companies – the Di.Vi. Finanziaria vehicle and the Diego Della Valle & C.

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For the first six months, Tod’s reported a 2.8 percent decline in its net profit to 33.7 million euros, while sales decreased 1.3 percent to 477 million euros compared to 483 million euros in the first half of the previous year but increased 1.8 percent at constant exchange.

(Source: Fashion United )