MILAN — It looks like Chiara Ferragni’s days on the board of Tod’s are over.
The name of the digital entrepreneur didn’t appear on the list of nine candidates proposed as members of the company’s board of directors that the firm’s majority shareholder DI.VI. Finanziaria di Diego Della Valle & Co. submitted after the market closed on Thursday.
The names of former Ferrari president Luca Cordero di Montezemolo and Luigi Abete also were not included, while a new addition was Maria D’Agata, who is general counsel for cosmetic manufacturing giant Intercos Group since 2014.
In a separate statement, the fashion group underscored that “not only Chiara Ferragni but all the members of the board of directors of Tod’s SpA have reached the natural expiration of their terms of office” of three years.
It said that therefore, “DI.VI. Finanziaria di Diego Della Valle & C. Srl has presented a new list of candidates composed in accordance with the provisions of the agreements concluded with L Catterton and disclosed to the market on February 15, 2024.”
As a result, there’s no indication that Ferragni’s exit is related to her recent so-called “pandoro-gate” and reputational issues stemming from miscommunication around a charity initiative.
As reported in December, in the wake of that controversy Safilo revealed it was interrupting the licensing agreement for the design, production and distribution of the Chiara Ferragni-branded eyewear collection “following the violation of contractual commitments undertaken by the brand owner.”
The news of Ferragni’s arrival at Tod’s in April 2021 was seen as contributing to the group’s rejuvenation and caused the company’s shares to spike on the Italian Bourse. The following year, the group already reported a Ferragni-related change in its board, when the entrepreneur was no longer an independent director but remained a member of the board.
As reported, Italy’s Bourse watchdog Consob recently gave the green light to the tender offer aimed at delisting the Tod’s Group. The tender offer kicked off on March 25 and will run until the end of trading on May 8.
Earlier this month Crown Bidco, an L Catterton affiliate, said it was looking to acquire 36 percent of Tod’s SpA, or almost 13 million shares, at 43 euros a share, for about 512 million euros. L Catterton is backed by LVMH Moët Hennessy Louis Vuitton. Last week it was disclosed that the voluntary tender offer is being launched for 27.9 percent of the group because L Catterton in the meantime has acquired additional shares, raising its stake to 7.9 percent of Tod’s. As a result, the value of the offer is now expected to amount to 398 million euros.
