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Solid Advance for Tod’s

MILAN — Boosted by strong sales in European markets outside its home market of Italy, leather goods group Tod’s SpA saw its preliminary first-half sales rise 14.2 percent to $164 million from $143.4 million.<br><br>While sales in Italy...

MILAN — Boosted by strong sales in European markets outside its home market of Italy, leather goods group Tod’s SpA saw its preliminary first-half sales rise 14.2 percent to $164 million from $143.4 million.

This story first appeared in the July 31, 2002 issue of WWD.  Subscribe Today.

While sales in Italy advanced 4.1 percent to $68.2 million, revenues in the rest of Europe skyrocketed 34.3 percent to $57 million. Dollar figures have been converted from the euro at current exchange rates.

Tod’s said currency fluctuation had no effect on sales because of the concentration of business activity in Europe. Sales in North America rose 3.6 percent to $28.9 million as sales in Asia and the rest of the world rose 28.9 percent to $9.8 million.

Meanwhile, Tod’s chairman and chief executive Diego Della Valle has joined the board of Ferrari, which is controlled by Fiat, a Ferrari spokesman confirmed. Della Valle is a close friend of Ferrari ceo Luca Cordero di Montezemolo, and last year Della Valle rolled out a line of limited edition Ferrari shoes and accessories. Ferrari plans an initial public offering next year, the spokesman said. Della Valle is also on the board of LVMH Moët Hennessy Louis Vuitton, which holds 3.5 percent of Tod’s.