IT WASN’T BUILT IN A DAY: Restoration of the Roman Colosseum can finally begin. The Italian Council of State formally dismissed Italy’s consumer protection organization Codacons’ legal protest against Tod’s sponsorship, and now the construction company, which won the restoration tender, has taken control of the site.
The first phase of the works will cost 8 million euros, or about $10.6 million at current exchange, and will focus on the Colosseum’s first 10 archways and its entrance gates.
This story first appeared in the August 2, 2013 issue of WWD. Subscribe Today.
According to an agreement signed in 2011, Tod’s SpA allocated a sum of 25 million euros, or $35 million at average exchange, for the restoration works. In addition, the company will own the rights on the use of the space for 20 years.