TOD’S FIGHTS BACK: Tod’s SpA reiterated on Tuesday that it is not seeking a commercial return through the sponsorship of the restoration of the Colosseum, and that no company advertising will be visible on the monument during the works on the amphitheater, which the luxury goods firm agreed to fund through the donation of 25 million euros, or almost $31.8 million at current exchange. Tod’s said that it had already deposited a guarantee fund of more than 10 million euros, or $12.7 million, to be used to finance the first set of works.
“We hope this money will be used as soon as possible for the restoration of a monument which represents Italy around the world, and which really needs it,” said Tod’s.
On Monday, Italy’s antitrust authority said it agreed with Codacons, Italy’s consumer protection organization, which that same day expressed a negative opinion of Tod’s proposed sponsorship. The antitrust authority highlighted “a series of distortions” concerning Tod’s bid versus competing ones and a lack of detailed projects.