MILAN — Tod’s SpA has gotten a thumbs-up from Italy’s watchdog authority that oversees public procurement for the Italian luxury goods company to sponsor the restoration of the Colosseum in Rome.
This story first appeared in the February 13, 2012 issue of WWD. Subscribe Today.
The authority determined that Tod’s sponsorship contract merely details a financing plan and is therefore lawful and transparent. It is understood Rome’s regional court, the T.A.R., will likely stand by the authority’s decision.
Tod’s chief Diego Della Valle’s efforts to restore the iconic amphitheater in Rome with a donation of 25 million euros, or $33.1 million at current exchange, were being thwarted by a series of bureaucratic glitches, and by an investigation by the Court of Auditors and Rome’s public prosecutor, that arose last month.
Della Valle threatened to pull back from supporting the works, and the unexpected roadblock generated a public outcry. Among the obstacles, Codacons, Italy’s consumer protection organization, had highlighted “a series of distortions” concerning Tod’s bid and a lack of detailed projects, presenting a “motion of conciliation” to the Court of Auditors.
The renovation work is expected to begin this spring.