NOT SO FAST: Diego Della Valle is not relinquishing any role within the Tod’s Group. Asked to comment on a Reuters report on Tuesday, following a Tod’s investor day and based on two sources speculating the chairman and chief executive officer is “reviewing his role” with plans to “step aside,” a spokesperson for the Italian luxury group refuted this. “Nobody knows when and if this will happen. Mr. Della Valle said that when the management will be in place, when the time will be right, when it will be opportune, one day” he may consider this, explained the spokesperson.
As reported, on Monday Tod’s announced a 4.7 percent decrease in sales to 722.2 million euros in the first nine months of the year and the appointment of a new managing director, Umberto Macchi di Cellere, who will succeed longtime coceo Stefano Sincini.
While the spokeswoman said no financial targets were given to the investors, Della Valle stated on Monday that “for the current year, we are confident to deliver results in line with market expectations.” The 2017 consensus pegs revenues at 981 million euros with an EBITDA margin of 17 percent.
Tod’s shares closed down 3.89 percent at 54.40 euros on Tuesday on the Milan Stock Exchange.