ROSSO’S RESTORATION: Venice’s iconic Ponte di Rialto is ready to get a makeover. On Tuesday, Renzo Rosso and the city of Venice finalized the sponsorship contract that will see the Italian entrepreneur financing the restoration of the 16th-century bridge through his OTB Srl holding. Rosso has pledged to donate 5 million euros, or $6.5 million at current exchange, for the restoration, which will be overseen by the city’s municipality.

“I believe in a very modern entrepreneurial model, implying tight collaboration among the different parties. As I always say, a man can’t do anything by himself, he needs a team to create something,” Rosso stated. “In line with this business model, when you make profits, you have to share part of them with the cultural institutions and with the society, especially in these hard times.”

This story first appeared in the May 8, 2013 issue of WWD. Subscribe Today.

Restoration works, which are set to start in mid-2014, are expected to be completed in about 18 months.