The goal of the Italian luxury company will be “to avoid injecting too much product on the market,” taking into account the possibility consumer spending might restart “in a slower way than expected.”
While revenues fell 29.4 percent, hurt by the lockdown in its main markets, the Italian luxury group sees signs of improvement in China.
The administration of the fund, called “Sempre con Voi [Always With You]” will be entrusted to the Civil Protection.
In cities like Chicago, Austin, Tex., and New York, local police departments have increased patrols to help protect retailers during the COVID-19 shutdown.
The decision was made in light of the progressive worsening of the coronavirus crisis and the Tod’s group will also not distribute dividends in 2020.
Both the situations in China and Italy were addressed.
Chairman and ceo Diego Della Valle expressed his confidence in the group, which closed 2019 with sales of 916.1 million euros.
Bright spots included a growth at the Roger Vivier brand and in Greater China, as management touts the arrival of a new creative director at the Tod’s brand and an increasing focus on retail.