Milan – Luxury Italian shoe company Tod’s on
Thursday named John Galantic, a former top manager at Chanel, to replace
founder Diego Della Valle as chief executive.
The appointment comes after L Catterton, an investment fund associated with
luxury giant LVMH, made a friendly takeover bid for Tod’s in February, which
allowed it to delist from the Milan Stock Exchange.
Galantic’s “proven experience in the luxury sector with a specific focus on
brand building will help Tod’s Group to increase its growth potential
globally”, the Italian firm said.
Galantic was president and chief operating officer of Chanel between 2006
and 2023, and also sits on the board of Ferrari.
Della Valle, whose family founded Tod’s in 1978, will stay on as chairman
along with his brother Andrea Della Valle as vice chairman.
In the wake of the takeover bid, the family has a 54 percent stake in the
company, with L Catterton controlling 36 percent and LVMH retaining its 10
percent stake.
The group’s turnover rose by 11.9 percent last year to 1.12 billion euros
(1.26 billion dollars).(AFP)
