Italian entrepreneur and influencer Chiara Ferragni has stepped down from her position on the board of directors at Tod’s Group. This decision comes after her appointment in April 2021, during which her “contact with the younger generation” was cited as a reason for her inclusion.
The Missing Name
Tod’s majority shareholder, Di.Vi. Finanziaria, recently released a list of candidates for the upcoming board term, and Ferragni’s name was conspicuously absent. Her departure raises questions about the company’s direction and the impact of her alleged involvement in a fraud case.
The Fraud Allegations
In December 2023, Ferragni faced accusations related to a charitable contest she organized in collaboration with cake producer Balocco. The contest purportedly aimed to benefit the Regina Margherita children’s hospital in Turin. However, the Italian consumer watchdog Autorita’ Garante della Concorrenza e del Mercato (AGCM) found no evidence of the promised donation. Instead, it was discovered that Balocco had made a donation of 50,000 euros to the hospital before the contest. Additionally, a transaction of one million euros from Balocco to Ferragni occurred after the contest. The ensuing social media uproar cast a shadow over Ferragni’s reputation.
Tod’s Future
As Tod’s continues to navigate the luxury shoemaking landscape, Ferragni’s absence from the board signals a shift. The brand, which encompasses Tod’s, Hogan, Roger Vivier, and Fay, faces challenges in an evolving market. Meanwhile, Ferragni’s business empire, estimated at around eight million dollars annually by Forbes, remains a force in the fashion world.
