MILAN, Italy — Tod's chairman and majority owner said on Wednesday he would focus on promoting the brand, leaving day-to-day management to the Italian luxury goods firm's new CEO.
Known for its Gommino loafers, Tod's has embarked on a new strategy, with the launch of multiple collections throughout the year as well as focusing on more traditional products.
Tod's has also replaced long-serving CEO Stefano Sincini with Bulgari sales executive Umberto Macchi di Cellere.
Italy is famous for family-owned companies that build successful brands but many find it hard to hand over management to external executives as the business grows.
"I like taking care of the brand and to delegate conducting the orchestra of the group," chairman Diego Della Valle said at Il Sole 24 Ore's annual Luxury Summit.
In January Tod's, which is 61.5 percent owned by the Della Valle family, said it expected to see the first results from the new management team in the second part of the year.
By Claudia Cristoferi and Giulia Segreti; editor: Alexander Smith.