Italian entrepreneur and influencer Chiara Ferragni has stepped down as a board member of Tod's Group, as reported by AFP. Di.Vi. Finanziaria, Tod's majority shareholder, recently released a list of nine candidates for the upcoming term of the board of directors, with Ferragni's name notably absent. Ferragni had joined Tod's Group's board of directors in April 2021, with her appointment attributed to her strong connection with the younger demographic.
Upon the announcement of Ferragni's appointment, Tod's stock price experienced a significant increase of 12.19 percent. However, the decision not to retain Ferragni as a board member has raised questions, particularly in light of her involvement in an alleged fraud case with the Italian consumer watchdog.
In December 2023, Ferragni faced accusations of orchestrating a deceptive charitable contest in partnership with cake producer Balocco. The contest purported to raise funds for the Regina Margherita children's hospital in Turin. Subsequent investigations by the Italian consumer watchdog, Autorita' Garante della Concorrenza e del Mercato (AGCM), revealed discrepancies in the donation process.
The AGCM found that a 50,000 euro donation from Balocco to the children's hospital occurred prior to the contest, while a subsequent transaction of one million euros from Balocco to Ferragni was identified post-contest. These findings sparked controversy on social media, with Ferragni maintaining her innocence amidst the allegations.
Tod's Group, the parent company of Tod's Hogan, Roger Vivier, and Fay, has not disclosed the specific reasons behind Ferragni's exclusion from the board. Meanwhile, Forbes estimates Ferragni's business empire to generate approximately eight million dollars annually, underscoring her significant influence in the entrepreneurial and digital spheres.
