Chiara Ferragni will not return to the management of Tod's

Italian entrepreneur and influencer Chiara Ferragni is no longer a board member of Tod's Group, according to an AFP report.

Di.Vi. Finanziaria, Tod's majority shareholder, on Thursday published a list of nine candidates for the next term of the board of directors, with Ferragni's name not among them.

Ferragni joined Tod's Group's board of directors in April 2021. The reason for her appointment to Tod's Group was her "contact with the younger generation". Following the announcement of her appointment, Tod's stock price rose 12.19 percent.

Whether Tod's choice not to appoint Ferragni as a board member has to do with her alleged fraud case with the Italian consumer watchdog is not clear.

In December 2023, the influencer was accused of setting up a misleading charitable contest in collaboration with cake producer Balocco. According to Farragni and Balocco, money from the contest would go to the Regina Margherita children's hospital in Turin.

However, Italian consumer watchdog Autorita' Garante della Concorrenza e del Mercato (AGCM) found no evidence of such a donation. Instead, a donation of 50,000 euros to the children's hospital by Balocco was made before the sponsored initiative, while after the contest, a transaction from Balocco to Ferragni worth one million euros was found.

The alleged fraud case caused a stir on social media. Ferragni still denies she did anything wrong.

Tod's is the parent company of Tod's Hogan, Roger Vivier and Fay. Ferragni's business empire is estimated by Forbes to be worth about eight million dollars a year.