Former Chanel executive takes helm at Tod's

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)