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Tod’s Group appoints John Galantic CEO, the Italian luxury fashion house announced in a statement on Thursday.
Galantic’s last management position was as president and COO of Chanel Inc., the label’s US subsidiary. The shoe conglomerate’s founder Diego Della Valle will retain his role as chairman of the group.
Tod’s delisted in June of this year after entering into a privatisation deal with private equity firm L Catterton. The company had been struggling from an overall decline in shoe sales and a weakened Chinese market. In the first quarter, Tod’s reported €252.3 million in sales ($282 million), down around 6.5 percent from €270.5 million ($302 million) a year earlier.
Going private is meant to reignite the conglomerate’s demand without scrutiny of the market. Galantic’s “specific focus on brand building will help Tod’s Group to increase its growth potential globally”, the statement said. Next to its flagship namesake brand, the Italian shoemaker also owns Roger Vivier, Fay and Hogan. Della Valle also owns Schiaparelli through his family office.
Learn more:
L Catterton to Take Tod’s Private
The LVMH-linked firm is betting its $545 million stake in the Italian shoemaker will yield the double-digit returns private equity typically seeks.
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