Italian influencer Ferragni won’t return to Tod’s board

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Italian influencer Ferragni: In documents made public on Thursday, the luxury footwear Tod’s said that Chiara Ferragni, an Italian influencer who is currently under investigation for alleged fraud in endorsement arrangements, will not be returning to the board of directors.

A list of nine individuals for the next term of the board of directors was released by Di.Vi. Finanziaria, the primary owner of Tod’s, and Ferragni’s name was conspicuously missing from the list.

An Instagram star and blogger named Chiara Ferragni became a member of the board of directors for fashion house Tod’s in April 2021. But her term, like every other board member’s, ended on December 31.

The proposed names will be put to a vote at the upcoming shareholder’s meeting on April 24, according to Di.Vi. Finanziaria.

In 2022, Ferragni promoted a Christmas “pandoro” cake, ostensibly to benefit a children’s hospital; she has since denied any misconduct and asserted that she acted “in good faith,” so the probe began.

The creator of the cake had already paid the hospital a fixed sum of 50,000 euros months before it was sold, according to Italy’s antitrust commission, which came to light in December. Supposedly, Ferragni’s businesses made more than €1,000,000.00 without donating a dime.

Investigators in Milan have begun looking into claims of possible fraud, and two of Ferragni’s companies were penalized almost 1.4 million euros by the watchdog.

Similar levels of scrutiny have been leveled at a number of Ferragni’s previous endorsement arrangements.

Including her own brand, Ferragni’s business empire is valued at around $8 million per annum, according to Forbes. Some of the high-paying endorsement deals that they had gotten from major companies have supposedly been canceled ever since the issue broke.

With the help of private equity firm L Catterton and the backing of French luxury powerhouse LVMH, Tod’s revealed last month its plans to delist from the Milan stock exchange and go into private ownership.

Ethan Sullivan

Ethan's penchant for the pulse of the fashion world extends to covering lifestyle topics, offering readers a seamless blend of the latest style updates and lifestyle trends.

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