Chiara Ferragni at an event in 2019. Reuters
Italian fashion group Tod's said on Friday it appointed Instagram star and influencer Chiara Ferragni as a board member, stepping up its efforts to win over the younger shoppers fuelling the sector's growth.
Shares in the luxury leather goods maker jumped more than 5% after the announcement about Ferragni, a 33-year-old Italian digital entrepreneur with over 23 million followers on her Instagram account where she shares fashion and style advice, as well as raising awareness on social issues.
"We are sure that Chiara's knowledge of the world of young people, combined with the experience of the other board members, can build thoughts focused on solidarity towards others, with a strong focus on younger generations, which, now more than ever, need to be listened to," Tod's said.
Global Village set to celebrate the spirit of Ramadan as a perfect end to the Silver Jubilee Season
Italy's 'Dying Town' seeks UNESCO heritage nod
Brazil's psychiatrist Flavio Falcone dresses up as a clown for the homeless
Tod's, known for its loafer shoes, launched a new strategy in late 2017 to revamp its brands and lure younger consumers, but the COVID-19 pandemic has hampered its efforts. Its sales fell by almost a third in 2020 due to lockdowns and the collapse of tourism, marking the fifth year in a row of falling annual sales.
"Ferragni's entry to Tod's board will lead to an increase in the brand visibility, and investors hope it will help in pushing the group's sales in the current challenging market," a Milan-based trader said.
Generations Z and Y, born after 1995, will be making up around two-thirds of total demand in the luxury goods sector in 2025, up from around 45% in 2019, consultancy Bain said in its latest estimates.
"Chiara's knowledge of the world of youth is precious," said Diego Della Valle, Tod's founder and top shareholder.
Italian luxury group Valentino said on Tuesday it would stop using fur from next year and would focus on its main, eponymous brand, ditching its second, younger line from 2024.
Designer Jeremy Scott sent his models down the runway in electric hues, crystal-embedded garments, sparkly sky-high boots and brightly colored wigs, evoking what he called an "intergalactic pop band."
When it comes to fashion, Resort collections have got to be the most fun. From floaty dresses and loose tops to light fabrics and floral prints, this week we are taking a look at some of the nicest ready-to-wear pieces from a few different brands.
The flights will not be limited to hotel guests only, but anyone can book the plane for a trip of up to 12 hours, according to Bloomberg.
The person who took the pictures, Sophie Bell, was very thrilled to see him sleep with the greatest smile on earth.
For every kilo of plastic they deliver, they receive a small "symbolic" sum. The money is enough for a drink, said Arapakis, who was in Paris this week for global talks on limiting plastic pollution.