Tod’s S.p.A.

Tod’s S.p.A. is a holding founded by Diego della Valle, which owns brands Tod’s, Fay, Roger Vivier and Hogan.

Tod’s window.


  1. The origins of Tod’s S.p.A.
  2. Diego Della Valle enters the company
  3. It’s born the Tod’s S.p.A.
  4. Hogan
  5. Fay
  6. The production
  7. The Gommino Tod’s
  8. Turnover and investment in the early 2000s
  9. Tod’s S.p.A. enters into BNL
  10. Expansion and collaborations
  11. The recent years at Tod’s S.p.A.
  12. Current situation at Tod’s S.p.A.
  13. COVID-19 and recovery

Tod’s S.p.A. is an operative holding listed in the Stock Market of Milan since 2000, which includes the brands Tod’s, Hogan and Fay. Diego Della Valle is its president, CEO and main stockholder; his brother Andrea Della Valle is the vice president.

The origins of Tod’s S.p.A.

The origins of Tod’s dates back to the turn of the twentieth century, when Filippo Della Valle, Diego’s grandfather, founded a small shoe manufacturer.

“My family has always had leather as a ruling force,” recalls the current chairman, Diego Dalla Valle. “My grandfather Filippo was a shoemaker, who worked in his kitchen at home, at first helped by my grandmother and then by the six children as they grew up. Twice a week my dad (Dorino), who was in charge of production, and uncle Pasquale, in charge of marketing, would travel by night on bicycles, or in freight trains, to save money, to Pescara, Forlì and Bologna, to sell our products to wholesalers who serviced the market stalls.”

At the end of ’60s, Dorino Della Valle set up on his own, with the help of his wife. That’s the birth of Calzaturificio Della Valle, in Sant’Elpidio a Mare, a village in Marche.

“My mother, Maria Micucci – continues Diego Della Valle –  would stitch together soles and uppers, letting me sleep in the baskets of shoes to keep an eye on me.”

Diego Della Valle enters the company

Mame Fashion Dictionary: Tod's Diego Della Valle Portrait. Photographer: Emanuele Scorcelletti
Diego Della Valle.

At the time the kitchen began a small factory. Diego began working for the company in the 1970s, after an attempt at university studies. He took just four exams in two years, in the department of law.

“In effect, the lack of a desire to study has always been a family disease. So I went back home and started working with my father.”

He gradually took on more responsibilities in the shoe factory, which at the time used do produce only shoes for women. In 1979 he took the reins of the company and, at the beginning of ’80s, he launched the first Tod’s loafers.

It’s born the Tod’s S.p.A.

In 1986 Diego Della Valle became the sole administrator of the company, which in the meanwhile had been renamed Tod’s S.p.A. New concepts in terms of product lines, marketing plans and corporate strategy transformed the family workshop into one of the leading players in the production and marketing of luxury footwear and leather goods.

The three brands, Tod’s, Hogan and Fay, have a personal brand identity, but they are connected by the same philosophy, that is a balanced mix between tradition and innovation, quality and creativity. In particular, the brand Tod’s means luxury footwear and leather goods. Some models, such as Driving Shoe and D Bag, became cult products, expression of a new concept of male and female elegance.


Hogan, born in the ’80s, stood out for its high design content. The basic model, inspired by English cricket shoes from the 1930s, was made with a double overlapping upper in order to make the shoe more durable. With a foam rubber padding of the edges and the insole, and a sole with an undulating design to ensure maximum flexibility. Initially focused on the production of footwear, Hogan recently diversified into leather goods. Models Traditional and Interactive are “best sold”.


Taken over by the Tod’s Group in the late 1970s, the Fay brand was originally born in the United States, specializing in the production of robust corduroy cotton and nylon fishnet jackets jackets closed by four hooks inspired by American fire-fighters. Today the brand features male and female lines, complete with accessories, and a kids line. Fay is characterized by the distinctive Double Life philosophy. In each Fay collection, the garments are designed to address different situations, from business to leisure time, from city to outdoor contexts.

The “Fay Code” is today synonymous with informal, sophisticated, cosmopolitan and versatile elegance. The expression of an Italian taste that, inspired by an international breath, combines quality, luxury and research in a timeless balance between tapestry and innovation. In the 90s Fay evolved into a cosmopolitan taste that moves its footsteps from tailoring to anticipate new urban scale trends worldwide, listening attentively to a constantly moving audience.

The production

Excellence in quality is an absolute must for the entire Group. This is guaranteed by the high proportion of craftsmanship in the manufacturing process and by a strict control of the raw materials and of all the phases of the production process. Tod’s shoe manufacturing requires more than 100 working phases, from handmade leather cut to sewing of individual components in each model. A shoe can be made up of 35 pieces of leather, each of which is treated and manually checked before being assembled. The entire process involves several skilled craftsmen in carrying out a precise task.

The leathers come from the best tanners in the world and, like fine wine, some pieces have to wait years to reach the right color and consistency. Every single piece is checked by the experts to evaluate its color, strength and thickness to achieve a perfect homogeneity, otherwise it is discarded. Once the finished product is reached, every pair of shoes is carefully examined and the defective models are eliminated.

The same procedure is followed in the realization of the bags, which stand out for a craftsmanship similar to the old procedures used for saddlery.

Production is primarily carried out in 9 fully owned factories, 7 for footwear and 2 for leather goods. Moreover, a part is outsourced to a few specialized workshops, which the company has established stable and long-lasting working relationships with. Diego Della Valle always rejected expansionist policies by acquiring some luxury players.

“I do not see the advantages of a pole. Each brand has its own research and product offices, advertising campaigns are autonomous, as well as mono-brand stores. In short, synergies are limited to production and logistics. With the risk that buyers do not have organizational structures and managers to devote to what they have bought, they eventually do not control anything anymore.”

The Gommino Tod’s

Gommino Loafer

The Gommino was born in the late 1970s. Diego Della Valle noticed that you needed an ideal footwear for the casual-chic occasions where an Italian with a classical taste preferred to wear a pair of chinos and a blazer: so he began working on this prototype, inspired by ’50s.

At the end of ’70s he reached a lightweight, flat and very soft loafer, entirely hand-sewn and characterized by 133 rubber spheres on the sole: so he simply called it Gommino and it worked. The production of one pair of loafers required 100 manufacturing steps, many of which involved hand work. A strong point of the Tod’s line was also the selection of fine American leathers and British hides, all rigorously water-repellent and produced by quality, small-scale tanneries.

The Gommino was created in order to mix the classical Italian style and the functionalities of a versatile footwear, which is possible to wear in every occasion: it suddenly became the status symbol par excellence in the international jet set. It is worn by cinema stars such as Michael Douglas, Catherine Deneuve, Denzel Washington, Antonio Banderas, Gwyneth Paltrow, Samuel Jackson, Orlando Bloom and George Clooney and by top models such as Claudia Schiffer and Cindy Crawford.

In 1997 the company launched a collection of classic, modern and chic handbags, able to reflect the same spirit of the footwear line. The most famous was the D Bag, bought by Princess Diana in the Paris boutique, demonstrating the company’s elegant style.

Tod's Diana D Bag
Tod’s D Bag worn by Lady Diana.

Turnover and Investments in the early 2000s

By 2000, Tod’s debuted in the electronic market of the Milan Stock Exchange. In the same year the company obtained a consolidated turnover equal to 487,2 billion liras (251,6 million euros), +14,5% compared to 1999, and gross operating revenues (Ebitda) equals to 118,7 billion liras (61,3 million euros), +7,7%. In 2001 economic indexes still grew up: the turnover increased by +26,6%, while the Ebitda increased by +31,5%.

Then, in 2002, a year of crisis for the luxury sector, the manufacturer had a repeat year. Net revenues amounted to 358,2 million euros, a +12.5% increase, while the Ebitda reached 91,8 million euros, a +13.9% increase. In the same year, investments in non-physical immobilization of capital, amounted to 28,6 million euros, due to the expansion of the network of direct distribution and sales, which grew by another 21 new shops. The capital locked up in material investments amounted to 15,8 million euros, which 38% of was allocated for the construction of a new manufacturing plant adjoining the headquarters of Sant’Elpidio a Mare. All the investments were self-financed, given that the financial situation was in the black to the tune of 46,7 million euros.

Tod’s S.p.A. enters into BNL

Diego Della Valle is ottimisti about the future:

“We are entering a road which goes downhill, we only can grow: the investments are for the most payed and now we only can reap the fruit of our labour. When the actual period of uncertainty about consumption will end, Tod’s will register a two-figures growth”.

In the first trimester of 2003, turnover and gross operating revenues increased by +3% and +17%, compared to 2002. The label Tod’s, accounted for 57.2% of total sales, continues to bring in the lion’s share. In the same period the Group acquired 4,6% of Banca Nazionale del Lavoro, which Della Valle became the third stockholder of, after the Basque Group Bbva and Generali.

“The aim of the investment is to contribute, together with others main partner, to strengthen the solidity of the company. I’m a businessman, not a financial expert. I entered BNL on the basis upon ad industrial project and so in order to remain”.

At the end of 2002, the distribution network consisted of 71 direct management stores and 37 franchising stores. The proprietary organization is the following: Della Valle (63,1%), Lazard/Sofidiv (3,5%), State of New Jersey Commeno Pension Fund (3,3%)

Expansion and collaborations

In 2006 Tod’s started expanding in the Chinese market, with the opening of his first flagship store in Hong Kong. By 2009 the brand opened 13 stores in China.

In 2008 the Group, growing, signed an agreement with Marcolin for the production of Tod’s and Hogan Eyewear. In the last years many money was invested in the production of accessories and of Tod’s female line, also choosing focused advertising campaigns. The project made it possible to compare au pair with luxury big brands, thanks to the production of trendy accessories, bags and high artisan quality shoes. These products were noticed because of their contemporary glamour style, which was able to transform them in the must of the seasons.

In 2011 Tod’s supported the restoration of Colosseum. In the same year, the company started supporting the Teatro alla Scala in Milan, entering into theater Foundation. This precious partnership gave birth to the short film An Italian Dream.

“The project An Italian Dream marks the beginning of a partnership which I hope long-lasting. Tod’s and the Teatro alla Scala are both Italian and involved in supporting knowledges and traditions which are at the basis of our culture and which make the Made in Italy unique. This film shows how art, attention to details and creativity can mix and create something very special”. Diego Della Valle.

The recent years at Tod’s S.p.A.

In 2012 Tod’s products were available on Mr. Porter website. The next year the Creative Director Derek Lam was replaced by Alessandra Facchinetti. His debut, the SS14 collection, was remarkable, but she left in 2016. In 2014 Andrea Incontri was named Creative Director for the menswear line. In the same period “Dot’s of Life” was launched, a modern platform which encouraged people sharing their personal lifestyle on social media, through the mark of the brand.

Then, in 2015, it was started a partnership with Net-a-Porter-com to sell online the prêt-à-porter accessories line. In the same years Tod’s S.p.A. acquired Roger Vivier, the French luxury shoes brand. During the first 3 trimester of 2016 the company earned 4.194.000 euros in the sales.

Current situation at Tod’s S.p.A.

Headquarters in Sant’Elpidio a Mare.

The headquarters of Tod’s S.p.A. still is in Sant’Elpidio a Mare, where Filippo opened his little store approximately 100 years ago. The fast growing allowed the Tod’s Group to obtain a 1.004 million euros turnover in 2016 and to reach more than 5.000 employees.

During his 90 years, Tod’s always aimed to perfection. His heritage is mixed with innovative thoughts and represents a never-seen approach. The everlasting mission of Tod’s is to clear the way for success and greatness, saying that perfection is possible, even if in little steps.

In October 2019, Tod’s appointed Walter Chiapponi as Creative Director. The Milanese designer wasn’t well known, but in France he partnered with Givenchy and Miu Miu. After the appointment, Diego Della Valle said: “Walter Chiapponi is a talented Italian creative who knows and manages to mix the Tod’s Italian Style and a touch of modernity. He does it without losing track of the great quality and the craftsmanship which represents the DNA of the brand. Welcome and good job”.

COVID-19 and recovery

In 2020, Tod’s closed the year with a turnover inferior by 30,4%, a stop due to COVID-19 lockdown, who brought to his knees the entire fashion system.

But in 2021 the thing changed for the griffe, thanks to Chiara Ferragni, who became part of the CdA in order to put in contact new generations and the griffe. The influencer made stocks increase by 9%.

Te recovery continues thanks to China and Roger Vivier (brand in the board of Tod’s S.p.A.), which is one of the most influent brand in the Asiatic market. The griffe really increased his Q1 in relation to 2020 (+59% up to 48,6 million euros), with a performance which was better than in the first trimester of 2019 (+12,9%).

In 2022 the Tod’s Group registered earnings for 1,01 billion euros, increased by 13,9% as compare to the previous year.

In July 2023 Walter Chiapponi left his role as Creative Director of the brand.

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