Italy: Tod’s to plough 1% of profits annually into economy
Diego Della Valle, the chairman of Italian leathergoods company Tod’s, has announced the company is to donate 1% of profits annually to small businesses and people in need, to help kickstart the Italian economy.
At a press conference, he condemned Italian politicians and urged other “healthy” businesses to follow his lead in supporting local people.
He said the money would go towards care for the elderly, young people seeking work or the sick: “Perhaps a drop in the ocean in terms of the many needs of a crisis in Italy, but a concrete way to give back to the community what he or she gives to companies in terms of turnover.”
For 2013, the donation is estimated to be around EUR 2 million, and will mainly benefit those around Le Marche region, where the Della Valle family - which owns the majority of the company - is based.
The company is also sponsoring the restoration of the Trevi Fountain in Rome.
