* Shares in Tod's leap more than 5% after announcement
* Company aims to win over young people to drive growth
ROME, April 9 (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
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.
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
"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 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
"Chiara's knowledge of the world of youth is precious," said
Diego Della Valle, Tod's founder and top shareholder.
(Reporting by Claudia Cristoferi; Editing by Giulia Segreti and