The chairman of luxury company Tod’s Diego Della Valle denied speculation over the possible sale of the group, whose majority is owned by his family.

An Italian newspaper reported on Monday that Della Valle had started the reorganization of the family’s holding companies and that the move could pave the way to a future sale of the group.

The Della Valle family currently owns just over 60 percent of the Tod’s group, known for its Gommino shoes and leather accessories, through two separate holding companies.