Tod’s chooses Umberto Macchi di Cellere as future CEO
today Nov 7, 2017
Together with the latest quarterly results, Italian footwear manufacturer Tod's has announced the appointment of Umberto Macchi di Cellere as its future CEO, replacing Stefano Sincini, a manager who has worked for the luxury label for 33 years.
Umberto Macchi di Cellere will start at Tod's on 1st December as General Manager, with a significant operational remit. Tod's stated in a press release he will be appointed CEO on 19th April 2018, on the occasion of the group's AGM.
Umberto Macchi di Cellere comes from Bulgari, an Italian jeweller owned by the LVMH group, where he spent the majority of his career. He joined Bulgari in 2001 and worked first in the fragrance and then the watches division, before being appointed Bulgari's Worldwide Managing Director Sales in 2009. Macchi di Cellere previously worked also for US personal care group Johnson & Johnson.
He arrives at Tod's at a delicate time, as the footwear group's sales have been slumping for some time. Tod's is in the midst of a restructuring phase, and in the first nine months of the year it reached a revenue of €722.2 million, down 4.7% compared to the same period a year earlier.
Specifically, sales for the main label, Tod's, were down 7.4%, those for Hogan by 8.8%, while Fay posted a 1.7% downturn. High-end footwear label Roger Vivier was the group's only brand to hold its own, posting a 9.6% revenue increase in the period.
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