Tod’s chief executive officer Diego Della Valle has acquired around 54,000 square feet of land in Arquata del Tronto, in the Marche region, investing 1 million euros, or about $1.1 million at current exchange, according to media reports. The plan for the land is to build a new factory to support Central Italy, which was hit by a deadly earthquake last August. As reported, Della Valle plans to open a Tod’s shoe plant there within a year.
Tod’s bought the lot from Ciip, the company providing water in the area, for a sum that news reports valued at 140,000 euros, or $150,482. When reached today, Tod’s declined to comment on the figures.
The company will employ about 40 people to be trained at Tod’s headquarters located 68 miles away from Arquata del Tronto.
The earthquake killed almost 300 people in Central Italy, including 51 in Arquata del Tronto.
Brunello Cucinelli is also supporting the area. He will focus his efforts on the restoration of the Bénédictine monastery adjacent to Norcia’s 13th-century basilica, which was badly damaged by another earthquake last week. The entrepreneur will also provide the monks living in the monastery with primary necessities.