Chiara Ferragni removed from Tod's board

It's another day of closures for Chiara Ferragni, whose name did not appear on the list of nine candidates proposed as members of the board of directors of the company that is the majority shareholder of Diego Della Valle & Co. The removal of Chiara Ferragni from the Tod’s board adds to the endless list of news related to the Balocco scandal that has seen the digital entrepreneur with 29 million followers in the spotlight, although former Ferrari president Luca Cordero di Montezemolo and Luigi Abete have also been removed. The group clarified that the decision was made because «not only Chiara Ferragni but all the members of the Board of Directors of Tod's SpA have reached the natural expiration of their mandate» of three years.

There is no evidence linking the removal of the entrepreneur from the company's board of directors to the Balocco scandal, but both Tod’s decision to separate from Ferragni and that of brands like Safilo Group, Coca Cola, and Pigna to terminate collaboration with the influencer come shortly after the start of the investigation. The eyewear manufacturing group was the first to terminate the partnership with Ferragni, specifying in a statement that the counterpart «violated the company's ethical codes» and that «her behavior does not comply with Safilo's principles of good faith and conduct.» Ferragni's arrival on Tod’s board substantially contributed to the brand's growth. The company's shares experienced a remarkable surge on the stock market, a phenomenon later dubbed the "Ferragni Effect," as it also influenced the image of other brands, such as the Uffizi Gallery in Florence. Just three years later, the government approved a "Ferragni Law" to regulate charitable commercial operations.