Though Cyprus’ more recent troubles have taken up most of the Euro-zone headlines, Italy’s economy still isn’t doing so hot. To that end, the luxury brand Tod’s will donate 1% of its net profits annually to small Italian companies, among other institutions, based in the same Marche region where it operates.
For this year, that 1% means total donations reaching two millions euros. All the beneficiaries, says CEO Diego Della Valle, will in turn benefit either children, the elderly, or small businesses. Part of the impetus for the plan is Della Valle’s disappointment with Italy’s politicians, and his own drive to make a difference as a citizen.
Particularly where it comes to helping fellow businesses, it’s a smart move beyond the generosity. Though Italy’s economy might be struggling, the “Made in Italy” label hasn’t lost its luster. High-end, intra-national support only makes it look better.
On another note, are Italian luxury brands better than everyone else when it comes to philanthropy? Gucci is spearheading deforestation awareness efforts and bankrolling a global women’s equality program. Miu Miu, little sister to Prada, is promoting women in film. Della Valle’s initiative with Tod’s fits right in with his luxury brethren’s charitable spirit.