March 13, 2018 / 5:17 PM / 5 months ago

Italy's Tod's says new strategy to yield results in "near future"

MILAN, March 13 (Reuters) - Italy’s luxury goods company Tod’s said on Tuesday its new strategy focused on more collections and classic looks would deliver results in the “near future” after posting full-year results that were in line with market expectations.

Under a new strategy dubbed “Factory”, the group will use multiple collections throughout the year to better engage with its customers, focusing more on its classic lines of clothes and accessories rather than more fashionable ones.

“We are ever more convinced that our business model is the correct one... we are gearing up with speed and conviction,” Chairman and CEO Diego Della Valle said in a statement.

The group posted an 11 percent drop in 2017 core profits to 160.5 million euros ($199 million).

$1 = 0.8066 euros Reporting by Giulia Segreti; editing by Agnieszka Flak

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