Designers for Fay label leave Tod's luxury group

Fay, a unit of Italian luxury group Tod's, said on Friday its two designers were leaving, amid a general rethink of company strategy that aims to increase clients and sales.

The Tod's group said it would be challenging to meet market expectations for earnings this year after it posted a 4.4 percent drop in first-quarter revenue.

Chairman Diego Della Valle said the company would see positive results in the next couple of years from strategies aiming at both "traditional and new clients".

Fay, a part of the Tod's group, said in a statement that designers Tommaso Aquilano and Roberto Rimondi would stop working for the label, after six years of service.

Deputy Chairman Andrea Della Valle said "the collaboration was fruitful for both sides", without giving reasons for their departure.

The company and the designers would pursue "new paths", a Tod's spokesperson said, adding the original five-year contract with the designers had already been extended by a year.

The last collection designed by Aquilano and Rimondi will be for Spring-Summer 2018, which will be in shops from January 2018, the statement said.