Tod's SpA is an Italy-based holding company that creates, produces and distributes shoes, leather goods, accessorizes and apparel. Within the Company's luxury sector, it operates four brands, including Tod�s, which provides hand-crafted shoes, leather goods, accessories and apparel; Hogan, which produces shoes, leather goods, accessories and apparel; Fay, which offers a collection of casual clothing for men, women and children; and Roger Vivier, a brand producing shoes, handbags, small leather goods, jewelry and sunglasses. The Company�s products are distributed worldwide through a network, which includes directly opened stores, franchised stores and a selected number of independent retailers. As of December 31, 2011, the Company operated though numerous subsidiaries located in Switzerland, Hong Kong, Turkey, the United Kingdom, India, China, Belgium, Japan, Korea, Spain, San Marino, the United States, Italy and the Netherlands, among others.