I meet Della Valle at HQ and we take a short walk to Il Baretto al Baglioni, where he often dines. He is wearing a formal dark blue suit, light blue shirt, dark blue tie, something of a uniform in this part of the world, and his characteristic coloured bracelets, which are emphatically not. As we walk, exchanging small talk, a burly man behind us looks like he is trying to overtake. I pause for a moment to let him pass, but he stops himself and gives me a stern look. We walk on, he walks on. The penny drops. Excitingly, Lunch with the FT is being tended by a bodyguard.

It is a sharp reminder of Della Valle’s wealth and status in Italy. Tod’s is a success story that continues to show impressive growth: half-year results of the €800m company released this week show sales up by 16.4 per cent from the corresponding period last year and net income up by 26.7 per cent. In an era full of financial gloom and political unrest, nothing succeeds like a well-cut handbag. What, I plan to ask Della Valle, does this tell us of the ways of the world?

But first it is time to order. The restaurant is dark and serious, and a waiter brings us spumante. We agree some terms of engagement: I will speak English, Della Valle will speak Italian, and we will iron out difficulties between us. He asks if I like Milanese food and recommends the house specialities: we will both have the riso al salto , breaded veal cutlets, to be accompanied by a Montalcino wine from Tuscany.