The Della Valle family made a public takeover bid for Tod’s SpA on Wednesday. The main shareholder wants to take the Italian fashion group off the Milan Stock Exchange to “accelerate its development”.
The group’s founding family, which already holds a 64.45 percent stake, is offering EUR 40 per share, which corresponds to a premium of 20.4 percent on Tuesday’s closing price. At around 9.40 a.m. on the Milan Stock Exchange, the share rose by 20.47 percent to EUR 40.26, exceeding the price of the takeover bid.
More autonomy for individual brands
The offer aims to acquire 25.55 percent of the company’s shares in order to reach 90 percent and be able to delist the group, the family said. The Della Valle family has “decided to make a significant investment in the Tod’s Group in order to accelerate its development” and to enhance “the individual brands” that it owns, giving them “great operational autonomy”. it in the statement.
The world’s largest luxury goods maker LVMH, which increased its stake in Tod’s to 10 percent last year, will remain in the group.
More sales in the first quarter
The Tod’s Group, which has been owned by the Della Valle family since it was founded in 1978 and is known for its nubbed moccasins, was able to increase its sales in the first quarter by 23 percent to 219.6 million euros. In addition to Tod’s, the group includes the sportier brand Hogan and the French label Roger Vivier, for which the French ex-model Inès de La Fressange works as a brand ambassador.
In April 2021, Tod’s had announced that it would add the queen of Italian influencers, Chiara Ferragni, to its board, an announcement that was enthusiastically received by the Milan Stock Exchange. (AFP)