After a first failed attempt in 2022, the Della Valle family confirms Tod's delisting. An operation made possible by the recent acquisition of the brand by LVMH and its investment fund L.Catterton.
It's official: Tod's will delist from the Milan Stock Exchange tomorrow, Wednesday May 8. L Catterton, the investment fund of French luxury giant LVMH, announced on Friday that it had acquired a majority stake in the luxury footwear brand, enabling it to be delisted. The operation was carried out in agreement with Tod's main shareholder, the Della Valle family.
The investment fund was able to acquire 8,656,066 shares in the company founded by eclectic businessman Diego Della Valle. Exceeding the 90% threshold required for the delisting of a listed company (the sum of shares acquired is in fact added to the shares held by the Della Valle family and the LVMH group), the operation was completed without obstacles.
The CEO of the Italian house famous for its moccasins, will sell 10.45% of his shares in the company, while retaining 54%, in partnership with his brother Andrea. French luxury goods group LVMH, on the other hand, will retain its 10% stake, with the rest going to L Catterton.
The aim of this approach is in line with the desire expressed in recent months by the major groups (LVMH, but also Kering) to revitalize the "historic" brands in their portfolios, in order to meet the new challenges of the market, in a particularly difficult economic climate for the economy in general and for the luxury goods sector in particular.
From now on, the strategic actions undertaken by the new owners will no longer be slowed down by confrontation with shareholder demands, thus enabling a smooth and efficient brand renewal process.
The Tod's galaxy includes prestigious labels such as Roger Vivier, Fay and Hogan. The turning point came in February of this year, when the L Catterton fund announced its intention to acquire a 36% stake in the Italian company at a price of 43 euros per share, valuing the company at over 1.4 billion euros.
Going public had long been one of the company's strategic objectives. In 2022, the Della Valle family had made a first unsuccessful attempt, for lack of sufficient support. The intervention of L. Catterton and the market conditions that make brand renewal processes a priority, enabled the operation to be accelerated and finalized.
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