×
56 255
Fashion Jobs
NORDSTROM
Assistant Manager - Specialty Coffee - Grove at Farmer's Market
Permanent · Los Angeles
NORDSTROM
Asset Protection - Agent - San Leandro Rack
Permanent · San Leandro
NORDSTROM
Asset Protection - Security Ambassador - Towson Town Center
Permanent · Towson
ROSS STORES
Store Protection Specialist
Permanent · Englewood
ROSS STORES
Store Protection Specialist
Permanent · Pembroke Pines
MACY'S
Asset Protection Detective, Lakeforest - Full Time
Permanent · Gaithersburg
MACY'S
Asset Protection Detective, Easton - Full Time
Permanent · Columbus
MACY'S
Asset Protection Detective, Auburn - Full Time
Permanent · Auburn
MACY'S
Asset Protection Detective, Santa Anita - Full Time
Permanent · Arcadia
TJ MAXX
ft Loss Prevention Detective Now Hiring
Permanent · Hartsdale
TJ MAXX
ft Loss Prevention Detective Now Hiring
Permanent · Yonkers
ADIDAS
Senior Specialist, HR - Covid Pmo - Limited Duration (Until End of Year)
Permanent · Portland
ADIDAS
Senior Director, Sport Brand Communications
Permanent · Portland
ADIDAS
Senior Manager Human Resources - Brand And Business Development
Permanent · Los Angeles
MACY'S
Asset Protection Security Guard, Fordham Place - Full Time
Permanent · Bronx
MACY'S
Asset Protection Detective, Spokane Valley - Standard Part Time
Permanent · Spokane Valley
MACY'S
Asset Protection Detective, Mayfair - Full Time
Permanent · Wauwatosa
MACY'S
Asset Protection Detective, Southdale Center - Full Time
Permanent · Edina
MACY'S
Asset Protection Detective, Las Vegas Fashion Show - Full Time
Permanent · Las Vegas
MACY'S
Asset Protection Officer, Secaucus st fj - Part Time (2840)
Permanent · Secaucus
GAP INC.
Area Manager, Asset Protection - Hawaii + Alaska
Permanent · Kahului
GAP INC.
Area Manager, Asset Protection - Colorado North
Permanent · Thornton
By
Reuters API
Published
Aug 3, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Tod's founder launches bid to delist shoemaker

By
Reuters API
Published
Aug 3, 2022

Two decades after listing Tod’s in Milan, founder Diego Della Valle and his brother are taking the maker of loafer shoes private. 


@tods



It’s to spend up to €338 million ($344 million) to buy out other investors in the luxury goods brand, aiming to spur its revival.

Della Valle said in a statement the family holding company would pay €40 for each Tod's share, a 20.4% premium to the stock's closing price on Tuesday, valuing the company at €1.32 billion.

The offer is equal to the price the company set at the time of its initial public offering back in 2000.

Like other Italian brands that have built their fortunes on craftsmanship, Tod's has struggled to appeal to younger luxury shoppers in recent years.

Famous for its loafers, Tod's launched a strategy in late 2017 to revamp its brands, but the coronavirus pandemic hampered its efforts.

Group sales bounced back by almost 40% last year, increasing after five years of consecutive declines.

"The objective is to enhance the value of the group's individual brands, giving them strong individual visibility and operational autonomy," Della Valle said in the statement.

Tod's has grown from a shoemaking workshop set up at the turn of the last century by the grandfather of the Della Valle brothers who currently control it. Its brands also include Roger Vivier, Hogan and Fay.

"Through this strategy, we intend to strengthen the positioning of the brands at the top of the quality and luxury market, with a high level of desirability," the statement added, saying that not being listed would allow the company to focus on growth without being judged on short-term results.

The Della Valle brothers, who directly and indirectly hold a 64.45% stake in Tod's, will launch the bid for a further 25.55% of the company's shares through their joint holding company DeVa Finance S.r.l.

The remaining 10% is held by Delphine SAS, part of the LVMH Group. Delphine has struck an accord with the brothers, under which it will not tender its stake and will remain a shareholder in the delisted group with the same holding.

From highs of €145 reached back in 2013, shares in the luxury group have underperformed peers in recent years.

Up to August 2’s closing price, the stock was down 32% in the year-to-date, compared with French luxury conglomerate LVMH and Salvatore Ferragamo, another struggling Italian luxury brand, down 7% and 25%, respectively.

BNP Paribas, Crédit Agricole Corporate Investment Bank and Deutsche Bank are acting as financial advisers and are also providing financing for the bid, while BonelliErede is a legal consultant.

© Thomson Reuters 2022 All rights reserved.