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A new attempt to remove Tod's from the Stock Exchange. The Franco-American investment fund L Catterton, with which the world number one luxury company LVMH and its boss Bernard Arnault are associated, will launch a friendly takeover bid for the Italian fashion group, listed on the Milan Stock Exchange, according to a press release published this Sunday February 11.
“Exiting the stock market, with which we have always had excellent relations, seems to us to be the most appropriate choice from a strategic point of view,” said Diego Della Valle, president of the group. The Della Valle family had already tried to delist Tod's in October 2022, in vain: the takeover bid launched for the group had failed to reach the necessary threshold of 90% of the capital.
This time, it is L Catterton who is planning a takeover bid aimed at acquiring 36% of the capital at a price of 43 euros per share, or a maximum amount of 512.2 million euros, with the agreement of the Della Valle family. This price carries a 17.6% premium over the February 9 closing stock price. The CEO of the Italian group, Diego Della Valle, has committed to contribute 3,459,401 shares to the offer, or 10.45% of the capital.
If the offer is successful, the Della Valle family will hold 54% of the capital, L Catterton will control 36% and LVMH will directly retain its current 10% stake, specifies a press release released by Tod's. Diego Della Valle declared himself “very happy with this transaction, which will promote the future development of the Tod's group, a development made of continuous investments and ambitious objectives”.
Owned by the Della Valle family since its founding in 1978, the Tod's group, known for its spiked moccasins, saw its turnover increase by 11.9% to 1.12 billion euros in 2023. But it was neglected by investors, undoubtedly disappointed by the overly traditional approach of the house, which has become less diversified than its competitors, particularly in the very buoyant sneaker segment.
In addition to Tod's, the group notably owns the more sporty Hogan brand and the French label Roger Vivier, of which the former French model Inès de La Fressange is the ambassador.
