×
1 751
Fashion Jobs
DAVID JONES
IT Test Manager
Permanent · Melbourne
DAVID JONES
IT Infrastructure Specialist- Country Road Group
Permanent · Melbourne
FUSION SPRINGBOARD
Junior Merchandise Planner And Allocator
Permanent · Melbourne
DAVID JONES
Country Road - Cluster Manager - Pacific Fair - Qld
Permanent · Gold Coast
DAVID JONES
Project Manager- Country Road Group
Permanent · Melbourne
DAVID JONES
Merchandise Planner- Country Road Childrenswear
Permanent · Melbourne
PUMA
Field Account Manager Sports Licensing
Permanent · Moorabbin
DAVID JONES
Visual Merchandising Manager - David Jones Doncaster
Permanent · East Melbourne
DAVID JONES
Assistant Visual Merchandising Manager - David Jones Chadstone
Permanent · Melbourne
DAVID JONES
People Business Partner
Permanent · Melbourne
ON RUNNING
Warehouse Specialist / Supervisor
Permanent · MELBOURNE
DAVID JONES
CRM Email Developer - Country Road
Permanent · Melbourne
DANGERFIELD
Dangerfield Area Manager
Permanent · Perth
FUSION SPRINGBOARD
Group Finance Manager
Permanent · Melbourne
DAVID JONES
Supply Chain Analyst- Country Road Group
Permanent · Melbourne
ESTEE LAUDER
Mac - Cosmetic Consultant - Wollongong/Shellharbour - Part Time
Permanent · South Coast
JUST JEANS
Regional Manager - Just Jeans
Permanent · Christchurch
FUSION SPRINGBOARD
Area Manager - Vic
Permanent · Melbourne
JD SPORTS
Assistant Warehouse Manager (Afternoon Shift)
Permanent · Homebush
JD SPORTS
Area Manager - Qld
Permanent · Brisbane
DOTTI
Product Supply Coordinator - Dotti
Permanent · Melbourne
DAVID JONES
E-Commerce Specialist- Witchery
Permanent · Melbourne
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.