TOD'S S.p.A. (0NV4.IL)
- Reuters
Italian shoemaker Tod's to court US lovers of quiet luxury
An investment firm backed by LVMH is betting demand from wealthy Americans for quiet luxury will ensure its 510 million euro ($545 million) stake in Italian shoemaker Tod's yields the double-digit returns private equity typically seeks. L Catterton, created by U.S. fund Catterton and LVMH-owner Groupe Arnault, on Friday secured sufficient shares to take Tod's private once the deal, valuing the company at just over 1.4 billion euros ($1.5 billion), formally concludes in the coming days. Listed in Milan but controlled by its founding Della Valle family, Tod's profitability has lagged rivals.
- Reuters
FOCUS-Italian shoemaker Tod's to court US lovers of quiet luxury
An investment firm backed by LVMH is betting demand from wealthy Americans for quiet luxury will ensure its 510 million euro ($545 million) stake in Italian shoemaker Tod's yields the double-digit returns private equity typically seeks. L Catterton, created by U.S. fund Catterton and LVMH-owner Groupe Arnault, on Friday secured sufficient shares to take Tod's private once the deal, valuing the company at just over 1.4 billion euros ($1.5 billion), formally concludes in the coming days. Last year it postponed marketing investments to help increase its operating profit margin to 8.4% of sales - behind Prada's 22.5% and Brunello Cucinelli's 16.4%, partly because more of its production is in-house compared with peers.
- Reuters
Tod's CEO says he has no plans to sell 'family business'
MILAN (Reuters) -The founder of Italian luxury shoemaker Tod's said on Friday he had no plans to sell the company after taking it private via a deal with private equity firm L Catterton. The private equity group backed by France's LVMH offered this month to buy 36% of Tod's and delist it, in agreement with the Della Valle family which created the company. Diego Della Valle, who has two sons, currently holds 64.5% of the group together with his brother Andrea.
