BILLIONAIRE OWNERS IN BID TO TAKE SHOEMAKER TOD’S PRIVATE
THE billionaire Della Valle family will bid to take the luxury shoemaker they founded private.
Brothers Diego and Andrea Della Valle own 64.5pc of Milan listed Tod’s and will make a £283m bid for a further 26pc of the shares, valuing Tod’s at £1.1bn.
A 10pc stake is owned by Delphine SAS, part of the luxury LVMH Group.
Tod’s was set up by the Della Valle brothers’ grandfather Filippo as a small shoe making factory in the 1920s. It has since taken over brands including Fay and Hogan, and is famous for its own Gommino loafers, which sell for £500.
The Della Valles’ buyout is the latest attempt to relaunch a company that, like other Italian brands that built their name on craftsmanship, has struggled to attract younger customers.
It had £740m annual sales and £20m of profit last year.
The brothers’ bid price matches the offer price for Tod’s when it listed in Milan in 2000.
Their plan will see Tod’s taken off the Italian exchange after 22 years. Shares jumped 20pc after the bid.
A statement from the family said: ‘Through this strategy we want to position the brands in the high-end of the luxury market.’