Tod's SpA (TOB.DU)
- Reuters
China weakness felt as Tod's sales drop 4.7% in first quarter
Turnover at Italian luxury shoemaker Tod's fell by 4.7% at constant exchange rates in the first quarter to 258 million euros ($280 million), with its key brands hit by weakness in the Chinese market. Sales in its Greater China region fell 21%, impacted by a sharp drop in store traffic and weak consumption, as well as a challenging comparison base, Tod's said. The figure groups its performance in mainland China, Hong Kong, Macau and Taiwan.
- 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.
