Tod's SpA (TOB.DU)
- 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 set to leave Milan bourse as L Catterton offer succeeds
L Catterton, a private equity firm backed by French luxury group LVMH, said on Friday it succeeded in securing enough shares in luxury shoe maker Tod's to take it private in agreement with the Italian group's main shareholder, the Della Valle family. L Catterton said it had secured 8,656,066 shares following its bid for the Italian company, bringing its holding, together with the stakes held by the Della Valles and by LVMH, over the 90% threshold needed to delist the group. In addition to the eponymous brand, famous for its Gommino loafers, Tod's also owns the Roger Vivier shoe brand, as well as the Fay and Hogan labels.
