Milan is out of fashion with Tod: the luxury shoe and bag maker leaving the Italian Stock Exchange
Fashion deal: Luxury shoe and handbag maker Tod will sell a 36% stake to the L Catterton Partnership
Luxury shoe and handbag maker Tod’s has decided to withdraw from the Milan Stock Exchange after agreeing a deal with a takeover company backed by LVMH.
The Italian fashion group has revealed that it will sell a 36 percent stake to L Catterton, a partnership between a private equity firm, French luxury group LVMH and the family investment vehicle of its founder Bernard Arnault.
L Catterton will pay €43 per share for the property, valuing it at around £437m. This represents an 18 per cent premium to the closing value of Tod’s shares on Friday.
The agreement means Tod’s can delist from the Italian Stock Exchange after 24 years – something his founding family had been planning since 2022.
L Caterone said taking the company private will allow for faster decision-making and give it greater flexibility to pursue growth.
Tod’s, famous for its Gommino shoes, was founded by the Della Valle family in Italy in 1920.
Under the deal, they will retain 54 percent ownership of Tod’s. Shares rose more than 18 percent in Milan yesterday.
(tags for translation) Daily Mail