TOD'S S.p.A. (TOD.MI)
- 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.
- WWD
Tod’s Group to Delist on May 8
The voluntary tender offer has reached an aggregate stake greater than 90 percent of the share capital, the threshold necessary for the delisting.
