Earlier this month, the founders of Tod’s accepted a bid made by private equity firm L Catterton to take the company private. However, the CEO confirms he has no plans to sell the family business.
Tod's CEO and Chairman Diego Della Valle said at the fashion show in Milan: "We don't have to sell anything. We have a family business with young people who want to do this job. What could be better than that?"
Under the deal with L Catterton, a private equity firm, Diego Della Valle released his 10.45% stake in Tod’s, while retaining another 54% with his brother Andrea. LVMH will keep its 10% stake and L Catterton will own the remainder of Tod’s.
The 1920-founded company acquired Roger Vivier in the mid-1990s. The company also owns the luxury footwear label Hogan and the fashion label Fay.
Under a shareholder agreement, published on the Tod's website, the parties settled on a lock-up period of four years starting from the delisting date.
If one of the shareholders wishes to sell its shares to a third party, it will have to notify the others and give them the right to submit a first offer. Furthermore, if a shareholder wishes to sell its stake to a competitor, the Della Valle family will have the right to refuse permission.
This Friday, Tod's showed its first collection under its new Creative Director Matteo Tamburini at Milan Fashion Week.
The collection was titled ‘Tod’s In Motion’, which consisted of looks that contemporise the brand's ethos, which is deeply rooted in the Italian lifestyle and leather craftsmanship.
