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HomeAll NewsMost read newsBusiness Leaders Biography 
Age : 69
Public asset : 230,638,115 USD
Biography :

Diego Della Valle (born 30 December 1953 on Sant'Elpidio a Mare) is the President and...

Della Valle family scraps Tod's buyout after failing to reach threshold

10/26/2022 | 03:08am EST

MILAN (Reuters) - The founding family of Italian luxury shoemaker Tod's said on Wednesday it would not proceed with a planned buyout of the company after failing to reach the 90% ownership threshold needed to take it private.

All shares tendered in the offer would be returned to their holders, the Della Valle family said in a statement.

Tod's founder and chairman Diego Della Valle and his brother Andrea, through the vehicle DeVa Finance, had offered to buy out other investors in Tod's at 40 euros a share.

By the last day available for the offer, investors tendered Tod's shares accounting for a total of 4,134,358 shares, which would have taken the family's stake to just under 87%.

The buyout bid was the latest attempt to relaunch a company that, like other Italian brands, built their name on craftsmanship but has struggled to appeal to younger luxury shoppers in recent years.

That goal has not changed despite the offer not succeeding, the Della Valle family said.

"From tomorrow we will all work to achieve in the necessary timeframe the realisation of a project that we hope will be very successful," it said, adding the structural foundations of the group remained strong. In addition to the eponymous brand famous for its Gommino loafers, Tod's also owns the Fay and Hogan labels, as well as Roger Vivier, whose $800 a pair buckled shoes and successful relaunch have made it the group's crown jewel.

(Reporting by Agnieszka Flak, editing by Cristina Carlevaro and Jason Neelyebx)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
TOD'S S.P.A. -1.69% 35.96 Delayed Quote.20.81%