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Diego Della Valle, founder, president and CEO of the Tod’s group, tries again. Together with his family and in particular his brother Andrea, vice president of the Marche group, the entrepreneur announced a new takeover bid on the Tod’s group at 43 euros. Or rather, a second takeover bid, because the first attempt dates back to 2022, withdrawn at the beginning of December of that year. This time the Della Valle family presents the operation with an “exceptional partner”: it has in fact signed an agreement with the L Catterton fund, controlled by LVMH, the largest luxury group in the world, which closed 2023 with revenues close to 90 billion. There will therefore be a new totalitarian takeover bid aimed, as happened with the one just over a year ago, at delisting from Piazza Affari.
The technical details
The announced offer is the result of an agreement between «Diego Della Valle, Andrea Della Valle, DI.VI. Financial Company of Diego Della Valle & CSrl (“DIVI”) and Diego Della Valle & CSrl (“DDV” and, together with DIVI, Diego Della Valle and Andrea Della Valle, jointly, the “Majority Shareholders”) and Crown Bidco Srl ( the “Offeror”) (company whose share capital is entirely held by LC10 International AIV, LP – fund managed (managed or advised) by affiliates of L Catterton Management Limited”. In case of success, the majority shareholders will remain 54% of the share capital; L Catterton will become the indirect owner of 36% and Delphine (LVMH) will receive 10%.
Protagonist of the luxury sector
The Tod’s group was the first Italian high-end company to be listed on Piazza Affari, a choice which, by Della Valle’s own admission, allowed the group to grow and develop on a global level, also becoming one of the few “billion companies ” Italians in the sector. In 2023 revenues (preliminary data announced on January 24) reached 1.13 billion euros, an increase of 11.9% compared to 1.01 billion in 2022; at constant exchange rates, turnover would have increased by 14%. all the brands of the group recorded, at constant exchange rates, a double-digit growth in revenues in the 2023 financial year. In addition to the brand that gives the group its name, the portfolio includes the Roger Vivier brands (the one with the highest positioning ), Fay and Hogan. The Della Valle family (not the group) also acquired the Elsa Schiaparelli brand, founded in Paris in the last century by a stylist and entrepreneur considered one of Gabrielle Chanel’s few “rivals”.
Friendship with Bernard Arnault
Diego Della Valle has been linked to Bernard Arnault, founder, president and CEO of LVMH, for over 20 years, and the same goes for the Della Valle and Arnault families. The founder of the Tod’s group also sits on the board of directors of LVMH and in April 2021 the French giant had purchased 2.25 million shares, rising to 10% of Tod’s.
17% premium offer
The offer implies a premium of 17.59% on Friday’s stock market price. The Della Valle group has announced that «the Offeror will promote a voluntary public takeover offer pursuant to articles 102 et seq. of the TUF (the “Offer”) for a consideration equal to euro 43.00 per share aimed at acquire maximum n. 11,913,128 ordinary shares of Tod’s (the “Shares Subject of the Offer”) representing 36% of the Issuer’s share capital (excluding any treasury shares held by the Issuer) and to obtain the delisting of Tod’s ordinary shares and from trading on Euronext Milan (“EXM”), a regulated market organized and managed by Borsa Italiana SpA (“Delisting”)»