Two decades after listing Tod’s in Milan, founder Diego Della Valle is taking the maker of iconic loafer shoes private . The Italian tycoon’s hope is probably that, split into different parts, the Italian group would command a better price tag than his 1.4 billion euro bid implies. Shareholder LVMH is sticking with Della Valle. Other investors may have to swallow the lowball offer.
Tod’s was once a king in the world of pricey shoes. The group’s iconic “Gommino” loafer, launched at the end of the 1970s, captured the trend of expensive casualwear decades before it became mainstream. Tod’s initial public offering in 2000 encouraged others, including larger rival Prada, to also list.
Away from market scrutiny, the dominant shareholder probably hopes to transform his creature. Low-value brands Fay and Hogan do not fit Tod’s luxury aspiration and could be sold to high-street players. Pilgrim pumps maker Roger Vivier, which Della Valle acquired in 2015 for 415 million euros, is a hidden jewel. If valued at 4 times Breakingviews’ 2023 sales forecast of 250 million euros, in line with Prada’s multiple, it could be worth a billion euros. LVMH is an obvious potential acquirer.
For minority investors, the exit price is probably not particularly appealing. But with Della Valle’s large stake discouraging any rival bid, their best bet may be to go along with it.Diego Della Valle and his family, founders of Tod’s, said on Aug. 3 they will launch a takeover offer to delist the Italian fashion brand.
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