Tod’s leaves the stock exchange. Yesterday was the last day for subscriptions and the takeover bid was completed

SANT’ELPIDIO A MARE Tod’s off the stock exchange. The Arnault family with L Catterton and the Della Valles can begin to implement the strategies to develop the group with headquarters in Casette d’Ete, starting from the Stars and Stripes market. For a few days it was known that the tender offer (public takeover offer) had achieved its objective and therefore the delisting of Tod’s shares from the Milan stock exchange.

Path

Now, given that the period in which the owners of the shares could adhere or not to the proposal to sell at 43 euros formulated by Crown Bidco, L Catterton’s vehicle, has ended, the provisional results are known on the shares representing 17.725% of the share capital brought in acceptance of the offer. If these results are confirmed, the bidder (Crown Bidco/L Catterton) and the persons acting in concert (the Della Valle family) will hold a total of 96.919% of the company’s share capital. The note released yesterday evening specifies that «having exceeded the 95% threshold, Crown Bidco can consequently proceed with the repurchase of the remaining 3.081% with the joint procedure. Borsa Italiana will then indicate when the shares of the Della Valle fashion group will be delisted.” This result occurred yesterday, the last day to accept the offer, as Crown Bidco, through JP Morgan securities, purchased a further 404,047 shares, resulting in a total of 5,027,792 shares representing 15.193% of the share capital of Tod’s. The declared objective of this operation architected by the Della Valle family is to have the freedom to develop each individual brand (Tod’s, Roger Vivier, Hogan, Fay) without the constant and periodic control of the stock market.

The markets

A first fundamental point will be the investment in marketing to develop sales in the USA. According to luxury sector experts, any relaunch strategy requires strengthening retail, with openings and a new store concept. Furthermore, the group is expected to get more from its smaller brands Fay and Hogan. But growth cannot be based on footwear alone. Tod’s has still not managed to fully exploit the success of its iconic bags, such as the Di Bag made famous by Lady Diana. And it must necessarily develop clothing. This means accelerating the launch of new collections and investing in the image of brands.

The objectives

Finally, the group should aim to increase online sales with a strategy aimed at courting younger consumers. If on the one hand this means that there is a lot of work to be done, on the other it means that the Marche company still has great potential to express.

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