365
Fashion Jobs
ADIDAS
Senior Specialist, Buying & Trading, E-Commerce
Permanent · SEOUL
ADIDAS
Manager, Personalization & Apps, E-Commerce
Permanent · SEOUL
ADIDAS
Senior Manager, Legal Counsel, Legal
Permanent · SEOUL
HENKEL
Finance Business Controller For Shiseido Professional Brand
Permanent ·
L'OREAL GROUP
[l'Oreal Korea] Kiehl's - CRM & Trade Mkt sr. Specialist~Manager
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] (jr.) Claim Substantiation Specialist - Corporate Regulatory Affairs
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] (sr.) Product Manager - Kerastase Marketing Team, Ppd
Permanent · SEOUL
UNDER ARMOUR
Associate, HR Administration
Permanent · SEOUL
ARKET
Visual Merchandising Manager
Permanent · BUSAN
PUIG
Marketing Manager
Permanent · SEOUL
JAEGER
[Jaeger Lecoultre] Marketing & Communication Director
Permanent · SEOUL
ESTÉE LAUDER COMPANIES
Corporate Account Executive For Travel Retail Korea, Estee Lauder Companies
Permanent ·
ESTÉE LAUDER - BRAND
Assistant Education Manager, Estee Lauder
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] Luxe Div. - Lancome E-Commerce Specialist
Permanent · SEOUL
COS
Instore Visual Merchandiser Manager_seoul/Gyeonggi
Permanent · SEOUL METROPOLITAN AREA
AESOP
Shinsegae Gwangju - Retail Consultant
Permanent · GWANGJU
COACH
Manager, Ecommerce
Permanent · SEOUL
ADIDAS
Manager, Business Planning & Analysis, Wholesales
Permanent · SEOUL
HENKEL
Adhesive Key Account Manager For Sports And Fashion Market
Permanent · BUSAN
HENKEL
Consumer Brands General Manager Assistant
Permanent ·
HYPEBEAST
Brand Partnership Manager
Permanent · SEOUL
ADIDAS
Manager, Retail Marketing - Originals, Brand Adidas
Permanent · SEOUL
By
Reuters
Published
Apr 23, 2021
Reading time
2 minutes
Download
Download the article
Print
Text size

LVMH raises Tod's stake to 10%

By
Reuters
Published
Apr 23, 2021

French luxury goods group LVMH will increase its stake in fashion company Tod’s to 10%, Tod’s said, in a move which sources described as “friendly support” for the Italian struggling leather goods maker.


Diego della Valle



Tod’s said in a statement that LVMH would buy a 6.8% stake from Tod’s founder and Chairman Diego Della Valle. LVMH, led by French billionaire Bernard Arnault, already owned a 3.2% stake in Tod’s.

“Through this transaction, the 20-year friendship between the Arnault and Della Valle families is reinforced”, Tod’s said in its statement.

A source close to the matter said the French giant does not expect to raise its stake further for now. Diego Della Valle has been a member of LVMH’s board of directors since 2002.

The Italian luxury leather goods maker has performed worse than most rivals as a result of the coronavirus pandemic in 2020. It said in January sales had fallen by almost a third last year, marking the fifth year in a row of falling annual sales.

The group, known for its loafer shoes, launched a new strategy in late 2017 to revamp its brand and lure younger consumers, but the health crisis has hampered its efforts. Earlier this month, Italian influencer Chiara Ferragni joined its board, in a move that pushed its shares sharply higher and was seen as a bid to rejuvenate its image.

There has been recurring market speculation that Tod’s could be the target of a takeover by a bigger group, although Della Valle, who has increased his stake in the company in the past couple of years, has repeatedly denied this possibility.

“This may represent an excellent reason to consider further opportunities to be taken in the future ahead”, Della Valle said of LVMH’s stake increase, without elaborating.
LVMH, which has more than 70 brands after building up an empire through a string of acquisitions, last week reported surging sales in the first quarter, beating market expectations and fuelling hopes it may be putting the health emergency squarely behind it this year.

The group is often rumoured as a predator, even though it has just completed a $15.8 billion takeover of US jeweller Tiffany and has said it is focused on absorbing that purchase for now. However, Jefferies analyst Flavio Cereda said in a note late on Thursday there could be speculation of a further LVMH stake increase in Tod’s.

The price agreed for LVMH’s stake purchase is €33.10 per share, a 10% discount to Tod’s share price. Tod’s shares closed at €35.3 on Thursday. After the transaction, which is expected to be executed on April 28, Della Valle will own 63.64% of Tod’s outstanding shares.

© Thomson Reuters 2024 All rights reserved.