Tod’s to Delist from Milan Stock Exchange as L Catterton Deal Reaches Completion
Luxury Italian group Tod’s has successfully completed its delisting from the Milan Stock Exchange, marking a significant milestone in its acquisition journey. The voluntary tender offer of Tod’s shares by Crown Bidco S.r.l., an affiliate of L Catterton, reached an aggregate stake greater than 90 percent of the share capital, paving the way for the delisting at the end of trading on May 8.
Crown Bidco had initially aimed to acquire 36 percent of Tod’s SpA at 43 euros a share, totaling about 512 million euros. With L Catterton’s backing by LVMH Moët Hennessy Louis Vuitton, the voluntary tender offer was launched for 27.9 percent of the group, amounting to 398 million euros.
Minority shareholder Delphine SAS, a subsidiary of LVMH, has agreed not to tender its 10 percent of shares on the delisting date, retaining governance and exit rights. Tod’s chief Diego Della Valle and LVMH chief Bernard Arnault have a longstanding relationship, with Della Valle serving on the board of LVMH.
Tod’s is expected to maintain 54 percent of the capital, with L Catterton indirectly owning 36 percent and Delphine holding 10 percent. The delisting is seen as a strategic move to ensure the pursuit of Tod’s future growth programs and consolidation, providing greater management flexibility and reduced listing costs.
The luxury group, known for its Tod’s, Roger Vivier, Hogan, and Fay brands, reported revenues of 1.12 billion euros last year, with a significant increase compared to the previous year. This delisting marks the second attempt by Della Valle, following a failed tender offer in 2022.
In addition to the Tod’s acquisition, L Catterton recently acquired a majority stake in beauty brand Kiko Milano. The funds managed by L Catterton represent approximately $35 billion of investments across various consumer brands, making it a key player in the luxury market.
Overall, the successful delisting of Tod’s reflects a strategic move towards future growth and expansion under the ownership of L Catterton, backed by the powerhouse LVMH.