Italian shoemaker Tod's to court US lovers of quiet luxury
MILAN - An investment firm backed by LVMH is betting demand from wealthy Americans for quiet luxury will ensure its 510 million euro stake in Italian shoemaker Tod's yields the double-digit returns private equity typically seeks.
L Catterton has offered 43 euros a share, deemed good value for the investment fund considering Tod's listed at 40 euros 24 years ago when it became the first Italian luxury brand to go public. But the group's smaller brands, such as Fay, which makes jackets inspired by U.S. workwear, and Hogan, which pioneered the luxury sneaker trend but failed to profit from its boom over the last decade, need refreshing.
The person close to the matter, who asked not to be named because they were not authorised to speak publicly, said the emphasis so far on older customers was one reason Tod's had scope to increase digital sales. L Catterton's investment plans, which have a roughly five-year time horizon typical of private equity funds, will initially erode the operating profit margin, but the delisting means the transformation can take place away from the scrutiny of short-term stock market investors.In comments to Italian newspaper MF in February, Della Valle said growing its U.S. presence would be a core goal for Tod's in the next two years, alongside developing its clothing business.
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