Tod's Group

Is Tod's Group publicly traded?
No, Tod's Group was delisted from the Borsa Italiana (Milan Stock Exchange) on June 7, 2024. The company traded under the ticker TOD for 24 years. L Catterton, an LVMH-backed private equity firm, acquired sufficient shares through a tender offer at EUR 43 per share to exceed the 90% threshold required for delisting. The company is now privately held.

Who owns Tod's Group?
The Della Valle family retains 54% ownership through their holding companies. L Catterton, a private equity firm backed by LVMH's Groupe Arnault, holds 36%. LVMH's subsidiary Delphine SAS holds 10%. Diego Della Valle serves as Chairman and CEO, and his brother Andrea Della Valle serves as Vice President.

What brands does Tod's Group own?
Tod's Group owns four brands: Tod's (luxury leather shoes, bags, and accessories), Roger Vivier (luxury shoes and handbags known for the buckle heel), Hogan (casual luxury sneakers and footwear), and Fay (luxury outerwear and jackets). The Della Valle family also separately owns the Elsa Schiaparelli brand, which is not part of Tod's Group.

What was Tod's Group's revenue in FY2023?
Tod's Group reported FY2023 revenue of EUR 1.13 billion, up 11.9% from EUR 1.01 billion in FY2022. At constant exchange rates, sales rose 14%. All four brands recorded double-digit growth at constant exchange rates. Roger Vivier grew 19.4%, leather goods and accessories grew 19.8%, and the Tod's brand grew 12.8%.

Why did Tod's Group delist from the stock exchange?
The Della Valle family stated that delisting was a precondition for pursuing long-term growth programs and brand investment without the constraints of quarterly reporting. Operating privately allows the group greater management flexibility, faster decision-making, and reduced listing costs. The partnership with L Catterton and LVMH provides capital and expertise for this long-term investment.

Where is Tod's Group headquartered?
Tod's Group is headquartered in Sant'Elpidio a Mare, in the Ancona province of the Marche region, Italy. The Marche region is a historic center for Italian shoemaking. The company's manufacturing facilities are concentrated in this region.

Who founded Tod's Group?
Tod's was founded in 1920 by Filippo Della Valle as a shoe manufacturing business in Sant'Elpidio a Mare, Italy. His grandson, Diego Della Valle, transformed the company from a manufacturer into a branded luxury fashion group in the 1970s and led its expansion through brand acquisitions and an IPO in 2000.

Tod's was founded in 1920 by Filippo Della Valle as a shoe manufacturing business in Sant'Elpidio a Mare, in the Marche region of Italy. The company started by producing shoes for local customers. Della Valle focused on quality craftsmanship and leather working, building a reputation for Italian shoemaking excellence.

In the 1970s, Diego Della Valle, the founder's grandson, joined the company and transformed it from a manufacturer into a branded luxury business. He launched the Tod's brand, focusing on luxury leather shoes. The brand became known for its driving shoes, particularly the Gommino model with its signature pebbled sole. Diego Della Valle expanded the product range to include bags and accessories, positioning Tod's as a luxury lifestyle brand.

In the 1980s and 1990s, the group grew through brand acquisitions. The company acquired Hogan, a casual luxury shoe brand, in 1986. Hogan expanded the group's market beyond traditional luxury footwear into casual and sneaker categories. The group also acquired Roger Vivier, a Parisian luxury shoe brand known for its iconic buckle heel, in 2000. Roger Vivier gave the group a presence in the highest tier of luxury footwear.

In 2000, Tod's S.p.A. went public through an initial public offering on the Borsa Italiana under the ticker TOD. It was the first Italian high-end fashion company to list on the Milan Stock Exchange. The IPO raised capital for international expansion, particularly in Asia and the United States. The company acquired Fay, an outerwear brand, in 2008, adding a fourth brand to the portfolio.

In April 2021, LVMH increased its stake in Tod's to 10% by purchasing 2.25 million shares from Diego Della Valle for approximately EUR 74.5 million. The transaction reinforced a decades-long relationship between the Della Valle and Arnault families. Diego Della Valle also sits on the board of LVMH.

In 2022, Diego Della Valle launched a first tender offer to delist Tod's from the Borsa Italiana. The offer failed because it did not reach the 90% threshold required for delisting. The company continued to trade publicly.

In February 2024, the Della Valle family announced a second delisting attempt, this time with L Catterton as a partner. L Catterton is a private equity firm created in 2016 through a partnership between Catterton and LVMH's Groupe Arnault. Crown Bidco Srl, an L Catterton affiliate, launched a voluntary tender offer to acquire up to 36% of Tod's shares at EUR 43 per share, a 17.6% premium over the last trading price. The offer valued Tod's at approximately EUR 1.4 billion.

On May 3, 2024, L Catterton announced it had secured enough shares to exceed the 90% threshold needed for delisting. The tender offer period ended on May 8, 2024. Trading of Tod's shares was suspended on June 5, 2024, and the company was officially delisted from the Borsa Italiana on June 7, 2024, ending 24 years as a public company.

Following the delisting, the ownership structure is: the Della Valle family retains 54% of the capital, L Catterton indirectly owns 36%, and LVMH's subsidiary Delphine SAS holds 10%. L Catterton was granted a seat on the board, and Delphine SAS received governance and exit rights. The Della Valle family stated that the delisting was a precondition for pursuing long-term growth programs and brand investment without the constraints of quarterly reporting.

The Della Valle family has also separately acquired the Elsa Schiaparelli brand, founded in Paris by the designer considered one of Coco Chanel's few rivals. Schiaparelli is not part of Tod's Group but is owned by Diego Della Valle personally.

Tod's Group publishes sustainability information as part of its corporate reporting. The company emphasizes Italian craftsmanship, local manufacturing, and supply chain transparency as core elements of its sustainability strategy. Manufacturing concentration in Italy reduces supply chain complexity and supports quality control.

The company does not have B Corp certification. Its sustainabilityFlags are empty because there are no independently verifiable certifications to report from third-party bodies such as B Lab, CDP, or RSPO.

Tod's Group has not publicly committed to net-zero emissions targets with specific scope definitions and deadlines. The company has not published detailed carbon footprint data or Scope 1, 2, and 3 emissions figures in the format required by CDP or SBTi.

The main ethical considerations for Tod's Group relate to labor practices in its Italian manufacturing operations, the use of animal products (leather) in its goods, and supply chain transparency. The company has not faced major public controversies related to these issues, though the luxury fashion industry as a whole faces ongoing scrutiny regarding environmental impact and animal welfare.