Tod’s, an Italian luxury leather goods maker, announced on Thursday that French luxury giant LVMH had agreed to increase its stake in the company to 10 per cent, describing the move as “friendly support” for the brand.
Tod’s said in a statement that LVMH would acquire a 6.8% stake from its founder and chairman, Diego Della Valle. LVMH has a 3.2% stake in the company.
According to a person familiar with the matter, LVMH has no plans to increase its stake in Todds for the time being. Diego Della Valle, Todds chairman, has been a member of LVMH’s board since 2002.
Tods’s performance during COVID-19 was inferior to that of most of his competitors. The company said in January that sales fell by nearly a third in 2020, the fifth consecutive year.