During the ordinary and extraordinary shareholders’ meeting of Tod’s spa, the new board of directors was appointed for the three-year period 2021-2023. Only one list of candidates was presented to the shareholders, namely the one proposed by the majority shareholder Di. Vi. Finanziaria di Diego della Valle & C srl, currently owner of a 50.291% stake in the share capital. The list obtained the unanimous approval of 98.55% of the total voting rights.
Among those on the list, the name of the famous style influencer Chiara Ferragni is included, of which Diego della Valle himself is very happy: “I am very pleased that Chiara Ferragni has joined the board of Tod’s. We are confident that Chiara’s knowledge of the world of young people, combined with the experience of the members of the board of directors, can build a thought group dedicated to projects focused on solidarity towards others, with a strong focus on the world of young people who, never as in this moment, needs to be listened to”.
The entrepreneur Ferragni was enthusiastic too about this new path, which could prove to be a valid opportunity to involve young people in a new solidarity project: “I thank Diego Della Valle for the trust and respect he has towards me as a woman and manager. Joining the Tod’s group means giving a voice to my generation with one of the excellences of Italy in the world.”
Tod’s is in fact one of the best-known footwears, clothing and accessories companies, which since the announcement of Chiara Ferragni’s entry into the board of directors has seen a surge in capitalization by 20.4%, reaching 1,145 billion. An appointment thanks to which the losses of about a year were recovered.
This growth could lead to an increase in work-related social well-being, the situation of which was already difficult before the pandemic, and has now worsened further.
With these changes, LVMH increases its stake to 10%, increasing its position in the group, thanks to the contract between Diego Della Valle & C and Delphine, a company wholly owned by LVMH, which aims to sell 2,250,000 shares of Tod’s , equal to 6.80% of the share capital at € 33.1 per share, equal to the weighted average price for the volume of Tod’s shares in the fifteen trading days prior to the subscription date.
With this operation, the twenty-year friendship between the Arnault family and the Della Valle family is consolidated, giving Diego Della Valle, directly and indirectly, a 63.64% stake in Tod’s share capital.
The latter said: “I am very happyto consolidate, with this operation, a friendship that has binded me and my family to Bernard and his family for over 20 years. Sharing the values of luxury, quality and product desirability could be an excellent reason to think about possible opportunities to be seized together in the future”.
After the increase in capitalization that occurred following Ferragni’s appointment, analysts now expect an increase in revenues of 7%, to 163.7 million euros, also due to the commitment of China and the use of e-commerce.