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Tod’s shares soar in $ 90.5 million in deal with French group LVMH

Milan – LVMH CEO Bernard Arnault and Tod’s founder Diego Dahl Valle strengthen their 20-year friendship with a contract with a French group to increase their stake in Italian luxury goods makers. I am making things.

Italian luxury shoes and fashion group Tod’s shares surged more than 10% to € 39.02 on Friday with news of a € 75 million ($ 90.5 million) transaction.

This is well above Tod’s longtime investor LVMH’s price-earnings ratio of € 33.10 per share, which it has agreed to pay 2.25 million shares, which is equivalent to a 6.8% stake. The transaction closes on April 28th.

The deal “may be a good reason to consider seizing more opportunities in the future,” Dalla Valle said in a statement. He did not provide details.

After the Italian group added popular social influencer and brand founder Chiara Ferragni to the board earlier this month, Tod’s trading became more expensive and showed its intention to target young buyers, resulting in a share. It increased by 12%.

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In addition to Tod’s luxury shoes and fashion brands, the group also owns Hogan, Faye and Roger Vivier.

LVMH brands include Christian Dior, Fenty, Tiffany & Co.

The pandemic has bottomed out luxury sales, but analysts also say it will offer mergers and acquisition opportunities to strengthen those who are ready to reopen as the economy recovers.

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Tod’s shares soar in $ 90.5 million in deal with French group LVMH

Source link Tod’s shares soar in $ 90.5 million in deal with French group LVMH

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