Fan: Actress Penelope Cruz
The boss of Italian shoemaker Tod’s says there are no plans to sell the company despite delisting from the Milan stock exchange.
Chief executive Diego Della Valle said the business would remain in the hands of his family, who set up the firm in 1920.
The group this month revealed it would sell a 36 per cent stake to L Catterton, a partnership between a private equity company, French luxury group LVMH and LVMH founder Bernard Arnault’s family investment vehicle.
This agreement means that Tod’s can delist from the Italian stock exchange after 24 years.
Tod’s is known for its Gommino loafers and luxury handbags, with fans including actress Penelope Cruz.
L Catterton has said that taking the company private will allow for faster decision-making and give it greater flexibility to pursue growth.
Della Valle said the deal does not mean the family are hoisting a for-sale sign.
‘We don’t have to sell anything, we have a family business with young people who want to do this job,’ he said.
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