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Billionaire Della Valle family's £283m bid to take their luxury shoemaker Tod's private

Billionaire Della Valle family’s £283m bid to take their luxury shoe brand Tod’s private

High-end: Gigi Hadid models Tod’s spring/summer collection

The billionaire Della Valle family will bid to take the luxury shoemaker they founded privately.

Brothers Diego and Andrea Della Valle own 64.5 percent of Milan-listed Tod’s and will make a £283m offer for a further 26 percent of the shares, valuing Tod’s at £1.1bn. A 10 percent stake is held by Delphine SAS, part of the luxury LVMH Group.

Tod’s was founded in the 1920s by the grandfather of the Della Valle brothers, Filippo, as a small shoe factory. It has since taken over brands including Fay and Hogan, and is known for its own Gommino loafers, which sell for £500.

The Della Valles acquisition is the latest attempt to revive a company that, like other Italian brands that have built their name on craftsmanship, has struggled to attract younger customers. Last year it had annual sales of £740 million and profits of £20 million.

The brothers’ bid price matches the bid price for Tod’s when it was listed in Milan in 2000. According to their plan, Tod’s will be delisted from the Italian stock exchange after 22 years. Shares rose 20 percent after the offer. A statement from the family read: ‘With this strategy we want to position the brands in the top segment of the luxury market.’