The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
MILAN, Italy — Tod's founder and top shareholder Diego Della Valle bought a further 1 percent of the Italian luxury goods group this week, a regulatory filing showed, following disappointing full-year sales.
The move follows the purchase of a similar 1 percent stake last week when the stock was hit by the weak 2018 sales figures.
Both investments were done outside of a commitment to buy up to 5 percent of the company which Della Valle took in December as a proof of his confidence in the group, the company said. Della Valle owned 60.7 percent of Tod's as of mid-2018.
By Claudia Cristoferi and Valentina Za; editor: Stephen Jewkes.
The group’s flagship Prada brand grew more slowly but remained resilient in the face of a sector-wide slowdown, with retail sales up 7 percent.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.
Consumers face less, not more, choice if handbag brands can't scale up to compete with LVMH, argues Andrea Felsted.
As the French luxury group attempts to get back on track, investors, former insiders and industry observers say the group needs a far more drastic overhaul than it has planned, reports Bloomberg.