MILAN, Italy — Tod's top shareholder Diego Della Valle has bought a further 0.99 percent of the company this week, filing documents showed, after the Italian luxury goods group reported weak 2018 sales, sending its shares sharply lower.
Della Valle, who is also Tod's chairman and chief executive, bought 300,000 shares on Thursday and anther 27,346 on Friday, according to the filings.
A fifth straight year of declining retail sales sent Tod's shares down 6 percent on Thursday. Tod's, famous for its Gommino loafers, has been struggling to revive the appeal of its brands to attract younger luxury shoppers.
Della Valle, who owns more than 60 percent of Tod's, in December signed a deal with broker Credit Agricole to buy up to 5 percent of the company as a proof of his confidence in the group.
By Claudia Cristoferi with writing by Valentina Za; Editor: by Jane Merriman