MILAN (Reuters) – The head of Italian luxury group Tod’s said that if he ever decided to sell his company it would be to LVMH’s boss Bernard Arnault but he added that he had no current plans to do so.
Speaking at the Financial Times Luxury Summit, Tod’s founder and chairman Diego Della Valle said LVMH’s recent decision to raise its stake in Tod’s to 10% was a message “that we like to stay together”. He reiterated that if the right opportunity arose, the two groups might “do something together”.
Asked if that meant Tod’s could be sold to LVMH, Della Valle said: “I have a family and we love what we do (…). But if one day I decide (to sell), I believe in people like Bernard (Arnault).”
Asked again if, should he decide to sell, it would be to Arnault, Della Valle said: “100 percent, for sure.”
The Tod’s chairman also added that he is preparing to step back from day-to-day management at the group. “No one believes me but I need one year to prepare the team and I am ready to (free up my time) by 60-70%,” he said.
(Reporting by Silvia Aloisi and Claudia Cristoferi; editing by Agnieszka Flak and Louise Heavens)
