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■ As Diego Della Valle (64) approaches retirement, and with his interests in politics*, we see Tod’s as a potential takeover target for:

- LVMH or Kering: two of the largest luxury goods firms in the world, especially LVMH as: • Bernard Arnault, Chairman and CEO of LVMH, personally owns 3.5% of Tod’s shares. • Diego Della Valle sits on the Board of LVMH. - Tapestry: The aspiring multi-brand operator with 52% of its revenue generated from North America. - Burberry: Burberry could remain a UK/European brand operator but with improved diversification and the potential for a re-rating to be more inline with multi-brand luxury houses.

TOD’S SPA

? BURBERRY GROUP PLC

?

?

TAPESTRY INC

?

LVMH

Berluti Céline Dior EDUN Emilio Pucci Fendi

Givenchy Kenzo Loewe Loro Piana Louis Vuitton Marc

KERING

Jacobs Moynat Nicholas Kirkwood Rimowa Thomas Pink

Gucci Bottega Veneta Saint Laurent Alexander McQueen Balenciaga

Brioni Christopher Kane McQ Stella McCartney Tomas Maier

(LVMH FASHION & LEATHER BRANDS)

* https://www.nytimes.com/2016/09/23/t-magazine/fashion/diego-della-valle-tods-interview-milan-fashion-week.html

409

Boucheron Dodo GirardPerregaux Pomellato Qeelin Ulysse Nardin

T O D ’ S S PA

AS A POTENTIAL TAKEOVER TARGET

Profile for Richard

Elevation Capital Research Annual 2018  

Elevation Capital Research Annual 2018