By Joshua Kirby


LVMH Moet Hennessy Louis Vuitton SE has increased its stake in Tod's SpA to 10%, the Italian shoe maker said late Thursday.

The French luxury-goods group's subsidiary Delphine SAS agreed with Tod's Chairman Diego Della Valle to buy 2.25 million shares in the company at a price of 33.10 euros ($39.78) a share, Tod's said. The shares represent 6.8% of Tod's share capital and add to LVMH's existing 3.2% stake.

The transaction will take place on April 28. Following the sale, LVMH will own 10% of Tod's, while Mr. Della Valle's direct and indirect stake will amount to 63.64%, Tod's said.

In a release, Mr. Della Valle and LVMH founder and controlling stakeholder Bernard Arnault both noted the friendship between their two families.

"This may represent an excellent reason to consider further opportunities to be taken in the future ahead," Mr. Della Valle said.


Write to Joshua Kirby at; @joshualeokirby


(END) Dow Jones Newswires

April 23, 2021 01:34 ET (05:34 GMT)

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