Topic: foreign groups making acquisitions in Italy. Diego Della Valle commented: “I am not concerned, because the craftsmanship and know–how of Italian artisans isn’t transferrable elsewhere and it’s not in their intention to move them out of the country. LVMH is an example of this”. Tod’s owner believes that if “2022 continues as it began”, it could be a very profitable year for many, and he adds that the first few months of 2023 will show “the real potential of companies in the segment”. Meanwhile, Tod’s defeated Celine and, with a 1.8 million euro a year rent contract, will be able to open a store in Milan’s famous Galleria.
2022 and 2023
Social efforts, Sistema Italia, politics, Covid-19 and fashion and luxury. These are the topics discussed by Diego Della Valle, CEO of Tod’s Group to L’Economia del Corriere della Sera. The Marche-based entrepreneur is positive for 2022 (“If 2022 continues as it began, it could be a very profitable year for many”), while “the first few months of 2023 will show the real potential of companies in the segment”.
Diego Della Valle, LVMH and foreigners
A significant part of the interview was dedicated to foreign groups acquiring companies in Italy. “The important thing is to preserve these segments and their workers. It would be wonderful if they were acquired by Italian groups, but I am not concerned by competent foreign groups making the acquisitions”, he added. For example, LVMH (which owns 10% of Tod’s), French luxury giant that is investing in Italy and creating Jobs.
An Italian luxury hub?
“Some groups – says Della Valle -, could have joined forces 20 years ago, but many of us were too busy building our companies and focus on our product and growth. We didn’t have enough time, but now we do have the time and vision to explore such possibilities”. As was as requests for the government, Della Valle asks for the “maintenance of the country’s system, to guarantee a better reception of tourists”. He concluded by adding that “the need is to have a shared strategic goal for both government and companies”.
The Galleria’s store
Meanwhile, with an offer of 1.805 million euro per year, Tod’s was awarded, instead of Celine (1.555 million) and Samsonite (1.050 million), an 18-year concession for the old Bric’s store in Milan’s Gallery (249 square meters). As reported by Il Giorno, the auction’s base price was of 722,000 euro.
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