Crown Bidco S.r.l. has launched a voluntary public offer to acquire shares of Tod's S.p.A. at €43.00 per share, aiming for a subsequent delisting from the stock exchange.

Information on the Target

Crown Bidco S.r.l. (the "Bidder"), is a company controlled by LC10 International AIV, L.P., which is managed by the esteemed private equity firm L Catterton. The Bidder is now undertaking a voluntary public offer to acquire up to 9,255,498 ordinary shares of Tod’s S.p.A. (referred to as "Tod’s", the "Issuer", or the "Company"). This acquisition is positioned to lead to the delisting of Tod's shares from the Euronext Milan stock exchange. The Bidder has proposed a cash consideration of €43.00 for each share tendered in this offer.

Industry Overview in Italy

The luxury goods sector in Italy is renowned for its craftsmanship, quality, and innovation, making it a pivotal market on a global scale. In 2023, Italy's luxury sector generated approximately €12 billion in revenue, showcasing continued growth driven by both domestic demand and international tourism. Brands in this segment benefit greatly from Italy’s rich heritage in fashion and design, positioning them uniquely in the market.

Luxury footwear, leather goods, and apparel are amongst the key categories thriving within this sector. Italian brands such as Tod’s, Gucci, and Prada consistently set benchmarks for quality and style,