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Tod's

From Wikipedia, the free encyclopedia
Tod's S.p.A.
Company typeSocietà per azioni (S.p.A.)
BIT: TOD (until 2024)
ISINIT0003007728 Edit this on Wikidata
IndustryFashion
Founded1920; 105 years ago (1920)
FounderFilippo Della Valle
Headquarters
Sant'Elpidio a Mare
,
Italy
Key people
Diego Della Valle (Chairman)
John Galantic (CEO)
Chiara Ferragni (designer/former board member)
ProductsLuxury goods
RevenueIncrease €1.1 billion (2023)[1]
Increase €94.7 million (2023)[1]
Increase €50.0 million (2023)[1]
Total assetsIncrease €4.3 billion (2023)[1]
Total equityIncrease €1.1 million (2023)[1]
OwnerDella Valle family (64.4%)[2]
Number of employees
5,123 (2023)[1]
ParentTod's Group
Websitetods.com todsgroup.com

Tod's S.p.A. is an Italian fashion house specialized in footwear, apparel, and related accessories headquartered in Marche. It is majority controlled by businessman Diego Della Valle.

Founded in 1920 by Filippo Della Valle, a cobbler, it was commercialized by his grandson, Diego, who renamed it J.P. Tod's in 1978. They expanded across Europe and the U.S. during the 1970s, reaching mainstream distribution during the 1980s and 1990s. Tod's branding includes an oval nameplate and roaring lion, with signature brown and orange packaging.

Its use of private financing throughout the 1990s saw to its listing on the Borsa Italiana in 2000. In 2021 Moët Hennessy Louis Vuitton (LVMH) raised its investment in the group from 3.2% to 10%. After an attempt to take the company private in 2022, Tod's Group entered into a privatization deal with private equity firm L Catterton in 2024.

Corporate history

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Founding

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Tod's light suede loafers with tassels, 2021

Filippo Della Valle started the shoemaking business out of his family home in the late 1920s. Diego Della Valle, the elder son of Dorino, and a grandson of Filippo, expanded the workshop and turned it into a factory that started manufacturing shoes in the 1970s.[3] During the 1980s, Diego used nascent marketing strategies such as influencer marketing.[4][5] He named the company J.P. Tod's in 1978.[6] The brand later dropped the "J.P." in 1999 after the brand became inadvertently known as solely "J.P.'s" instead of the preferred Tod's.[7][8] He selected the name from a Boston, Massachusetts phonebook in an effort to Americanize the Italian brand and court high-end consumers in New York.[9][7]

They introduced the “Gommino” leather (suede) loafers in 1979 and their signature handbag collection in 1980. The shoe is widely viewed as a knockoff of the Original Car Shoe which was founded in 1963 and pioneered the driving loafer.[10][11]

Creation of Tod's Group and Roger Vivier acquisition controversy (1986-2003)

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In an effort to diversify the family's business interests, they launched two sister brands, Fay (in 1986) and Hogan (in 1988), later forming Tod's Group.[12][13]

Tod's Group subsequently bought 60% of Roger Vivier, the French shoemaker known for the stiletto heel, in 1995.[14] Tod's later acquired further stock in Roger Vivier for €415 million, growing their stake from 57.5% to 60.7%.[15] By late 1990s, Diego turned over the day-to-day operation of the business to Andrea, his younger brother.[16] Time described their family dynamic in 2006 with: "Andrea plays the goalie to Diego's striker, the introverted, behind-the-scenes power broker to Diego's extroverted, genial public persona."[17] Tod's sales increased from €220 million in 2000 to €371 million in 2003.[18] Tod's went public in November 2000, listing on the Milan Stock Exchange at a valuation of €1.2 billion.[19]

The Roger Vivier acquisition proved controversial with accusations that the Della Valle brothers had enriched themselves at the expense of other shareholders. The brand's sales, virtually non-existent in 2003, reached €156m as the family sold it to Tod's for €435m.[20][21] The questionable acquisition created the need for a whitewash procedure.[20]

Tod’s was one of the few luxury companies worldwide to increase sales and profits during the 2008 financial crisis, with profit growing from €83 million in 2008 to €86 million in 2009.[22] In January 2017, Italian businessman Andrea Bonomi – through his Strategic Capital fund – took a 3% stake in Tod’s to support its long-term growth.[23]

2019-2024: Privatization by LVMH/L Catterton

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From 2019 onward, Diego Della Valle started purchasing Tod’s shares as they came under pressure due to sliding sales, increasing his ownership to 81.2%.[24] In early 2021, LVMH raised its investment in the group from 3.2% to 10%.[25] In May 2021, the market value of Tod's was €1.6 billion.[14][26] In 2022, Della Valle and his brother Andrea offered to buy out other investors at €40 a share for up to €338 million ($344 million) – valuing the company at €1.32 billion ($1.3 billion) – and to de-list the company via a merger with their holding company DeVa Finance.[27] In September 2022, the Italian Companies and Exchange Commission (CONSOB) approved the proposed buyout.[28]

Tabor Asset Management published a pair of public open letters noting the discrepancy in multiples identified by Tod's board when providing its fairness opinions and those used by banks.[29][30] The privatization attempt was unsuccessful.[31]

In 2024, the Della Valle family entered a deal with private equity firm L Catterton, backed by LVMH's Bernard Arnault, to take Tod's private.[32] L Catterton are to purchase 36% of shares at 17% premium of market value, and the Della Valle family will retain control with 54% of the company. 10% of the company will remain owned by an investment arm of LVMH. If the delisting bid fails, the entities have announced intentions to merge.[33][34]

2025 prosecution for labor practices

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In 2025, Italian prosecutors announced that Tod's and three of its executives were under investigation for suspected labour abuses and false "made in Italy" claims while using third-party Chinese suppliers.[35] Therefore they the prosecutors sought a six month blanket ban forbidding the company from all advertising.[36] According to Reuters, this was "the first time an Italian fashion house and its managers have been directly targeted over alleged labour exploitation".[37]

Creative directors

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Colosseum logo controversy

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A Tod's store front in Hong Kong, 2020

In 2011, Tod's attempted to purchase exclusive rights to the Colosseum logo and images for 15 years in exchange for €25 million ($31.99 million) in sponsorship towards its renovation.[44] The agreement was suspended after complaints by the Italian Labour Union (UIL) and Codacons, a consumer organization.[45][46]

Imitation accusations

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In 2014, Ferrari director Lapo Elkann attacked Tod's CEO Diego Della Valle in a series of posts including the common accusation that Tod's flagship gommino shoe (launched in 1979) was an imitation of The Original Car Shoe (founded in 1963, now owned by Prada), declaring “Car Shoe founded in 1963…The original!"[47][48]

In 2023, luxury handbag brand Tribe of Two sued Tod's for trademark infringement after it introduced a "double-T" logo that was confusingly similar to Tribe of Two's logo that had been registered with the United States Patent and Trademark Office since 2013.[49][50]

In October 2025, Tod’s became the focus of viral controversy in its key market of Brasil after being accused of copying and engaging in cultural appropriation. The issue gained national traction and coverage, with millions of social-media users discussing Tod’s copying of the Tribe of Two logo and Car Shoe. Although no lawsuits in Brazil have arisen from the episode, experts note that the strong digital response shows growing consumer vigilance regarding intellectual property and the behavior of luxury brands.[51][52][53][54]

See also

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References

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  1. ^ a b c d e f "press release 2024 03 12" (PDF). todsgroup.com. Retrieved 4 October 2024.
  2. ^ "Investor Relations - Shareholders". todsgroup.com. Retrieved 10 March 2022.
  3. ^ Alderman, Liz (2010-10-08). "A Shoemaker That Walks but Never Runs". The New York Times. ISSN 0362-4331. Retrieved 2020-03-31.
  4. ^ Anne-Marie Schiro (25 August 1998), Expansion at J. P. Tod's New York Times.
  5. ^ Marcy Medina (1 August 2008), Tod’s in Tinseltown W.
  6. ^ Constance C. R. White (1 October 1996), J. P. Tod's Conversions New York Times.
  7. ^ a b Yorker, The New (2004-05-02). "Shoe Dreams". The New Yorker. ISSN 0028-792X. Retrieved 2023-10-28.
  8. ^ Sheryl Garratt (16 October 2011), Diego Della Valle of Tod's: king of loafers The Daily Telegraph.
  9. ^ Alderman, Liz (October 8, 2010). "A Shoemaker That Walks but Never Runs". The New York Times. Retrieved October 28, 2023.
  10. ^ Lapo Elkann Confronts Diego Della Valle on Facebook
  11. ^ Lapo prende a scarpate Diego Della Valle
  12. ^ Giulia Segreti (14 July 2017), Designers for Fay label leave Tod's luxury group Reuters.
  13. ^ Giulia Segreti (24 February 2018), Italy's Fay marks new departure with designer Arthur Arbesser Reuters.
  14. ^ a b "The future of Tod's". Vogue Business. 21 May 2021. Retrieved 2021-06-27.
  15. ^ "Tod's splashes out $440 million on Roger Vivier shoes". Reuters. 23 November 2015.
  16. ^ Anne-Marie Schiro (27 April 1999), An Empire of Leather Goods Still Driven by a Driving Shoe New York Times.
  17. ^ Betts, Kate (2006-03-08). "Driving Force: Diego Della Valle". Time. ISSN 0040-781X. Retrieved 2023-10-28.
  18. ^ Yorker, The New (2004-05-02). "Shoe Dreams". The New Yorker. ISSN 0028-792X. Retrieved 2023-10-28.
  19. ^ Ball, Deborah Ball (2000-11-01). "Tod's Hopes to Grow Brand With Initial Public Offering". Wall Street Journal. ISSN 0099-9660. Retrieved 2023-10-28.
  20. ^ a b Tod’s Acquires Roger Vivier Trademark
  21. ^ French taxman brings Roger Vivier to heel over Tod's odd accounting
  22. ^ Liz Alderman (8 October 2010), A Shoemaker That Walks but Never Runs New York Times.
  23. ^ Valentina Za and Massimo Gaia (11 January 2017), Italy's Bonomi takes 3 pct stake in Tod's, shares soar Reuters.
  24. ^ Valentina Za (20 August 2019), Tod's founder Della Valle further raises voting stake to 81.2% Reuters.
  25. ^ "LVMH ups Tod's stake as footwear brands surge back into fashion". Fortune. Retrieved 2021-06-27.
  26. ^ Zargani, Luisa (2021-05-12). "China, Roger Vivier and E-commerce Boost Tod's Group in Q1". WWD. Retrieved 2021-06-27.
  27. ^ Agnieszka Flak and Valentina Za (26 October 2022), Tod's founders scrap buyout, mull next step as shares fall Reuters.
  28. ^ Francesca Landini (21 September 2022), Italy's market watchdog approves bid to take Tod's private Reuters.
  29. ^ Tod's investor repeats criticism of Della Valles' bid as offer nears end
  30. ^ Tabor Asset Management Releases Letter Questioning Tender Offer for Tod's S.p.A.
  31. ^ Agnieszka Flak and Valentina Za (26 October 2022), Tod's founders scrap buyout, mull next step as shares fall Reuters.
  32. ^ Amed, Imran; Williams, Robert (2024-02-11). "Tod's Group to Go Private in Deal with L Catterton". The Business of Fashion. Retrieved 2024-02-13.
  33. ^ Zargani, Luisa (2024-02-11). "L Catterton, Tod's Ink Deal to Delist Italian Group, Potentially Merge". WWD. Retrieved 2024-02-13.
  34. ^ Della Valle, Tod's compra le scarpe Roger Vivier
  35. ^ https://www.ft.com/content/6b19b422-b5d3-4ed8-8a0e-d25c7c5e1890
  36. ^ https://www.ilfoglio.it/giustizia/2025/11/22/news/la-crociata-dei-pm-di-milano-contro-l-alta-moda-continua-altra-indagine-su-tod-s-8350762/
  37. ^ https://www.reuters.com/business/world-at-work/prosecutors-seek-six-month-ad-ban-italys-tods-over-alleged-labour-abuse-2025-11-20/
  38. ^ Eric Wilson (9 June 2005), Picking Up the Pace New York Times.
  39. ^ Merle Ginsberg (12 March 2012), More Designer Musical Chairs: Derek Lam is Leaving Tod’s Hollywood Reporter.
  40. ^ Italy's Tod's hires former Gucci designer Facchinetti Reuters, 20 February 2013.
  41. ^ Isla Binnie (20 June 2014), Tod's hires designer Incontri to make strides beyond footwear Reuters.
  42. ^ Elisa Anzolin (12 July 2023), Tod's creative director Walter Chiapponi to step down Reuters.
  43. ^ Shoaib, Maliha (2023-12-01). "Tod's Appoints Matteo Tamburini as Creative Director". Vogue. Retrieved 2023-12-01.
  44. ^ Catherine Hornby and Andrew Roche (2 December 2010), Tod's CEO offers to fund Colosseum repair work Reuters.
  45. ^ Guy Dinmore (12 January 2012), Tod’s puts Colosseum agreement on hold Financial Times.
  46. ^ Antonella Ciancio (12 January 2012), Luxury shoemaker threatens to quit Colosseum repair Reuters.
  47. ^ Lapo Elkann Confronts Diego Della Valle on Facebook
  48. ^ Lapo prende a scarpate Diego Della Valle
  49. ^ TOD’S Hit With Trademark Infringement Lawsuit Over “Knock-Off” Logo
  50. ^ Brand Popularized on ‘Scandal’ Sues Tod’s Over ‘Confusingly Similar’ Logo
  51. ^ "Influenciadores e perfis se posicionam contra marcas que "roubam" ideias - Portal Leo Dias". portalleodias.com (in Brazilian Portuguese). 2025-10-25. Retrieved 2025-11-28.
  52. ^ "Influenciadores e páginas se posicionam contra marcas de luxo que "roubam" ideias". Jornal de Brasília (in Brazilian Portuguese). Retrieved 2025-11-28.
  53. ^ Elemedia S.p.A. - Area Internet. "Velvet | Roger Vivier, seconda giovinezza". velvet.repubblica.it. Archived from the original on 2018-05-04. Retrieved 2025-11-28.
  54. ^ Belém, Jornal do (2025-11-04). "Advogado explica a importância de registrar marcas". Jornal do Belém - Sua conexão com a notícia (in Brazilian Portuguese). Retrieved 2025-11-28.
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