Tod's

{{Infobox company

| name = Tod's S.p.A.

| logo = Tods.svg

| logo_upright = 0.5

| image = Madrid - Tod's (José Ortega y Gasset 19) 1.jpg

| image_caption = Tod's boutique in Madrid, Spain, 2018

| type = Società per azioni (S.p.A.)

| traded_as = {{ISE|IT0003007728|TOD}} (until 2024)

| foundation = {{start date and age|1920}}

| founder = Filippo Della Valle

| location_city = Sant'Elpidio a Mare

| location_country = Italy

| key_people = Diego Della Valle (Chairman)
John Galantic (CEO)
Chiara Ferragni (designer/former board member)

| industry = Fashion

| products = Luxury goods

| revenue = {{increase}} €1.1 billion (2023){{Cite web|url=https://www.todsgroup.com/sites/default/files/2024-03/press-release-2024-03-12.pdf|title=press release 2024 03 12|website=todsgroup.com|access-date=4 October 2024}}

| operating_income = {{increase}} €94.7 million (2023)

| net_income = {{increase}} €50.0 million (2023)

| assets = {{increase}} €4.3 billion (2023)

| equity = {{increase}} €1.1 million (2023)

| num_employees = 5,123 (2023)

| parent = Tod's Group

| owner = Della Valle family (64.4%){{Cite web|url=https://www.todsgroup.com/en/investor-relations/shareholders|title=Investor Relations - Shareholders|website=todsgroup.com|access-date=10 March 2022}}

| homepage = [https://www.tods.com/us-en/home/ tods.com]

[https://www.todsgroup.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 highest-selling products are pebble-sole “Gommino” driving shoes, leather (suede) loafers, boots, sneakers, and handbags.{{Cite news |date=2014-08-06 |title=Tod's moves on from cozy loafers in bid to recover sales |language=en |work=Reuters |url=https://www.reuters.com/article/us-tods-revamp-idINKBN0G609Y20140806 |access-date=2023-10-28}}{{Cite news |last=Ball |first=Deborah Ball |date=2000-11-01 |title=Tod's Hopes to Grow Brand With Initial Public Offering |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/SB973026670118263120 |access-date=2023-10-28 |issn=0099-9660}}

Its use of private financing throughout the 1990s saw to its listing on the Borsa Italiana in 2000, at a valuation of €1.2 billion. 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 information

= History =

File:A brown Loafer Shoes from TODS.jpgFilippo 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.{{Cite news|last=Alderman|first=Liz|url=https://www.nytimes.com/2010/10/10/business/global/10tods.html|title=A Shoemaker That Walks but Never Runs|date=2010-10-08|work=The New York Times|access-date=2020-03-31|language=en-US|issn=0362-4331}} As they grew in popularity during the 1980s, Diego brought in nascent marketing strategies, such as influencer marketing, to broaden their consumer base, starting with Yasmin Le Bon in 1998.Anne-Marie Schiro (25 August 1998), [https://www.nytimes.com/1998/08/25/style/patterns-for-j-p-tod-s-new-outlets-products-norma-kamali-shop-home-service.html Expansion at J. P. Tod's] New York Times.Marcy Medina (1 August 2008), [https://www.wmagazine.com/story/tods Tod’s in Tinseltown] W. Diego named the company J.P. Tod's in 1978. From 1996, he started converting the company's signature stores in the United States to J. P. Tod's boutiques.Constance C. R. White (1 October 1996), [https://www.nytimes.com/1996/10/01/style/patterns-580678.html J. P. Tod's Conversions] New York Times. 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.{{Cite news |last=Yorker |first=The New |date=2004-05-02 |title=Shoe Dreams |language=en-US |work=The New Yorker |url=https://www.newyorker.com/magazine/2004/05/10/shoe-dreams |access-date=2023-10-28 |issn=0028-792X}}Sheryl Garratt (16 October 2011), [http://fashion.telegraph.co.uk/news-features/TMG8813832/Diego-Della-Valle-king-of-loafers.html Diego Della Valle of Tod's: king of loafers] The Daily Telegraph. 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.{{Cite web |last=Alderman |first=Liz |date=October 8, 2010 |title=A Shoemaker That Walks but Never Runs |url=https://www.nytimes.com/2010/10/10/business/global/10tods.html |access-date=October 28, 2023 |website=The New York Times}}

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.[https://wwd.com/feature/lapo-elkann-confronts-diego-della-valle-on-facebook-8035258-980190/ Lapo Elkann Confronts Diego Della Valle on Facebook][https://lookdavip.tgcom24.it/lapo-elkann-prende-a-scarpate-diego-della-valle/ Lapo prende a scarpate Diego Della Valle] Both of these products gained favor with Hollywood celebrities, European royalty, including Diana, Princess of Wales, and corporate executives in New York.{{Cite news |last=Sylvers |first=Eric |date=2019-02-16 |title=Tod’s Loafers Have Won Over Royals and Hollywood—But Not Many Millennials |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/tods-loafers-have-won-over-royals-and-hollywoodbut-not-many-millennials-11550336401 |access-date=2023-10-28 |issn=0099-9660}} Princess Diana sported Gommino loafers in various colors and carried a beige handbag the house later named after her – the Tod's Di Bag.{{Cite web |last=Newbold |first=Alice |date=2021-06-04 |title=Princess Diana Found The Perfect Summer Loafer Long Ago |url=https://www.vogue.co.uk/fashion/article/princess-diana-tods-gommino |access-date=2023-10-28 |website=British Vogue |language=en-GB}}{{Cite web |last=Twersky |first=Carolyn |date=2021-09-28 |title=A History of Princess Diana’s Favorite Handbags From Gucci to Dior |url=https://www.wmagazine.com/fashion/princess-diana-favorite-designer-handbags |access-date=2023-10-28 |website=W Magazine |language=en}} Vogue called Princess Diana the "poster girl" for the brand among royals, while Italian industrialist Gianni Agnelli led to increased popularity among businessmen due to the shoe's quiet profile, according to Vanity Fair.{{Cite web |last=Reginato |first=James |date=2018-03-09 |title=How Diego Della Valle Took Tod’s from Small-Town Cobbler to Global Success |url=https://www.vanityfair.com/style/2018/03/diego-della-valle-tods-leather-fashion-brand |access-date=2023-10-28 |website=Vanity Fair |language=en-US}} Tod's was further popularized among European royalty through King Juan Carlos of Spain, Princess Caroline of Monaco, and Catherine, Princess of Wales.

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.Giulia Segreti (14 July 2017), [https://www.reuters.com/article/italy-tods-designers-idUKL8N1K52YH Designers for Fay label leave Tod's luxury group] Reuters.Giulia Segreti (24 February 2018), [https://www.reuters.com/article/fashion-milan-fay-idINKCN1G80P8 Italy's Fay marks new departure with designer Arthur Arbesser] Reuters. The former was overseen by Diego's son Emanuele, who appointed Karl Lagerfeld as a designer for a handful of collections.Suzy Menkes (17 March 2010), [https://www.nytimes.com/2010/03/18/business/global/18lagerfeld.html Lagerfeld to Help Tod’s With Its Hogan Brand] New York Times. Tod's Group subsequently bought 60% of Roger Vivier, the French shoemaker known for the stiletto heel, in 1995.{{Cite web |date=21 May 2021 |title=The future of Tod's |url=https://www.voguebusiness.com/companies/the-future-of-tods-lvmh |access-date=2021-06-27 |website=Vogue Business |language=en-GB}} Tod's later acquired further stock in Roger Vivier for €415 million, growing their stake from 57.5% to 60.7%.{{cite web |date=23 November 2015 |title=Tod's splashes out $440 million on Roger Vivier shoes |url=https://www.reuters.com/article/us-rogervivier-m-a-tod-s-idUSKBN0TC0XW20151123 |website=Reuters}} By late 1990s, Diego turned over the day-to-day operation of the business to Andrea, his younger brother.Anne-Marie Schiro (27 April 1999), [https://www.nytimes.com/1999/04/27/style/an-empire-of-leather-goods-still-driven-by-a-driving-shoe.html An Empire of Leather Goods Still Driven by a Driving Shoe] New York Times. 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."{{Cite news |last=Betts |first=Kate |date=2006-03-08 |title=Driving Force: Diego Della Valle |language=en-US |work=Time |url=https://content.time.com/time/subscriber/article/0,33009,1170941,00.html |access-date=2023-10-28 |issn=0040-781X}} Tod's sales increased from €220 million in 2000 to €371 million in 2003.{{Cite news |last=Yorker |first=The New |date=2004-05-02 |title=Shoe Dreams |language=en-US |work=The New Yorker |url=https://www.newyorker.com/magazine/2004/05/10/shoe-dreams |access-date=2023-10-28 |issn=0028-792X}} Tod's went public in November 2000, listing on the Milan Stock Exchange at a valuation of €1.2 billion.

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.[https://wwd.com/feature/tods-roger-vivier-10284645/ Tod’s Acquires Roger Vivier Trademark][https://www.glitz.paris/en/houses/2024/12/19/french-taxman-brings-roger-vivier-to-heel-over-tod-s-odd-accounting,110353893-art French taxman brings Roger Vivier to heel over Tod's odd accounting] The questionable acquisition created the need for a whitewash procedure.

Tod’s was one of the few luxury companies worldwide to increase sales and profits through the 2007–2008 financial crisis, with profit growing from €83 million in 2008 to €86 million in 2009.Liz Alderman (8 October 2010), [https://www.nytimes.com/2010/10/10/business/global/10tods.html A Shoemaker That Walks but Never Runs] New York Times. During the crisis they launched their eyewear line, entering into a licensing agreement with Marcolin for optical frames and sunglasses.{{Cite web |last=Meliado |first=Edorado |date=2018-07-05 |title=Tod's renews eyewear licence with Marcolin until 2023 |url=https://us.fashionnetwork.com/news/tod-s-renews-eyewear-licence-with-marcolin-until-2023,995059.html |access-date=2022-09-03 |website=Fashion Network |language=en-US}} In 2012 and 2013, Tod’s and Jefferson Hack collaborated on Tod’s No_Code collection of both men’s and women’s leather shows with slim white soles.Eugénie Trochu (27 February 2013), [https://www.vogue.fr/fashion/fashion-news/diaporama/jefferson-hack-tods-shoes/12601 Jefferson Hack for Tod's] New York Times. In 2014, Tod’s teamed up with Japanese design studio Nendo to create the “Envelope Boat Shoe”, a rubber-soled slip-on.Isla Binnie (6 August 2014), [https://www.reuters.com/article/us-tods-revamp/tods-moves-on-from-cozy-loafers-in-bid-to-recover-sales-idINKBN0G609Y20140806 Tod's moves on from cozy loafers in bid to recover sales] Reuters. 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.Valentina Za and Massimo Gaia (11 January 2017), [https://www.reuters.com/article/idUSL5N1F120N Italy's Bonomi takes 3 pct stake in Tod's, shares soar] Reuters. As part of Tod’s Factory, it launched the “Tod’s X Mr Porter” menswear capsule collection for Yoox Net-a-Porter in a bid to increase its reach to online customers.Nicole Phelps (25 September 2018), [https://www.vogue.com/article/tods-alessandro-dell-acqua-t-factory-collaboration Tod’s Makes Alessandro Dell’Acqua Its First Tod’s Factory Collaborator] Vogue.Giulia Segreti (17 June 2017), [https://www.reuters.com/article/idUSKBN1980HB Tod's launches men's capsule collection for YNAP's Mr Porter] Reuters. In 2023, Tod's collaborated with Lamborghini on a line of driving shoes{{Cite news |date=2023-02-16 |title=Italian brands Lamborghini and Tod's team up for fashion |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/italian-brands-lamborghini-tods-team-up-fashion-2023-02-16/ |access-date=2023-11-04}} and re-engaged Palm Angles on a second line of custom sneakers.{{Cite web |last=Luke |first=Leitch |date=2022-11-30 |title=Palm Angels Recruits Naomi Campbell—and Remixes Tod’s—for Its Latest Moncler Genius Collection |url=https://www.vogue.com/article/palm-angels-recruits-naomi-campbell-and-remixes-tods-for-its-latest-moncler-genius-collection |access-date=2023-11-12 |website=Vogue |language=en-US}} In 2023, the group announced it had crossed €1 billion in revenue.{{Cite web |last=Shoaib |first=Maliha |date=2023-12-01 |title=Tod’s Appoints Matteo Tamburini as Creative Director |url=https://www.vogue.com/article/tods-appoints-matteo-tamburini-as-creative-director |access-date=2023-12-01 |website=Vogue |language=en-US}}

= Attempted privatizations =

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%.Valentina Za (20 August 2019), [https://www.reuters.com/article/idUSS8N24U02Q Tod's founder Della Valle further raises voting stake to 81.2%] Reuters. In early 2021, LVMH raised its investment in the group from 3.2% to 10%.{{Cite web |title=LVMH ups Tod's stake as footwear brands surge back into fashion |url=https://fortune.com/2021/04/23/fancy-footwearluxury-group-lvmh-raises-stake-italian-tods/ |access-date=2021-06-27 |website=Fortune |language=en}} In May 2021, the market value of Tod's was €1.6 billion.{{Cite web |last=Zargani |first=Luisa |date=2021-05-12 |title=China, Roger Vivier and E-commerce Boost Tod's Group in Q1 |url=https://wwd.com/business-news/financial/china-roger-vivier-e-commerce-boost-tods-group-q1-1234822450/ |access-date=2021-06-27 |website=WWD |language=en-US}} 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.Agnieszka Flak and Valentina Za (26 October 2022), [https://www.reuters.com/markets/deals/della-valle-family-scraps-tods-buyout-after-failing-reach-threshold-2022-10-26/ Tod's founders scrap buyout, mull next step as shares fall] Reuters. In September 2022, the Italian Companies and Exchange Commission (CONSOB) approved the proposed buyout.Francesca Landini (21 September 2022), [https://www.reuters.com/business/retail-consumer/italys-market-watchdog-approves-bid-take-tods-private-2022-09-21/ Italy's market watchdog approves bid to take Tod's private] Reuters.

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.[https://www.reuters.com/markets/europe/tods-investor-repeats-criticism-della-valles-bid-offer-nears-end-2022-10-21/ Tod's investor repeats criticism of Della Valles' bid as offer nears end][https://www.pr.com/press-release/870615 Tabor Asset Management Releases Letter Questioning Tender Offer for Tod's S.p.A.] The privitization attempt was unsuccessful.Agnieszka Flak and Valentina Za (26 October 2022), [https://www.reuters.com/markets/deals/della-valle-family-scraps-tods-buyout-after-failing-reach-threshold-2022-10-26/ Tod's founders scrap buyout, mull next step as shares fall] Reuters.

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.{{Cite web |last=Amed |first=Imran |last2=Williams |first2=Robert |date=2024-02-11 |title=Tod’s Group to Go Private in Deal with L Catterton |url=https://www.businessoffashion.com/articles/luxury/tods-group-to-go-private-in-deal-with-l-catterton/ |access-date=2024-02-13 |website=The Business of Fashion |language=en}} 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.{{Cite web |last=Zargani |first=Luisa |date=2024-02-11 |title=L Catterton, Tod’s Ink Deal to Delist Italian Group, Potentially Merge |url=https://wwd.com/business-news/mergers-acquisitions/l-catterton-tods-ink-deal-delist-italian-group-potentially-merge-1236179259/ |access-date=2024-02-13 |website=WWD |language=en-US}}[https://www.repubblica.it/economia/finanza/2015/11/22/news/della_valle_tod_s_compra_le_scarpe_di_roger_vivier-127932794/ Della Valle, Tod's compra le scarpe Roger Vivier]

Creative directors

2006–2012: Derek LamEric Wilson (9 June 2005), [https://www.nytimes.com/2005/06/09/fashion/thursdaystyles/picking-up-the-pace.html Picking Up the Pace] New York Times.Merle Ginsberg (12 March 2012), [https://www.hollywoodreporter.com/lifestyle/style/more-designer-musical-chairs-derek-lam-is-leaving-tods-298659/ More Designer Musical Chairs: Derek Lam is Leaving Tod’s] Hollywood Reporter.
2013–2016: Alessandra Facchinetti[https://www.reuters.com/article/idUSL4N0BK5I720130220 Italy's Tod's hires former Gucci designer Facchinetti] Reuters, 20 February 2013.
2014–2019: Andrea IncontriIsla Binnie (20 June 2014), [https://www.reuters.com/article/idUSL6N0P143020140620 Tod's hires designer Incontri to make strides beyond footwear] Reuters.
2019–2023: Walter ChiapponiElisa Anzolin (12 July 2023), [https://www.reuters.com/business/retail-consumer/tods-creative-director-walter-chiapponi-step-down-2023-07-12/ Tod's creative director Walter Chiapponi to step down] Reuters.
2023-present: Matteo Tamburini

Colosseum logo controversy

File:HK 中環 Central 置地廣場 Landmark Artium mall shop TOD'S clothing March 2020 SSG 03.jpg, 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.Catherine Hornby and Andrew Roche (2 December 2010), [https://www.reuters.com/article/us-italy-colosseum-idUKTRE6B15O520101202 Tod's CEO offers to fund Colosseum repair work] Reuters. The agreement was suspended after complaints by the Italian Labour Union (UIL) and Codacons, a consumer organization.Guy Dinmore (12 January 2012), [https://www.ft.com/content/34cca97e-3d48-11e1-b0e4-00144feabdc0 Tod’s puts Colosseum agreement on hold] Financial Times.Antonella Ciancio (12 January 2012), [https://www.reuters.com/article/idUSL6E8CC60D20120112 Luxury shoemaker threatens to quit Colosseum repair] Reuters.

Imitation accusations

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!"[https://wwd.com/feature/lapo-elkann-confronts-diego-della-valle-on-facebook-8035258-980190/ Lapo Elkann Confronts Diego Della Valle on Facebook][https://lookdavip.tgcom24.it/lapo-elkann-prende-a-scarpate-diego-della-valle/ Lapo prende a scarpate Diego Della Valle]

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.[https://www.thefashionlaw.com/tods-hit-with-trademark-infringement-lawsuit-over-knock-off-logo/ TOD’S Hit With Trademark Infringement Lawsuit Over “Knock-Off” Logo][https://sourcingjournal.com/topics/business-news/tods-lawsuit-tribe-of-two-handbag-trademark-infringement-logo-chiara-ferragni-432639/ Brand Popularized on ‘Scandal’ Sues Tod’s Over ‘Confusingly Similar’ Logo]