This was already apparent two years ago, when LVMH undertook to increase its stake in a transaction that valued Tod's at 33 euros per share.

However, the Della Valle family - who already controlled almost two-thirds of the capital - decided to privatize the group. The announcement, in fact, came as something of a half-surprise.

The key is an offer of 40 euros per share to acquire the 25.5% of the capital that will enable him to reach 90% of the latter, and thus to issue a formal privatization offer.

However, the stock is trading at less than 38 euros (editor's note: this article was written on September 6, 2023). The spread is admittedly small, but this is compensated by an a priori reduced time horizon.

What's more, Tod's is valued at less than x7 its EBITDA, well below the usual standards in the luxury sector. This is, of course, due to the company's disappointing track record, reflected by a share price at the same level this year as at the IPO twenty-three years ago.

Following Bottega Veneta's turnaround, creative director Walter Chiapponi joined the group in 2021. The graft clearly didn't take, as he left this summer.

This did not stop Tod's from publishing excellent half-year results yesterday, with sales up 21.7% and growth in all segments - footwear, fashion and leather goods.

Underlying these results was a clear breakthrough in China, where sales rose by 43%.