Tod's founder Della Valle further raises voting stake to 81.2%

Tod’s Chairman Diego Della Valle has raised his share of voting rights in the luxury goods group he founded to 81.2%, making good on a pledge to buy shares after disappointing first-half results earlier this month, a regulatory filing showed.

Italian market regulator Consob said on Tuesday Della Valle’s holding dated back to Aug. 9 and included a 4.49% percent stake held through a forward contract that bound him to buy 2.4 million shares by Nov. 26.

Della Valle, a prominent Italian businessman, has been buying more Tod’s shares as they come under pressure due to sliding sales.

But the group CFO denied during an earnings call on Aug. 7 it could be taken private.