MONTE CARLO — Diego Della Valle, chairman and chief executive officer of Tod’s SpA, insists his 6 percent holding in Saks Inc. is a family investment, and declined to comment whether he plans to increase his stake in the department store group.
In an interview on the sidelines of the FT Business of Luxury conference here, Della Valle also said he doesn’t plan to revive Schiaparelli, the long-dormant Parisian fashion house, before 2011, but remains optimistic about a recovery for luxury markets in the near term.
Della Valle created a stir in the industry last month when it emerged he had increased his holding in Saks to 5.9 percent between Feb. 20 and May 7, for a total consideration of $30.3 million.
“I believe it’s a great U.S. brand, and I have personally known their management for many years,” he said. Although Tod’s operates stand-alone stores in the U.S., its signature loafers and handbags are also on sale at Saks.
Della Valle, who in addition to running Tod’s sits on the board of French luxury group LVMH Moët Hennessy Louis Vuitton and owns Italy’s Fiorentina soccer club, is the latest entrepreneur to take an interest in Saks, which has been the subject of takeover speculation. Mexican telecoms and retailer magnate Carlos Slim Helú is Saks’ largest shareholder, with an 18.6 percent holding. Della Valle said he plans to meet him “as soon as practical.”
Like other retailers in the U.S., Saks has been hard hit by the downturn in luxury spending in the country. However, Della Valle said he remains optimistic U.S. consumers will soon reacquire a taste for shopping.
“After the summer break, there are likely to be signals that people will be inclined to get out and buy something,” he said, although he cautioned these moves won’t immediately translate into a significant sales improvement for the luxury goods industry.
“Around Christmas, we will start to see — if not in the numbers, at least in the prevailing mood — a consumer that is overcoming the crisis,” Della Valle added, noting Tod’s foresees the conditions to increase its profitability once markets begin to show an improvement. He declined to quantify the extent of the increase.
In addition to Tod’s, Della Valle’s company sells apparel, accessories and luxury shoes under the Hogan, Fay and Roger Vivier brands. His family also acquired the rights in 2007 to couture house Schiaparelli, which has been closed since 1954.
As a Schiaparelli revival isn’t imminent, no designer has yet been chosen for the task. “This is not the right time, there’s too much to do at Tod’s,” he said, adding that at the moment, the company is focusing on luxury shoe brand Roger Vivier. “I hope that markets will have stabilized when we are ready for Schiaparelli.”
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty