Tod’s minority shareholders on Wednesday approved a capital increase and the acquisition of the Roger Vivier brand.
The capital increase is part of the transaction first announced in November. The Italian luxury group is buying the French brand’s trademark for 415 million euros, or $441.7 million. Roger Vivier is licensed to Tod’s by the seller, Gousson Consultadoria e Marketing Srl, controlled by Diego Della Valle, chairman and chief executive officer of Tod’s and his brother Andrea Della Valle, vice chairman of Tod’s.
Gousson is to reinvest 207.5 million euros, or $220.8 million, in Tod’s through a reserved capital increase aimed at reducing the effects of the purchase on the firm’s financial position, as explained by chief financial officer Emilio Macellari at the time.
The closing of the transaction is expected by Jan. 31, when the new shares will be admitted to trading on the Milan Stock Exchange.
Diego Della Valle underscored “the high attendance” of the minority shareholders at the meeting on Wednesday, as it also proved the “appreciation” of the decision to submit the transaction to the innovative whitewash procedure. This means the transaction cannot take place if the majority of the non controlling shareholders vote against the capital increase. Della Valle also highlighted the absence of dissenting votes, confirming “the rightness and strategic important for the group that the Roger Vivier trademark can have in the future.”