Tod's S.p.A. is an Italian luxury fashion house specialized in footwear, apparel, and related accessories headquartered in Marche, Italy. Its core branding includes an oval nameplate and roaring lion, with signature brown and orange packaging. The company is part of the Sprezzatura (Italian "casual chic") fashion movement. Its highest-selling products are pebble-sole “Gommino” driving shoes, leather (suede) loafers, boots, sneakers, and handbags.[3][4]
Founded in 1920 by Filippo Della Valle as a shoe cobbler, his grandson, Diego, commercialized the family business and launched their flagship store in their hometown. They expanded across Europe and the U.S. during the 1970s, reaching mainstream distribution during the 1980s and 1990s. During this time, Tod's was worn by Hollywood celebrities, European royalty, including Diana, Princess of Wales, and corporate executives in New York.
The company is majority controlled by the founding Della Valle family. 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. Tod's reported annual revenue of €883 million in 2021, with €1.0 billion reported in 2022.
Corporate information
History
Tod's light suede loafers with tassels, 2021
Filippo 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.[5] 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.[6][7] 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.[8] 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.[9][10] 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.[11][9]
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.[12][13] Both of these products gained favor with Hollywood celebrities, European royalty, including Diana, Princess of Wales, and corporate executives in New York.[14] Princess Diana sported Gommino loafers in various colors and carried a beige handbag the house later named after her – the Tod's Di Bag.[15][16]Vogue called Princess Diana the "poster girl" for the brand among royals,[15] while Italian industrialist Gianni Agnelli led to increased popularity among businessmen due to the shoe's quiet profile, according to Vanity Fair.[17] Tod's was further popularized among European royalty through King Juan Carlos of Spain, Princess Caroline of Monaco, and Catherine, Princess of Wales.[17]
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.[18][19] The former was overseen by Diego's son Emanuele, who appointed Karl Lagerfeld as a designer for a handful of collections.[20] Tod's Group subsequently bought 60% of Roger Vivier, the French shoemaker known for the stiletto heel, in 1995.[21] Tod's later acquired further stock in Roger Vivier for €415 million, growing their stake from 57.5% to 60.7%.[22] By late 1990s, Diego turned over the day-to-day operation of the business to Andrea, his younger brother.[23]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."[24] Tod's sales increased from €220 million in 2000 to €371 million in 2003.[25] Tod's went public in November 2000, listing on the Milan Stock Exchange at a valuation of €1.2 billion.[4]
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.[26][27] The questionable acquisition created the need for a whitewash procedure.[26]
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.[28] During the crisis they launched their eyewear line, entering into a licensing agreement with Marcolin for optical frames and sunglasses.[29] 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.[30] In 2014, Tod’s teamed up with Japanese design studio Nendo to create the “Envelope Boat Shoe”, a rubber-soled slip-on.[31] 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.[32] 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.[33][34] In 2023, Tod's collaborated with Lamborghini on a line of driving shoes[35] and re-engaged Palm Angles on a second line of custom sneakers.[36] In 2023, the group announced it had crossed €1 billion in revenue.[37]
In 2024, the Della Valles and Tod's lost a long-running battle with French tax authorities who had investigated the company's odd accounting practices while it was privately held by the Della Valle brothers resulting in "ambiguous dealing with shareholders".[27] Between 2003 and 2015, Roger Vivier was owned by the Della Valle family via holding companies in Portugal and then Luxembourg, but that the licence was held by Tod's, which was controlled by the same family (with a stake of more than 50%). To the dismay of Tod's minority shareholders, the company paid royalties to the Della Valles amounting to €52m from 2004 to 2015, personally enriching the executives.[27]
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%.[38] In early 2021, LVMH raised its investment in the group from 3.2% to 10%.[39] In May 2021, the market value of Tod's was €1.6 billion.[21][40] 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.[41] In September 2022, the Italian Companies and Exchange Commission (CONSOB) approved the proposed buyout.[42]
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.[43][44] The privitization attempt was unsuccessful.[45]
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.[46] 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.[47][48]
In 2011, Tod's funded the restoration of Rome’s Colosseum after negotiating an agreement that granted the company exclusive rights to the Colosseum’s logo and images for 15 years in exchange for €25 million ($31.99 million).[55] Tod’s suspended the agreement pending the outcome of two judicial inquiries and a probe by Italy’s antitrust competition authority into the deal, triggered by complaints by the Italian Labour Union (UIL) and Codacons, a consumer organization.[56][57]
In 2023, Tod’s pledged €2.5 million to the restoration of Palazzo Marino, the 16th-century building in Milan that has housed city hall since 1861.[58]
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!"[59][60]
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.[61][62]
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€1.1 billion (2023) [1] 
