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Fan: Actress Penelope Cruz
The boss of Italian shoe maker Tod’s says there are no plans to sell the company despite it being delisted from the Milan Stock Exchange.
Chief executive Diego Della Valle said the business would remain in the hands of his family, who founded the company in 1920.
The group revealed this month that it would sell a 36 percent stake to L Catterton, a partnership between a private equity firm, French luxury group LVMH and the family investment vehicle of LVMH founder Bernard Arnault.
This agreement means that Tod’s will be able to leave the Italian stock market after 24 years.
Tod’s is known for its Gommino loafers and luxury handbags, among its fans is actress Penelope Cruz.
L Catterton has said taking the company private will allow for faster decision-making and give it greater flexibility to pursue growth.
Della Valle said the agreement does not mean the family is putting up a for-sale sign.
“We don’t have to sell anything, we have a family business with young people who want to do this work,” he said.