The Wall Street Journal reports:
Italian luxury-goods mogul Diego Della Valle has increased his stake in Saks Inc. to 19.05%, becoming the biggest shareholder at the high-end U.S. retailer, according to filings with the Securities & Exchange Commission.
Signor della Valle is a colorful fellow and very successful Italian businessman. He made his fortune with two luxury shoe brands, Tod’s and Hogan.
Coincidentally, the Journal’s magazine ran an extensive article on the man and his company last week and had this to say:
Tod’s is the European carpetbagger of the American preppy look. The Italian luxury brand, which Della Valle built in the 1970s on the foundations of his family’s cobbler business, has become a staple of a way of dressing that idealizes weekends in the Hamptons and Cape Cod. Tod’s soft moccasins, their soles dotted with 133 rubber nubs, supplanted penny loafers to become the choice footwear pairing for all-American khakis and white button-down shirts.
As of 2:30 pm EDT today, Saks stock (SKS – NYSE) was up $0.86 or 8.5% since Wednesday’s close of $10.12. Now that Della Valle is the department store’s largest shareholder, could he assume a new role in life — that of White Knight?
Background article:
The Independent: Diego della Valle: Meet the Italian Ralph Lauren