Daily Front Row

2010 March 17

Diego Della Valle Wants More Saks

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Diego Della Valle
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(NEW YORK) Diego Della Valle’s day job title may be chairman and chief executive officer of Italy’s Tod’s Group (which includes Tod’s, Hogan, Fay, and Roger Vivier)—but the businessman seems to be diversifying a bit. Della Valle, who has been a minority shareholder in Saks Inc. since last year, has recently doubled his holdings in the retailer. Last week, Della Valle bought 2.9 million shares in the company for $22.3 million through his personal investment vehicle, Diego Della Valle & C. S.A.P.A. Today, reports reveal that he purchased an additional 3.62 million shares for $30.2 million dollars. According to Reuters, his latest purchases have raised his ownership in Saks to 9.4 percent (Saks’ top shareholder, Carlos Slim, owns 16.1 percent).

According to an interview with Della Valle last year, his investment in Saks is “a strategic investment of the family, not of Tod’s.” Saks chairman and CEO Steve Sadove has echoed the sentiment that the venture is not meant to compete with his Tod's business, calling it “a passive investment.” Saks shares are currently going for $8.49 per share—an increase of 15.2 percent since March 8.