Italian Loafer-Maker's Buyout Plan Fuels Luxury M&A Speculation [BNN Bloomberg (Canada)]
SALVATORE FERRAG UNSP/ADR (SFRGY)
NASDAQ:AMEX Investor Relations:
group.ferragamo.com/en/contacts/investor-relations
Company Research
Source: BNN Bloomberg
The maker of posh loafers soared as much as 18% in Milan Monday on news that its founding Della Valle family is teaming up with LVMH-backed buyout firm L Catterton on a bid. The development reverberated across the sector, sparking gains in shares of local Italian rivals Salvatore Ferragamo SpA and Brunello Cucinelli SpA, along with the UK's Burberry Group Plc. Read more: Tod's Founding Family Partners With L Catterton for Buyout The Tod's plan is “likely to fuel M&A speculation,” Citigroup Inc. analysts Thomas Chauvet and Lorenzo Bracco said in a note. “This announcement is a reminder of the challenges faced by small luxury brands and groups in an ever-competitive industry dominated by large multi-brand conglomerates,” they wrote. Europe's luxury companies have experienced mixed fortunes this earnings season as analysts predict a continued drop in sales in the face of a faltering economy and subdued Chinese tourism. Shares of giants LVMH and Hermes International SCA rallied f
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