Tod's SpA (Milan supplier of the popular pebble-sole driving shoe) is launching an initial public offering in hopes of expanding the casual but chic shoe brand. But some analysts aren't too optimistic, given the lackluster IPO performances of other publicly traded luxury-goods companies like Donna Karan Int. and Tommy Hilfiger.
Diego Della Valle, Tod's owner, is selling about 25 percent of the company (the shares will be traded starting November 6 in Milan) to expand the offering to eyewear, bags and clothing. Plans for Tod's also includes a major retail expansion of 35 new stores in the U.S. and Asia by 2003.