NEW YORK/MILAN, July 29 Italian businessman
Diego Della Valle is set to pocket around $136 million profit
through the planned sale of U.S. department store operator Saks
that was announced on Monday.
Della Valle, chairman of shoemaker Tod's, built up
a stake of nearly 15 percent in the upmarket shopping chain in
2010 for around $10 per share, according to regulatory filings.
Saks shares have risen over 85 percent in the last three
years, continuing their climb when Canadian firm Hudson's Bay Co
said on Monday it had agreed to pay $2.9 billion
including debt for the company.
A spokeswoman for Della Valle declined to comment on the
potential capital gain from the deal.
Alongside his role at the helm of the luxury leather
business started by his grandfather, Della Valle is an outspoken
investor in Italian publisher RCS Mediagroup and sits
on the board of French conglomerate LVMH.
Shares in Saks rose 3.4 percent on Thursday, almost reaching
the $16 price offered by HBC.