SAKS Appeal

In light of today's filing that reveals a substantial increase in Diego Della Valle interest in SKS, we revisit some telling comments that he made 11 days ago in a NY Times profile. The original article appeared on page one of the business section in the NY Edition on October 10th.  Here are his thoughts on Saks:

Della Valle says he became interested in the retailer on his first visit to the United States as a youth, when he stopped in at a Saks Fifth Avenue store—to which his father used to sell high-quality shoes—and was “overwhelmed by the size of the store and by the amount of people shopping.” He says he views Saks as having “enormous potential for growth with an excellent management in place.”

 

All the investment comes from Della Valle’s own private purse and is not linked to Tod’s. Though he refuses to say if he is pursuing a takeover, he bought the shares when they were a bargain and has said he has no plans to sell.

 

Valle's stake now makes him the company's largest holder,  just ahead of its other billionaire stakeholder Carlos Slim.  The two combined own apporximately 36% of the company's outstanding shares with the next largest owner at 5.5%.

 

Eric Levine

Director