New York City A report released Thursday by the Financial Times said that Diego Della Valle, the Italian owner of luxury shoe brand Tod’s, has increased his shares in Saks to just under 20% and may seek a position on the retailer’s board.
In a regulatory filing, Della Valle said he may hold discussions with both management and other leading shareholders on “potential strategies for strengthening and further enhancing” Saks’ operations.
The filing said he and his investment company might also “decide to become strategic and long-term shareholders of the issuer and, in such case, they would consider seeking representation on the board of directors” of Saks.
Della Valle first took a significant stake in Saks in April last year, and announced on Monday that he had increased his holding to just over 11%. This latest increase makes him Saks’ largest shareholder and places him just below the level to trigger a poison pill shareholder rights agreement.