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Tod’s Group Purchases Roger Vivier Trademark

The Roger Vivier shoe brand is changing hands—sort of. Gousson, owned by Diego and Andrea Della Valle, sold the luxury footwear brand to Tod’s Group, which is controlled by the Della Valle family, for a pricey $440 million.

Gousson will reinvest half of the proceeds, or about $220.8 million, from the sale in the Tod’s brand.

Tod’s Group currently produces and sells Roger Vivier footwear under a licensing agreement and receives royalty payments. The contract was due for renewal in 2016. According to Reuters, the group was determined to not lose the rights to the profitable brand.

Analysts are not immediately sold on the sale. Italian broker Equita told Reuters the deal’s price tag exceeded the net present value of the royalties and reduces its price target on the stock to 71.5 euros ($76) from 76 euros ($81).