Diego Della Valle & C Srl, the holding company of the founder of luxury shoemaker Tod’s, has transferred its stake in Piaggio to brothers Diego and Andrea Della Valle, a spokesperson for the Vespa maker said on Tuesday.

Earlier in the day a filing released by Italy’s watchdog CONSOB showed that Diego Della Valle’s 5.5% stake in Piaggio was cut to zero on Dec. 12.

Diego Della Valle Srl notified Piaggio and CONSOB of the new distribution of the stake in Piaggio, which was previously held by the holding company, the spokesperson said.

The CONSOB notification relates to the shareholding of Diego Della Valle Srl. Diego Della Valle is still a shareholder in Piaggio together with his brother Andrea, but as an individual, the spokesperson spelled out.