MILAN (MF-Dow Jones)--Tod's SpA (TOD.MI) founder Diego Della Valle has increased his stake in U.S. department store chain Saks Inc. (SKS) to 20%, a person with knowledge of the situation said Thursday.

Della Valle said in September that the recent stake-building in Saks was an industrial investment and the shares weren't for sale.

Della Valle is set to become Saks' single largest shareholder after Mexican billionaire Carlos Slim, who owns an around 16% stake of the luxury department store chain.

According to a U.S. Securities and Exchange Commission filing, as of Oct. 18 Della Valle owned 11.12% of Saks.

-By Paola Longo with MF-Dow Jones and Sabrina Cohen, Dow Jones Newswires, +39 02 5821 9906; sabrina.cohen@dowjones.com
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