* Della Valle buys 2.9 mln shares for $29.4 mln
* Now owns 11.12 pct, up from 9.4 pct in March
* Saks shares up 1.5 pct
NEW YORK, Oct 19 (Reuters) - Italian businessman Diego
Della Valle continued to build up his ownership in Saks Inc
Della Valle paid $29.4 million to buy 2.9 million shares between Oct. 12 and Monday, according to a U.S. Securities and Exchange Commision filing.
The move more than doubles his stake in the company from earlier this year. In March, Della Valle paid $52.5 million to raise his ownership to 9.4 percent from 5.3 percent.
Della Valle, the chief executive officer of Italian
designer shoe and bag maker and Saks supplier Tod's SpA
Mexican billionaire Carlos Slim is still Saks' top shareholder with 15.92 percent, according to Thomson Reuters data, but Della Valle's new double-digit stake brings him closer.
Investors have found department stores an attractive bet
lately. Hedge fund manager William Ackman disclosed this month
that he had bought enough shares to become the largest investor
of J.C. Penney Co
Saks shares were up 16 cents, or 1.5 percent, at $10.44 in early afternoon trading on the New York Stock Exchange. (Reporting by Jon Lentz, editing by Gerald E. McCormick and Gunna Dickson)