×
461
Fashion Jobs
ESME CONSUMER PVT.LTD
Area Sales Manager
Permanent · Asansol
SUN PHARMA
Manager - Project Management Office(Pmo)
Permanent · Guwahati
ESME CONSUMER PVT.LTD
Area Sales Manager
Permanent · Bengaluru
ESME CONSUMER PVT.LTD
Area Sales Manager
Permanent · Aurangabad
ADITYA BIRLA FINANCE
Sales Manager - Business Loan - Dsa Channel For Gujarat Location
Permanent · Bharuch
NATURES ESSENCE
Area Sales Manager
Permanent · Ahmedabad
DR LAL PATHLABS
Area Sales Manager- Haldwani | dr Lal Pathlabs
Permanent · Haldwani
360 REALTORS
Sales Team Leader/Area Sales Manager/Sales Manager
Permanent · Pune
NIKE
Lead Technical Product Manager, ed&a – Tpmo
Permanent · Bengaluru
PENNAR INDUSTRIES
Sales Manager - Solar Panel
Permanent · Hyderabad
ADIDAS
Manager Information Security
Permanent · GURUGRAM
ADIDAS
Senior Technology Consultant
Permanent · GURUGRAM
ADIDAS
Senior Technology Consultant
Permanent · GURUGRAM
ADIDAS
Senior Manager Information Security
Permanent · GURUGRAM
ADIDAS
Manager Information Security
Permanent · GURUGRAM
DANIEL WELLINGTON
IT Support Specialist
Permanent · NAVI MUMBAI
NIKE
Manager, Product Management, Partners & Marketplace Engineering – Tpmo
Permanent · Bengaluru
BAJAJ FINANCE
Area Sales Manager
Permanent · Bengaluru
CHAMPION JOINTINGS
Area Sales Manager - Banglore - Coimbatore - Chennai
Permanent · Mumbai
CHAMPION JOINTINGS
Area Sales Manager - Hyderabad - Vishakapatnam
Permanent · Mumbai
DIAMOND WHITE CEMENT
Area Sales Manager/ Sales Officer/ Sales Manager- Paints & Putties
Permanent · Begusarai
DIAMOND WHITE CEMENT
Area Sales Manager/ Sales Officer/ Sales Manager- Paints & Putties
Permanent · Begusarai
By
Reuters
Published
Dec 17, 2015
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Banks line up to advise Qatar on Valentino share offer

By
Reuters
Published
Dec 17, 2015

The Qatari owners of Italian fashion house Valentino have invited banks to pitch for the advisory roles on a stock market listing as they seek an exit from one of the world's most glamorous brands, sources familiar with the plan said.

Valentino - Spring-Summer2016 - Womenswear - Paris - © PixelFormula


A decision on which bank will work on an initial public offering (IPO) in Milan is expected in January, the sources said.

Mayhoola for Investments, an investment vehicle with close ties to Sheikha Mozah, the second wife of Qatar's former emir, has asked Rothschild to involve a number of banks in the listing, which could happen as soon as May, the sources said.

Valentino and Rothschild declined to comment. No one at Mayhoola was immediately available to comment.

For the luxury label, once worn by Jacqueline Kennedy Onassis, Audrey Hepburn and Elizabeth Taylor, it will mean a return to the Milan stock market having been bought out by private equity firm Permira in 2007.

In addition Valentino's listing is expected to pave the way for other fashion floats to follow, with Versace, backed by U.S. buyout fund Blackstone, likely to go down the same IPO route in around 18 months, several sources familiar with the matter said. Versace and Blackstone declined to comment.

Valentino's timetable will largely depend on market conditions, another source said, but Mayhoola will try to take advantage of the first available window in the second or third quarter of 2016.

The sources ruled out Versace jumping the queue on an IPO before its bigger rival Valentino returns to the Milan market next year.

FASHION VICTIMS

Led by Chief Executive Stefano Sassi, Valentino expects to generate revenue of 1 billion euros ($1.09 billion) in 2016 with earnings before interest, tax, depreciation and amortisation (EBITDA) of close to 200 million euros, two of the sources said.

It will compete on share price valuations with several other Italian fashion companies, including Moncler and Ferragamo, which trade on a multiple of more than 10 times their expected EBITDA, while Brunello Cucinelli trades on a multiple of over 14.

The sources said the Milan bourse remains the main marketplace for fashion firms and ruled out Mayhoola seeking a listing for Valentino in New York or in Hong Kong, where Italian rival Prada (1913.HK) was floated in 2011.

Founded in 1960 by designer Valentino Garavani, the Italian brand became famous for its trademark bright-red chiffon dresses.

Permira took control in 2007, paying 5.3 billion euros at a time when sector valuations turned out to be at their peak.

At the time the business was trading as Valentino Fashion Group and included Hugo Boss, which has since been floated on the Frankfurt market.

Valentino itself underwent a debt restructuring in 2009, in the wake of the financial crisis, and was sold to Mayhoola in 2012 for around 700 million euros.

($1 = 0.9158 euros)


 

© Thomson Reuters 2022 All rights reserved.