Feb 5, 2012
Cashmere maker Cucinelli files for Milan listing
Feb 5, 2012
MILAN - Italian cashmere goods maker Brunello Cucinelli said on Friday it had filed with Italian regulators for an initial public offering (IPO) of its shares on the Milan bourse , as signs emerged recently of steadier market conditions.
The offering, sponsored by investment bank Mediobanca , will include the issue of new shares and the sale of existing equity.
"The bourse is a key step for growth," said Brunello Cucinelli, founder and owner of the company, in a statement.
Once given a green light by Italy's bourse, companies have a year to follow up on their request to list.
Cucinelli had said in December he wanted to wait for financial markets to stabilise before launching an IPO of his 34-year-old group.
Concerns over the euro zone debt crisis spiralling out of control have sparked a run out of equities, prompting some companies to put listing plans on hold.
But Italian luxury brands Prada and Salvatore Ferragamo successfully listed last year, just before a sell-off of Italian assets started in early July, marking a worsening in the bloc's debt crisis.
Trend-setting designer Prada picked Hong Kong for its debut while shoemaker Ferragamo stayed faithful to its home turf. Both, however, have strong exposure to the fast-growing Chinese market, whereas Cucinelli, sells almost 60 percent of its soft sweaters and jackets in Europe. (Reporting by Sabina Suzzi; Editing by David Holmes)
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