MILAN — Salvatore Ferragamo SpA on Monday received the green light to pursue its initial public offering on the Milan Stock Exchange, which is expected to take place by the end of the month.
This story first appeared in the June 7, 2011 issue of WWD. Subscribe Today.
Sources said a road show is expected to kick off in London on June 13, and that joint lead manager Banca IMI-Intesa Sanpaolo Group values the Florence-based firm at 2.25 billion euros, or $3.29 billion at current exchange. Until now, sources said Ferragamo’s IPO could value the company at around 1.5 billion euros, or $2.1 billion. Mediobanca and J.P. Morgan will act as global coordinators and joint book runners.
In a separate development, Ferragamo has inked a licensing agreement with Marchon Group for the production and worldwide distribution of men’s and women’s sunglasses and prescription eyewear. The first collection will be available in Ferragamo boutiques, department and specialty stores and select optical shops starting in January.
In a joint statement, the companies said the five-year license with the option to renew for five more years aims at further expanding the penetration of the branded line globally. The New York-based Marchon manufactures eyewear collections for Calvin Klein, Coach, Diane von Furstenberg, Emilio Pucci, Fendi, Jil Sander and Michael Kors, among others. Marchon succeeds Luxottica Group, whose license with Ferragamo expires at the end of the year.