MILAN — Italia Independent Group SpA will make its debut on the AIM Italia Alternative Capital Market, a segment of the Italian Stock Exchange for small and medium-size companies, on Friday. The company, controlled by Lapo Elkann, will list 27 percent of its total shares, priced at 26 euros ($33.65), with a market capitalization of 60 million euros, or $77.7 million at current exchange.
“This is not merely a starting point but a signal of serenity,” chief executive officer Andrea Tessitore, who founded the company with Elkann seven years ago, told WWD. “We have ambitious plans, and the path to the listing has been a very formative experience for our team. In structuring the company, we’ve all grown together, with an enormous effort,” explained the executive, adding he felt “proud and happy.”
The offer was oversubscribed three times, counting 40 percent of investors from abroad.
Tessitore put the spotlight on what this initial public offering marks. “It shows that even a small firm, with a well-prepared management and clear ideas, can attract investors from all over the world. It’s not true that investors from outside Italy don’t want to invest in our country, but they set the bar higher, they need to be reassured that a plan will be brought to execution,” said Tessitore.
He admitted that during the road show, in cities such as Paris, London and Geneva, the size of Italia Independent was eyed critically, but Tessitore noted that the listing shows that small and medium-size companies “don’t necessarily have to be indebted or undercapitalized. With ideas and [the right] products, you can grow. It’s hard to believe that this company did not exist seven years ago, that it posted sales of 5 million euros [$6.5 million] in 2010 and 15 million euros [$19.2 million] last year.”
The company has said it plans to hit 30 million euros, or $39 million, in sales by 2015.
Italia Independent offers men’s apparel and has collaborations with Vertu phones; Borsalino hats; Smeg kitchen appliances, and Ferrari for a tailor-made service, among others. Eyewear remains a key focus for Elkann, whose brand offers 200,000 customized variations of five models. Last week, Elkann, a Fiat heir known for his style and eccentric sense of fashion, unveiled a made-to-measure capsule collection designed with Gucci’s Frida Giannini for the Italian luxury brand.
The Italia Independent IPO comes at a time when the fashion industry has seen a spate of action. Moncler is reported to be looking at an IPO again, after the successful listings of Brunello Cucinelli SpA in April last year and Prada SpA and Salvatore Ferragamo SpA the year before. Despite Italy’s market volatility, Moleskine launched an IPO in April, although its shares have hit a few bumps since then, compared with Cucinelli’s and Ferragamo’s upward trajectories. In the U.S. Neiman Marcus filed for an IPO earlier this week.
The admission of Italia Independent arrived after an institutional placement of 525,000 shares — 425,000 from the company’s capital increase and 100,000 offered for sale by the company’s current shareholders. The latter also intend to give the joint global coordinators an option to buy up to 78,750 shares, equal to 15 percent of the shares, in an over-allotment option to be exercised fully or in part within 30 days from the first day of trading.
Banca IMI SpA and Equita SIM SpA acted as joint global coordinators and book runners.
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews