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MILAN — Italia Independent Group SpA shareholders have approved a public listing on the AIM Italia Alternative Capital Market, a segment of the Italian Stock Exchange.
This story first appeared in the May 30, 2013 issue of WWD. Subscribe Today.
The decision confirms a report in WWD Wednesday. The board also approved a capital increase to support the listing.
Group founder and majority shareholder Lapo Elkann will continue to be chairman of the board, and Andrea Tessitore was confirmed as chief executive officer.
“The listing project represents a key milestone for the development of our group, which is the result of a vast team effort,” said Elkann. “The AIM Italia listing process requires transparency and clarity as to the objectives that we set out to achieve. Personally, I will continue to focus on the creative development of the products and brand at an international level, which has always been my passion, to support the group’s management team led by Andrea Tessitore.”
Tessitore said there was pride in the approval of “the listing project after only six years in the business, which bears witness to a success story that is now looking to become international and that we intend to consolidate and expand through the listing.” The executive said that the company proved that “Italian creativity, know-how, as well as product and service focus, are winning combinations in an industrial project.”
Tessitore concluded saying that choosing to list Italia Independent nationally “is intended as a sign of trust and recognition for Italy and also a valid growth alternative for all small and medium-size companies in our country.”
Italia Independent is being assisted in the transaction by Equita SIM SpA, Banca IMI SpA, Methorios Capital SpA, law firm Pedersoli e Associati, Cesare Ferrero and Deloitte & Touche SpA.
The listing is expected to take place as early as next month. Elkann, an heir to Fiat’s Agnelli family, has been looking at developing the brand globally and to sustain growth.
Last year, the company reported sales of 15 million euros, or $19.2 million at average exchange, and it has plans to hit 30 million euros, or $39 million at current exchange, by 2015. Italia Independent, which offers men’s apparel, also counts collaborations with luxury Vertu phones; Borsalino; 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.