MILAN — The Italian Stock Exchange has accepted Brunello Cucinelli SpA’s request for an initial public offering, filed on Feb. 3.
The approval from Consob, Italy’s equivalent of the Securities and Exchange Commission, is expected by the end of the week. Once the Italian luxury fashion house receives the green light, its road show will kick off on Monday, with a press conference slated that day in Milan. The road show will end April 27, when the share price will be determined.
Brunello Cucinelli, known for its precious cashmere, is valued at about 500 million euros, or $654 million at current exchange. It is expected to launch its initial public offering on May 3, floating about two thirds of the company. Bank of America, Merrill Lynch and Mediobanca are global coordinators and joint book runners.
In the 2011 fiscal year, the firm’s earnings before interest, taxes, depreciation and amortization rose 16.5 percent to 40 million euros, or $55.6 million at average exchange, on sales of 243 million euros, or $337.7 million, up 19 percent compared with the previous year.
The company has registered 50 percent growth over the past two years. Exports account for 70 percent of sales. There are 1,000 points of sale that carry the brand and 59 Brunello Cucinelli boutiques around the world.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)