MILAN — Despite Italy’s current political instability and market volatility, iconic notebook brand Moleskine has pushed forward with its public listing, making its debut on the Milan Stock Exchange on Wednesday in what many here view as a barometer for other potential initial public offerings.
Moleskine is the first company to go public here after Brunello Cucinelli SpA in April last year. Moncler shelved its IPO in summer 2011, but chairman and chief executive officer Remo Ruffini has repeatedly said that a listing remains the company’s goal — an objective confirmed last month as parent company investment firm Eurazeo identified this as the most likely exit method either at the end of this year or in early 2014. Pianoforte Holding — which comprises fast-fashion accessories brand Carpisa, innerwear and beachwear brand Yamamay and swimwear brand Jaked — may list its shares in 2015. Men’s wear group Stefano Ricci is also eyeing a stock-market flotation down the road, as was Pomellato until rumors about Kering (formerly known as PPR) taking a stake in the Italian jewelry firm became more insistent.
Moleskine’s opening share price was set at 2.30 euros, or $2.95 at current exchange, and after reaching its peak at 2.39 euros, or $3.06, in early morning trading, shares closed down 0.87 percent at 2.28 euros, or $2.92.
Wednesday was a day of retreat, marking Italy’s struggles with its political maelstrom, as the FTSE MIB closed down 2.28 percent to 15,200.30 and the FTSE Italia STAR segment closed down 0.42 percent to 12,213.10.
The line of notebooks with the black cover favored by writers Ernest Hemingway and Bruce Chatwin went public on the STAR segment for companies with a capitalization between 40 million and 1 billion euros, or $51.3 million and $1.29 billion. Through the IPO, Moleskine’s capitalization totaled 487.6 million euros, or $626.2 million.
Syntegra Capital, a European-based private equity firm, bought a majority stake in Moleskine in 2006.
Raffaele Jerusalmi, ceo of Borsa Italiana, said, “The success of this IPO confirms the role of leadership of Borsa Italiana at a global level in the sector of luxury and lifestyle. We hope the listing will help Moleskine continue its growth projects and allow it to maintain and grow its positioning at an international level.”
Assouline is paying homage to the late Azzedine Alaïa with a reprint of "Alaïa Livre de Collection.” The book is comprised of photographs of the designer's summer 1992 runway show with models Christy Turlington Burns, Naomi Campbell and Tyra Banks, pictured here at right. #wwdfashion #alaia #tyrabanks
Fall 2018 accessories take on a painterly hue, with Nebulas Blue among Pantone’s top 10 colors of the season. (📸: @jonghyupstudio ; editor: @twallz21 ; stylist and set designer: @haideefindlaylevin ) #wwdaccessories
@americanapparelusa is relaunching the brand outside of the U.S. today, opening its online store to more than 200 countries. The company is also contemplating a return to brick-and-mortar, though details have not been confirmed. In tandem with the expanded distribution is a recasting of a social media ad campagn, called “Back to Basics,” pictured here, with a focus on diversity and a cast of models above the age of 21. Read more on WWD.com #wwdnews #wwdfashion
Exclusive: @britneyspears is continuing to expand her brand. The pop icon, who appears in @kenzo ’s latest campaign, is partnering with Epic Rights to launch a line of branded merchandise. Read @hernameislex ‘s story, link in bio. #wwdnews #britneyspears
The Duchess of Cambridge channeled Princess Diana’s look upon giving birth to Prince Harry, when she and the Duke of Cambridge departed the hospital with the new baby Prince this afternoon in London. #wwdeye #princeofcambridge
The new Prince of Cambridge has arrived! The Duke and Duchess of Cambridge posed with the 8-pound newborn. She wore a look from one of her go-to designers, @jennypackham. Tap link in bio for more. #wwdeye #princeofcambridge
Jewelry label @alisonlou has made a name for itself with fine jewelry that speaks to the Millennial market. Now @twallz21 reports that the label is bringing those playful ideas to a new affordable line of lucite hoops with the launch of Loucite by Alison Lou. Here’s a look from the line modeled by @emrata. #wwdaccessories
@sarahjessicaparker and @gilt are teaming up on a bridal ready-to-wear line. Tomorrow, Parker will launch SJP by Sarah Jessica Parker Bridal — and as part of the launch, Gilt will offer 15 exclusive styles from the SJP by Sarah Jessica Parker footwear collection that were designed to complement the new line. Made out of 10 styles, the line is designed for a variety of occasions, from bridal showers to receptions. Get more details on WWD.com #wwdfashion