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.”
“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