MILAN — Pianoforte Holding — which comprises fast-fashion accessories brand Carpisa, innerwear and beachwear brand Yamamay and swimwear brand Jaked — may list its shares in 2015, said Gianluigi Cimmino, company board member and Yamamay and Carpisa chief executive officer.
This story first appeared in the February 20, 2013 issue of WWD. Subscribe Today.
“We need at least three years. There are no formal plans yet,” Cimmino said in an interview on the sidelines of a Yamamay press conference here. WWD first reported in March last year that the holding was eyeing a public listing.
The company’s aim is to raise its presence abroad, especially Russia, the Middle East, Central America and the Far East, over the next three years. It has recently opened stores in growing markets such as Panama and the Philippines. Currently, revenue generated from abroad makes up 20 percent of the group’s total sales. By 2015, the group hopes to raise this percentage to 50 percent, Cimmino added.
There are 800 Carpisa and Yamamay stores in Italy and 150 stores in the rest of Europe.
In 2012, Pianoforte posted sales of about 300 million euros, or $396.2 million, up from 280 million euros, or $389.2 million, in 2011. Yamamay represented nearly half of the company’s sales in 2012, Cimmino said. Dollar amounts have been converted at average exchange for the periods to which they refer.
Pianoforte Holding was also ranked among the top 50 Italian fashion firms that have the requisites to go public, by luxury and fashion consultancy Pambianco Strategie di Impresa in its 2012 study of the fashion companies that have the right characteristics for a stock market listing in a three- to five-year period.
According to Pambianco, Dolce & Gabbana remains in the top spot, followed by Giorgio Armani and the Ermenegildo Zegna Group.
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Italian bank Intesa Sanpaolo SpA has taken a 10 percent stake in Pianoforte through a capital increase of 40 million euros, or $53.38 million at current exchange, to fuel the firm’s expansion.
“Intesa Sanpaolo will certainly be involved in the process and will be there to help us,” Cimmino said.
The capital increase was intended to help strengthen Pianoforte and leverage the group’s synergies and the potential of its brands.
Intesa was also a major Prada shareholder, and sold 102.25 million shares of the luxury firm, representing about 4 percent of its capital, upon its listing in Hong Kong last year, retaining 25.6 million shares.
The Cimmino and Carlino families control Pianoforte (Maurizio and Raffaele Carlino founded the Carpisa brand). Yamamay is based in Gallarate, a 30-minute drive from Milan, and Carpisa is based in Nola, near Naples.
Yamamay also includes footwear and beauty lines, and the company has a bridal innerwear collection.