MILAN — Everyone seems to want a piece of Brunello Cucinelli SpA.
Taking an unusual step, but one that was hinted at in the prospectus published for its initial public offering, the Italian luxury firm said Friday it will end its road show today and not on April 27, as initially planned, “due to the high number of applications received compared to the number of shares offered.” As reported, Cucinelli’s public offering was at least two times oversubscribed on April 16, the first day of the road show.
The company’s debut on the Milan Stock Exchange is now slated for April 27. Trading was initially expected to begin on May 3.
Kicking off his road show, the namesake entrepreneur said he was “not looking for immediate growth. We must grow in a healthy, gentle and graceful way.” Cucinelli said funds from the listing will help grow the company internationally, taking advantage of the “many opportunities” he sees, and attracting young, international managers. The IPO, he said, is not to “ask for money, but to open to the world, and give continuity and longevity to the company. And I have no plans to buy other brands.”
Cucinelli also underscored how his priority was to continue to produce in Italy, with a high component of craftsmanship and artisanal quality.
Stefano Rangone, in charge of Equity Capital Market at Mediobanca, which is the global coordinator and joint book runner with Bank of America Merrill Lynch, said it was “simplicity and scarcity of the brand that sparked interest in banks and investors. This is a label focused on ready-to-wear and a crystal-clear positioning, which make it absolute luxury. It’s a very rare reality and scarce among publicly traded companies.”
Earlier this month, the company priced its IPO at between 6.75 euros, or $8.87 at current exchange, and 7.75 euros, or $10.20, valuing the company at between 405 million and 465 million euros, or $532.3 million and $611.2 million. Milan-based sources said Friday that the price of shares is expected to be set in the higher-end of the range, given the strong demand and the limited number of shares put on the market. One analyst also said that Cucinelli may favor “investors that have a long-term vision and strategy, which fits with the entrepreneur’s own idea of growth.”
Including a capital increase, the firm is valued at between 459 million and 527 million euros, or $603.3 million and $692.7 million. According to the prospectus, the company aims to raise 151 million euros, or $198.4 million, from the offer. Cucinelli is offering 20.4 million shares, or a 30 percent stake in the company (33 percent with the Greenshoe option).
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
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Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
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@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)