MILAN — Brunello Cucinelli SpA is expected to launch its initial public offering on May 3, according to sources here.
The Italian luxury fashion house plans to kick off its road show on April 16 and end April 27, when the share price will be determined. The company is valued at about 500 million euros, or $650 million at current exchange, after a capital increase. Sources say the namesake entrepreneur plans to float about two thirds of the company, known for its cashmere. Bank of America Merrill Lynch and Mediobanca are global coordinators and joint book runners.
The firm, based in Italy’s Solomeo, started the process to list on the Italian Stock Exchange in February and first revealed it was considering an IPO in May last year.
“The Bourse is an important step for growth, in line with our entrepreneurial philosophy,” Brunello Cucinelli, founder of the fashion house, said at the time. “My goal is to become even more international and attract managers, even those who think differently from me. The company is 34 years old and my dream is for it to last at least another 34 years. We are based in a small town, which I hope will continue to work in luxury.”
Cucinelli, who is 58 and has two daughters, 20 and 29, realized he needed to release the company from family dynamics, saying “ownership is inherited, but not the management of a company. If they will be able to manage it, they will; if not, there will be someone who can do it.”
In the 2011 fiscal year, the firm’s net profit is expected to reach about 30 million euros, or $41.7 million at average exchange, up 60 percent compared with 2010. Revenues are calculated to reach about 240 million euros, or $333.6 million, up 18.5 percent compared with the previous year. The company has registered 50 percent growth over the past two years.
At the same time as the Benetton family has decided to delist its clothing and textile group, analysts in Milan have generally praised Cucinelli’s decision to go public. The consensus is that the IPO will help the firm generate further attention and add to its image.
Cucinelli has always said he was planning to go public in Milan as he feels “very, very connected to Italy and my territory, Umbria and my country.”
London’s newly opened @designmuseum will look back on the life and work of Azzedine Alaïa in a show that the designer helped to curate before he died of heart failure last month. The retrospective, which Alaïa had worked on with Mark Wilson, chief curator of the @groningermuseum, will look at the impact of his work worldwide. The show, “Azzedine Alaïa: The Couturier,” will run from May 10 to October 7. Read more about the exhibit on WWD.com #wwdnews #wwdfashion (📷: @zefashioninsider)
@Pharrell and his wife Helen Lasichanh were among the stars that came out to celebrate @rimowa’s first pop-up concept shop. The space, which is located on Rodeo Drive in Beverly Hills, draws inspiration from airport luggage carousels and lounge areas – and features the company’s luggage and accessories. If the pop-up is successful it could pave the way for addition temporary shops throughout the world. #wwdfashion (📷: Owen Kolasinski/BFA)
@carineroitfeld celebrated @crfashionbook’s first calendar last night with a dinner party at Spring Place in Manhattan. Photographed by @stevenkleinstudio, the calendar takes on a fitness theme and features @joansmalls, @gigihadid, @danielle_herrington_ – pictured here – and more. “[Carine Roitfeld] wanted me to feel sexy and she wanted me to be myself and feel it out on my own and do what I felt was right,” said Herrington, aka Miss October. #wwdeye
@saintrecords and @virgilabloh last night at @americanexpress’ “A Night With Success Makers” event. “I always bring it back to community because without that I wouldn’t have the courage,” said Knowles when asked how she has gotten where she is now. Read more highlights from their conversation on WWD.com. #wwdeye (📷: @lizdoupnik)
This Just In: Industry sources have told WWD that Anastasia Soare is rumored to be considering selling her beauty business, @anastasiabeverlyhills. According to those sources, Soare has tapped investment bank Imperial Capital to explore sale options for her eponymous beauty brand –– and with at least $340 million in net sales, this would be a big deal. Put in context of other recent transactions for makeup companies, Soare’s price tag could be in the billions if she were to sell the whole thing. #wwdnews #wwdbeauty (📷: @clint_spaulding)
@assouline’s latest book, “The Spirit of Bentley: Be Extraordinary” captures the adventurous attitudes and opulent lifestyles of @bentleymotors’ most creative owners and enthusiasts throughout the U.K. The 292-page hardcover has a section dedicated to showing its team of skilled artisans and photos of its most colorful owners, from George Bamford to designer @alicetemperley, pictured here by Aline Coquelle. #wwdeye
@google released its report on the most popular search terms this year. For fashion brands, the list was led by @gucci, the luxury brand that stunned the market last October when it pledged to stop using fur. Runner ups were @supremenewyork and @fashionnova, along with more established brands like @louisvuitton, @chanelofficial and @ysl. #wwdfashion (📷: @aitorrosasphoto)
In yet another fashion show shuffle, @elleryland is moving its show in sync with the Paris couture calendar — though the brand is still keeping one foot on the city’s ready-to-wear schedule. Their runway show in January will coincide with the launch of a new strategy: designing two main collections each year instead of four, which will then be released in four drops. “As we all know, the system needs to change. We need to show sooner to give time back to artisans and designers to do what they do best — create,” said founder Kym Ellery. #wwdnews #wwdfashion (📷: @kukukuba)
@maxmara’s classic 101801 coat was the cornerstone of its pre-fall 2018 collection. The design team expanded the traditional double-breasted, kimono-sleeved style into a trapeze coat, lean belted styles and a peacoat and presented them in monochromatic looks – like the camel one pictured here. #wwdfashion #prefall18 (📷: George Chinsee)