MILAN — Italy’s hottest fashion commodity used to be the initial public offering. But as share prices have slumped, the stock market is losing its appeal — and there’s even talk that some fashion and retail companies could delist altogether.

Bulgari, Mariella Burani and department store chain Coin have all denied speculation that they plan to flee the Milan stock exchange, although Burani acknowledged that some investment banks have approached it with a proposal for a management buyout.

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