MILAN — Italian home fragrance diffuser maker Culti Milano debuted Monday on Aim Italia, the Italian Stock Exchange’s program dedicated to small and medium-size companies. Culti Milano is the first beauty firm to join the program.
Founded in 1990 by interior designer Alessandro Agrati, who launched the brand’s signature glass flacons with wooden stick diffusers, the company is controlled by the Manes family-owned holding Intek Group since 2004.
On Monday, both Culti Milano’s president Franco Spalla and chief executive officer Pierpaolo Manes rang the bell of the market opening ceremony at Palazzo Mezzanotte, which houses the Italian Stock Exchange.
“Today is an important day for the longest start-up in the history, as Alessandro Agrati defined it,” said Manes during the ceremony. “The listing gives us new responsibilities: To be even more precise, punctual and determined in everything we will do from now on,” added the ceo, after thanking his team.
As reported, Intek started procedures for the initial public offering last May. The operation enabled the company to increase its capital of 4.5 million euros, floating 27.96 percent of the firm. The admission to the program saw the listing of 865,000 new shares, valued at 5.2 euros each.
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Culti Milano’s price per share was 5.48 euros when the market opened and reached a peak of 5.85 euros 30 minutes after the opening. There were more than 100,000 trades within the first three hours.
Culti Milano will use the resources of the listing to further develop its business through retail expansion, investment in traditional and digital and off-line advertising and exclusive, cobranded collections with international designers.
“We needed to provide the company with financial resources to back this development and today we’re here. This is the beginning of a new journey,” said Spalla. “We have to thank all the investors who believed in this project and the Italian Stock Exchange, which provided incentives and collaboration, enabling us to arrive to this quotation in short time.”
Culti Milano’s president underscored that investors not only showed appreciation towards the products and the history of the label but also for the young management and its energy and dedication in enhancing the brand.
Culti Milano is the ninth company to be listed this year in the Aim Italia program, which currently includes 81 companies.
In 2016, Culti Milano totaled revenues of 4.9 million euros.
The label currently counts two flagships in Milan and an online store. In addition, it is distributed in 40 department stores worldwide.