MILAN — Italian home fragrance diffuser maker Culti Milano will go public on July 14. Controlled by the Manes family-owned holding Intek Group, Culti Milano will debut on Aim Italia, the Italian bourse’s program dedicated to little or medium-sized companies.
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.
Culti Milano will use the resources of the quotation to further develop its business through a retail expansion, investments in traditional and digital and off-line advertising and exclusive, cobranded collections with international designers.
In 2016, Culti Milano totaled revenues of 4.9 million euros.
The label counts two flagships in Milan and an online store. In addition, the brand is distributed in 40 department stores worldwide.
Culti Milano was founded in 1990 by interior designer Alessandro Agrati, who launched the brand’s signature glass flacons with wooden stick diffusers. The product gained immediate success and remains one of Culti Milano’s bestsellers, with prices ranging from 50 euros to 460 euros for the 250-ml. and 4,300-ml. formats, respectively. Spray fragrances, scented candles, perfumed sachets for closets and drawers and liquid hand soaps and creams were progressively added to complete the range.
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The Manes family acquired Culti Milano in 2004.