MILAN — Italian home fragrance diffuser maker Culti Milano is ready for an initial public offering. Intek, the Manes family-owned holding that controls Culti, is expected to list the brand in the Aim Italia program by the end of the summer. This is the Italian bourse’s program dedicated to the listing of little or medium-sized companies.
Intek won’t be selling shares as the operation will see a capital increase of 5 million euros, or $5.5 million, with the emission of new cum warrant shares. Such resources will be channeled in the development of the business through a retail expansion and investments in traditional and digital and off-line advertising. Exclusive, cobranded collections developed in partnership with international designers are also included in the company’s future plans.
Culti Milano was founded in 1990 by Alessandro Agrati, who launched the brand’s signature glass flacons with wooden sticks diffusers. The product gained immediate success and remains one of Culti Milano’s bestsellers, with prices ranging from 50 euros to 460 euros, or $55 to $505, 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.
The Manes family acquired Culti Milano in 2004.