MILAN — After retailer OVS, which debuted on the Bourse last month, another Italian fashion company is eyeing a public listing.
Cover50 S.p.A., which operates the brand PT — Pantaloni Torino, is working on an initial public offering on AIM Italia — Mercato Alternativo del Capitale, the Italian Stock Exchange for small and medium-sized companies, with the goal to list in the first half of the year.
The company is known for its high-end pants under the PT01, PT05, PT01 Woman Pants e PT Bermuda monikers. The fact that they have been spotted on President Obama has helped raised the label’s profile. Founded more than 50 years ago, the firm, based outside Turin, is owned by the Fassino family. “The listing project represents a fundamental step for the development of our company,” said chief executive officer Edoardo Fassino.
Leveraging a growth spearheaded by Edoardo Fassino’s father Pierangelo, Cover50 is planning to strengthen and expand its business in Italy and abroad. “We now want to create a new phase of development of the company to continue to create a successful story,” said Edoardo Fassino.
Cover50 ended 2014 with sales of almost 24 million euros, or $32 million.
Exports account for around 60 percent of sales and Japan is the group’s main market.
BIM – Banca Intermobiliare di Investimenti e Gestioni S.p.A. was tapped as nomad, global coordinator, sole bookrunner and specialist.