MILAN — La Perla Fashion Holding N.V. is implementing a capital increase for a total of more than 200 million euros in two installments within the next 14 days.
The first will consist of 20 million new shares without subscription rights as approved by the company’s shareholders’ resolution last December. The second portion will consist of approximately 24.5 million additional new shares to be issued that do not need subscription rights.
The company plans to exclusively sell the new shares to institutional investors in private placements and at 4.50 euros each, reflecting the closing price on Feb. 26.
“La Perla intends to use the net proceeds to repay a certain amount of the group’s financial indebtedness, thereby strengthening the capital structure, fund future acquisitions and for general corporate purposes,” the company said.
The new shares will be admitted to trading on Euronext Growth following the capital increase.
The Italian luxury lingerie, nightwear and beachwear specialist publicly listed its shares on the Euronext Growth Market, operated by Euronext Paris, last September.
The listing is a way of increasing the company’s visibility “and enhancing access to capital,” said at the time Pascal Perrier, group chief executive officer of La Perla, who previously worked for luxury firms ranging from Celine to Yves Saint Laurent, Balenciaga and Burberry.
Once listed, La Perla’s market capitalization amounted to 473 million euros.
In connection with the listing, La Perla has entered into a liquidity contract with Invest Securities S.A. Invest Securities, acting as a liquidity provider to facilitate active trading of La Perla’s shares.
Although the operational headquarters are now in London, La Perla’s design, research, development and production facilities continue to be located mainly in Bologna, Italy.
Over the past months, La Perla has been spearheading a restructuring, leveraging its Italian creativity and craftsmanship, and streamlining its organizational structure and rationalizing its workforce. It has been rationalizing its workforce, points of sale and its suppliers’ network, and aiming to improve its inventory management.
The goal is to expand its position in the luxury segment and modernize the brand in a bid to attract a wider, younger and more inclusive audience. It is updating its product offer and expanding its retail network, and increasing its investments in digital communication and to enhance its e-commerce capabilities.
The Amsterdam-based private equity firm Sapinda Holding B.V. took over La Perla in February 2018, hiring Perrier and promoting Alessandra Bertuzzi to head creative designer after the departure of Julia Haart.
Sapinda Holding bought 100 percent of the company from the Italian entrepreneur Silvio Scaglia, who had controlled La Perla since 2013.
La Perla describes itself as wholly owned subsidiary of Tennor Holding B.V., a global investment holding company that takes majority and minority stakes in public and private firms, as well as in public and private debt instruments. It is also an indirect majority shareholder of La Perla Global Management U.K. Ltd., the head office of the La Perla operating entity.