MILAN — In an unexpected development, La Perla Fashion Holding N.V. revealed Wednesday it plans to list its shares on the Euronext Growth Market, operated by Euronext Paris. Trading is expected to begin on or around Sept. 6.
No capital will be raised in connection with the listing, either through a public offering or a private placement of the shares, which will be priced at 4.50 euros.
The listing is a way of increasing the company’s visibility “and enhancing access to capital,” said Pascal Perrier, group chief executive officer of La Perla, the Italian luxury lingerie, nightwear and beachwear specialist.
“With a renewed focus on La Perla’s unique heritage in luxury lingerie and global brand recognition, we are revitalizing our product offering to more fully address the Millennial and modern global luxury customer, including expanding our product lines for more frequent use and daily wear.
“Lingerie is a fragmented and underserved luxury category that we believe has significant potential for brand development and growth. While we have considerable work to do to capitalize on La Perla’s full potential, we are very excited about the journey ahead.”
La Perla’s market capitalization will be 473 million euros once it’s listed.
In connection with the listing, La Perla has entered into a liquidity contract with Invest Securities S.A. Invest Securities, which will act as a liquidity provider to facilitate active trading of La Perla’s shares. In addition, Invest Securities S.A. will act as listing agent while Invest Corporate Finance will serve as adviser to La Perla.
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.
As of June 30, the company had 70 boutiques around the world, 44 of which are directly operated. There are 36 shops-in-shop as well as 24 directly operated outlet stores. The brand is also available via e-commerce channels, including an online shop at laperla.com.
Over the past months, La Perla has been spearheading a restructuring, leveraging its Italian creativity and craftsmanship, and streamlining its organizational structure. 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, particularly in high growth and high margin markets, and “reinstating and modernizing” its marketing program.
It also plans to increase investments in digital communication and to enhance its e-commerce capabilities, while also strengthening its physical retail performance and wholesale accounts. The brand has also been working on renewing its core and most famous styles, creating everyday luxury lingerie and increasing product availability in La Perla’s points of sale.
The company also plans to streamline its logistics to reduce its time-to-market and increase the capacity of La Perla’s manufacturing facility in Bologna.
As reported, the company said in June that it was rationalizing its structure to focus on its core business. While pledging to keep production at its headquarters in Bologna, it had planned to let go of 126 employees out of a total of 400. A month later the company said it was working on presenting a new industrial plan to unions, and job cuts were suspended for the time being.
At the end of July, Italy’s Ministry for Economic Development asked La Perla’s management to submit a new plan to help safeguard the brand and its ties to Bologna. On Wednesday, La Perla said that, while there will be a rationalization, it plans to invest in its current employees and to hire additional talent.
Sapinda Holding bought 100 percent of the company from the Italian entrepreneur Silvio Scaglia, who had controlled La Perla since 2013.
As part of its new course, La Perla revealed plans in May to increase its capital by 23 million euros, offering 5.1 million newly issued shares to external investors. The board approved the issuance of the shares based on an equity valuation of 450 million euros.
La Perla was founded in 1954 by corsetry-maker Ada Masotti. Her son, Alberto Masotti, headed the business until it was sold to San Francisco-based private equity player JH Partners in 2007, which later passed the firm on to Scaglia’s Pacific Global Management.
In July, British couture house Ralph & Russo welcomed a new partner in La Perla Fashion Investment BV, which has taken a $50 million, non-controlling minority share. Perrier is joining the board of that company in a non-executive advisory capacity.
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.