MILAN — Moncler SpA on Monday was given the go ahead for its listing on the Milan Stock Exchange.
This story first appeared in the May 31, 2011 issue of WWD. Subscribe Today.
In April, the hot outerwear brand filed documents to go public, heading for a float by the end of June. Moncler’s filing did not disclose the amount of shares it plans to list, although sources have said it was looking at floating up to 50 percent of the company. They estimated the float would value the group at about 1.1 billion euros, or $1.5 billion at current exchange.
Consob, Italy’s stock market watchdog, is expected to also approve the listing this week, followed by a two-week road show starting next week, according to sources.
In addition to the Moncler brand, the Moncler Group includes high-end sportswear labels Henry Cotton’s, Marina Yachting and Coast + Weber + Ahaus, and it holds the license for Cerruti. The private equity fund Carlyle Group owns 48 percent of Moncler.
Banca IMI, BofA Merrill Lynch and Morgan Stanley International will act as global coordinators. Banca IMI will also be in charge of the initial public offering and act as sponsor.
Remo Ruffini, the firm’s president and creative director, who acquired Moncler in 2003, views the IPO as a chance for the company to invest in further international expansion, both via wholesale and, increasingly, its own retail stores.
While Prada has chosen Hong Kong for its IPO, Marco De Benedetti, managing director of Carlyle, told WWD in February that as a European company, Moncler was going to “maintain its roots, and list where these roots and values are.”
As reported, Prada’s road show is expected to kick off June 6 in Singapore and the listing is expected to take place June 23 or 24, according to sources.
Moncler is riding on a 47.9 percent increase in net profits in 2010 to 52.2 million euros, or $68.9 million at average exchange rates.
Lifted by the group’s strategy to develop its retail network and to expand in international markets, in particular Asia, the U.S. and Europe, Moncler saw revenues rise 14.8 percent to 428.7 million euros, or $565.8 million, in the fiscal year ended Dec. 31.
The company’s high-fashion collaborations include Moncler Gamme Rouge for women, designed by Giambattista Valli, and Moncler Gamme Bleu for men by Thom Browne.