MILAN — Online retailer Yoox Group has decided to push ahead with an initial public offering despite the uncertain financial markets. Shareholders of the Bologna, Italy-based e-tailer approved the IPO on Tuesday. Yoox is expected to list on the Milan Stock Exchange STAR segment for small companies by yearend.

This story first appeared in the September 9, 2009 issue of WWD. Subscribe Today.

The global offering will include ordinary shares generated by a capital increase, which was approved on Tuesday, and shareholders’ shares. Goldman Sachs International and Mediobanca-Banca di Credito Finanziario are joint global coordinators and Eidos Partners is acting as financial adviser.

In the first half of 2009, Yoox’ revenues rose 46.6 percent to 68.3 million euros, or $90.8 million, compared with 46.6 million euros, or $71.3 million, in the same period last year. Earnings before interest, taxes depreciation and amortization (EBITDA) jumped 149.8 percent to 4.2 million euros, or $5.6 million, in the first six months of the year, compared with 1.7 million euros, or $2.6 million, the year before. Dollar figures are converted at average exchange rates for the periods to which they refer.

Geographically, Italy accounted for 27.6 percent of sales; Europe, excluding Italy, for 49.8 percent; North America for 14.9 percent, and Japan for 5.9 percent of revenues. In the first half, orders totaled 536,000, up 48 percent compared with the same period last year.

The nine-year-old company operates its own online stores, and, and runs e-commerce sites for designer brands, from Marni and Diesel to Emporio Armani and Emilio Pucci. During the first half, Yoox developed online stores for Moschino, Bally and D&G, bringing the total stores to 13.

Yoox founder and chief executive officer Federico Marchetti is one of the main shareholders of the company.

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