MILAN — Furla’s board has unanimously appointed Alberto Camerlengo as its new chief executive officer. Camerlengo, 52, was previously general director of the Italian accessories company. He succeeds Eraldo Poletto, who in August became ceo of the Salvatore Ferragamo group.
Camerlengo, who studied economy at the Bocconi University in Milan, joined Furla in 2011. Before that, in 1999, he became chief operating officer of Fossil Italia, a role he held until 2004. From that date until 2011, he was ceo of Brooks Brothers Europa.
Giovanna Furlanetto, president of Furla, said the appointment of Camerlengo “is a strong sign of continuity and reflects the company’s path of growth and development.”
As reported, revenues at the Italian accessories company rose 24.5 percent last year to 422 million euros, or $464.2 million at average exchange. Profits were not disclosed, but Camerlengo said earnings before interest, taxes, depreciation and amortization climbed 48 percent in 2016.
Retail sales last year accounted for 64 percent of total revenues. In 2016, Furla opened 29 stores, of which 12 were franchised. Like-for-like sales grew 9 percent compared with the previous year. There are 444 stores in the world, of which 50 percent are directly operated. The brand is available at more than 1,200 multibrand and department stores.
In May, after years of speculation, Furla said it had set in motion plans to go public, inking an agreement with TIP Tamburi Investment Partners SpA. The Marzotto, Loro Piana and Ferragamo families are among the investors in TIP, which also has stakes in Hugo Boss and Ferrari. In 2013, TIP invested in Remo Ruffini’s holding company, Ruffini Partecipazioni, indirectly buying a stake in Moncler, which went public at the end of 2013.
Giovanni Tamburi, president and ceo of TIP and one of Italy’s highest-profile investors, said the plan was to invest 15 million euros, or $16 million, to issue a convertible loan for the capital increase, which will be automatically swapped into Furla shares at the future listing. TIP is committed to underwrite an additional 15 million euros on the day of the listing at the same economic conditions offered to the market. A further quota of shares will be allotted to TIP and sources estimate another 15 million euros to 30 million euros, or $16 million to $32 million, will be paid then.
Furlanetto in February said the company is in “no rush” to go public, having “no need of support to grow financially,” and due to the lack of clarity on the markets, “the listing may be pushed back.” Tamburi had tentatively set the IPO for 2018, depending on market conditions.
The company marks its 90th anniversary this year.