Moncler Gamme Rouge RTW Spring 2014

The Italian fashion firm is heading for its initial public offering with a solid set of third-quarter numbers.

Moncler SpA is heading for its initial public offering with a solid set of third-quarter numbers.

This story first appeared in the November 8, 2013 issue of WWD. Subscribe Today.

Revenues gained 16.9 percent in the three months ended Sept. 30 to 92.6 million euros, or $122.6 million at average exchange.

The pace is slower than the second quarter, when sales gained 22.6 percent, but above the 16.2 percent gain for the first three months of the year and well ahead of most European luxury players.

Eurazeo, the Paris-based private equity fund that holds a 45 percent stake in the Italian fashion firm, released the figures after the close of trading on the Paris Bourse.

Eurazeo cited strong growth across all geographies, including the U.S. and Japan, despite a negative currency environment.

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In the nine-month period, organic revenues improved 18 percent, based on constant exchange rates and the number of stores at Jan. 1. Moncler has added 15 locations since the start of the year, including a Paris flagship and a unit in Istanbul’s new Zorlu Center.

As of Sept. 30, the company had 98 company-owned stores versus 79 a year earlier.

Moncler’s listing on the Italian Stock Exchange is expected to take place by the end of 2013, with the company floating between 25 and 30 percent of its total shares.

Industry sources estimate the company could be valued at around 2 billion euros, or $2.7 billion at current exchange.

Moncler’s selling partners are ECIP M., controlled by Eurazeo SA; CEP III, controlled by The Carlyle Group, and Brand Partners 2, controlled by Progressio Investimenti. Carlyle holds 17.8 percent of the firm, and Progressio Investimenti, 4.9 percent.

Chairman and creative director Remo Ruffini is to maintain his 32 percent stake.

The listing is to follow successful IPOs by other fashion brands around the world, including Prada Group in Hong Kong; Brunello Cucinelli and Salvatore Ferragamo in Milan, and Michael Kors in New York.

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