FIRST TIMER: Harmont & Blaine SpA continues to invest in expanding its women’s division, which the Italian company showed on the runway together with the men’s collection in Milan on Friday—a first for the brand. Chief executive officer Domenico Menniti said he had “hopes the division will account for around 25 percent of sales in the next three years.” Men’s wear is the core business of the label, which is recognizable for its trademark dachshund logo and its stylish preppy looks.
By the end of 2017, the company is aiming for sales of around 200 million euros, or $272.1 million at current exchange, compared with 103 million euros, or $140.1 million, expected in 2014.
While Menniti declined to provide details about the exclusive negotiations with Italian private equity firm Clessidra SGR, first reported in March, it is understood the fund is expected to invest in Harmont & Blaine, which is to sell a stake of between 30 and 35 percent through a capital increase. The deal is expected to take place sometime this summer. Menniti confirmed an initial public offering, possibly by 2017 or 2018 at the latest, remains a goal for the company, which is based in Caivano, on the outskirts of Naples.
Clessidra is expected to help support and accelerate the company’s retail expansion around the world.