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Cashmere maker Cucinelli files for Milan listing
February 3, 2012 / 3:31 PM / 6 years ago

Cashmere maker Cucinelli files for Milan listing

MILAN, Feb 3 (Reuters) - Italian cashmere goods maker Brunello Cucinelli said on Friday it had filed with Italian regulators for an initial public offering (IPO) of its shares on the Milan bourse , as signs emerged recently of steadier market conditions.

The offering, sponsored by investment bank Mediobanca , will include the issue of new shares and the sale of existing equity.

“The bourse is a key step for growth,” said Brunello Cucinelli, founder and owner of the company, in a statement.

Once given a green light by Italy’s bourse, companies have a year to follow up on their request to list.

Cucinelli had said in December he wanted to wait for financial markets to stabilise before launching an IPO of his 34-year-old group.

Concerns over the euro zone debt crisis spiralling out of control have sparked a run out of equities, prompting some companies to put listing plans on hold.

But Italian luxury brands Prada and Salvatore Ferragamo successfully listed last year, just before a sell-off of Italian assets started in early July, marking a worsening in the bloc’s debt crisis.

Trend-setting designer Prada picked Hong Kong for its debut while shoemaker Ferragamo stayed faithful to its home turf. Both, however, have strong exposure to the fast-growing Chinese market, whereas Cucinelli, sells almost 60 percent of its soft sweaters and jackets in Europe. (Reporting by Sabina Suzzi; Editing by David Holmes)

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