MILAN Feb 3 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
"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
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)