MILAN, April 13 Italian luxury goods group
Salvatore Ferragamo is planning an initial public offering (IPO)
by July or by the end of 2011, MF newspaper reported on
The Florence leather goods company would join other Italian
fashion brands such as Prada and Moncler that are turning to
equity markets this year to fund expansion.
"The listing project" stems from "the need to find growth
strategies that might help secure adequate access to capital
markets", MF said, quoting minutes of the March 30 shareholder
The meeting approved the IPO, the paper said. The company
had no immediate comment.
Citing sources, MF added documents for the IPO would be
submitted to market regulator Consob soon for the listing to
take place by July or by the end of 2011 at the latest.
At least 30 percent of the capital would be floated with a
share offering also in the United States and Japan, MF said.
JPMorgan Chase & Co (JPM.N) and Mediobanca (MDBI.MI) are
global coordinators and joint lead-managers, the paper said.
Ferragamo swung to profit last year thanks to a 26 percent
increase in revenues to 786 million euros ($11.4 billion). Net
profit was 61 million euros and earnings before interest, tax,
depreciation and amortisation was 113 million euros, the paper
MF estimated an enterprise value for the group at between 1
billion euros and 1.7 billion euros.
Chief Executive Michele Norsa said in February the luxury
group had not decided on a possible IPO, but ruled out a listing
outside of Italy.
(Writing by Valentina Za; Editing by Mike Nesbit)