* CEO sees revenue of up to 500 mln euros in 2015
* Says expects 2012 EBITDA at 16-17 pct of revenues
* Says working on IPO in next three years
By Antonella Ciancio
MILAN, Feb 19 Pianoforte holding, owner of
colourful underwear brand Yamamay and handbag maker Carpisa, is
looking to a stock market flotation in 2015 to fund its
expansion abroad, the chief executive of the two brands said.
The Italian holding company, in which banking group Intesa
Sanpaolo owns 10 percent, is looking to increase its
sales in foreign markets this year to 30 percent of revenue from
20 percent, CEO Gianluigi Cimmino told Reuters.
"We are working for an IPO in the next three years, in any
case not before 2015," Cimmino said at the presentation of a
star-studded launch of Yamamay's 2013 spring-summer collection.
Cimmino, also a partner of Pianoforte Holding, said the
group is targeting revenue of between 450 million euros ($601
million) and 500 million in 2015 as it opens stores abroad,
compared with an estimated 300 million euros in 2012.
The group, which also owns swimwear brand Kajed, plans to
open a total of 100 stores in 2013, compensating for poor
conditions at home where sales of fashion goods are estimated to
have dropped around 4 percent in 2012, according to Italy's
fashion and textile body Sistema Moda Italia (SMI).
Plans for a stock offering come as Europe's IPO market,
which had been struggling because of the euro zone's debt crisis
and sluggish economic growth, has started to show signs of life
as confidence picks up.
But upcoming parliamentary polls in Italy on Feb. 24 to 25
could put outgoing Prime Minister Mario Monti's reform programme
in doubt and fuel uncertainty on financial markets.
"We expect Italy to continue to be difficult for everybody,
especially as the outcome of the election appears uncertain,"
Fashion groups Prada, Salvatore Ferragamo
and Brunello Cucinelli have been the only
Italian names to stage stock market flotations since June 2011.
Other fashionable Italian brands are hoping to catch the
trend, including notebook maker Moleskine and Lapo Elkann's
lifestyle group Italia Independent.
($1 = 0.7487 euros)
(Editing by David Holmes)