MILAN Dec 9 Italian fashion brand Missoni does
not plan a bourse listing in the near future, the chief
executive of the company known for its bold stripes and zigzag
patterns said in an interview published on Monday.
"I exclude it," Italian newspaper Corriere Economia quoted
Alberto Piantoni saying in response to the question whether
family-owned Missoni would list on the stock exchange.
"We want to grow but with our own resources and at our own
pace," he said. "We want to make the company grow and grow
Italy's family-owned fashion brands have proved popular
targets for foreign luxury conglomerates and several have
completed successful initial public offerings (IPO).
France's LVMH bought 80 percent of Italian luxury
cashmere brand Loro Piana for 2 billion euros in July.
Down jacket maker Moncler IPO-MON.MI closes order books
this week for a share sale worth up to 785 million euros which
is set to knock leather group Salvatore Ferragamo off
the top spot for the biggest IPO in the European luxury goods
sector in years.
Ottavio and Rosita Missoni started making tracksuits in a
small workshop near Rosita's home town of Gallarate in
north-west Italy, before presenting their first knitwear
collection in Milan in 1958.
The founders' children and grandchildren took over managing
the company in 1996, aiming to relaunch the brand and attract a
larger, younger market. Ottavio died in May at the family home
next to the company's factory.
The fashion house should see sales growth this year of
around 5 percent to 160 million euros ($219 million), including
revenue from licence agreements, based on preliminary figures,
Piantoni told Reuters in June.
He also said then that a stock market listing could be a
($1 = 0.7308 euros)
(Reporting by Isla Binnie; Editing by Mark Potter)