MILAN, Dec 9 (Reuters) - 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 well.”
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 long-term possibility.
$1 = 0.7308 euros Reporting by Isla Binnie; Editing by Mark Potter