November 15, 2019 / 7:11 AM / a month ago

Italy's Missoni plans to list on bourse in next three years: paper

MILAN (Reuters) - Italian fashion house Missoni plans to list on the Italian stock market in the next three years, daily Il Sole 24 Ore reported on Friday.

“We want to bring Missoni to the Milan Bourse, we are working to structure the group in view of that goal,” president Angela Missoni was quoted as saying in the financial paper, without giving further details of the plan.

In June last year, state-backed Italian investment fund FSI (Fondo Strategico Italiano) bought 41,2% of the group for 70 million euros ($77 million) to try to help it boost sales and focus on international expansion.

The Missoni family kept the remaining 58.8% of the group couple Rosita and Ottavio Missoni founded back in 1953 in the small northern Italian town of Gallarate, an area known in the country for the production of high-end textiles.

Back then, FSI said it might eventually cut its stake via a stock market listing, but said there was “no rush”.

Despite its small size, Missoni became one of the top names in the fashion industry. The brand is famous for its brightly-colored, zig-zag patterns.

Reporting by Giulia Segreti; Editing by Mark Potter

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