Moncler, the Italian maker of luxury down jackets, plans to make a second attempt at listing its shares on the Milan stock exchange next month, with the aim of raising nearly €800m for the company’s private equity owners.
The company, which gained approval from Italy’s stock market regulator late on Tuesday, set a minimum price of €8.75 per share and a maximum price of €10.2 per share. It plans to list around a third of the company, allowing chairman Remo Ruffini and private equity groups Eurazeo and Carlyle to retain control.
Eurazeo bought a 45 per cent stake in Moncler from co-owners including Carlyle two years ago for €418m when the latter decided to pull a proposed initial public offering during market volatility in the euro crisis. Mr Ruffini kept his 32 per cent stake and Carlyle has a 17.8 per cent stake. Mr Ruffini told the FT in September he would not be selling any of his shares in the IPO.
Moncler has been one of the success stories among Italian companies created long after the country’s postwar boom of entrepreneurship that formed many of its best-known names.
In 2003, turnover was less than €50m. In 2012, revenues for the Moncler group rose 35 per cent year on year to €498m. Like-for-like sales were up 13 per cent. Based on 2012 earnings before interest, tax, depreciation and amortisation of €161m, analysts have estimated the group could be worth upwards of €2bn if listed.
The company is seeking to follow in the steps of successful listings on the Milan bourse by Brunello Cucinelli, a purveyor of luxury cashmere casual wear, and Salvatore Ferragamo, the Florentine shoemaker-to-the-stars. Moncler’s listing is also expected to pave the way for listings by small and midsized Italian companies next year, Raffaele Jerusalmi, chief executive of the Milan bourse, said last month.
Italy’s small and midsized groups, that make up the backbone of its economy, have traditionally shunned the stock exchange and relied on bank loans. The euro crisis and a crippling two-year-long recession have seen those loans dry up, forcing groups to seek other routes to fund expansion.
Moncler’s biggest market is Asia, making up more than a third of its sales. The rest of Europe accounts for another third, Italy makes up 24 per cent and the US 10 per cent.
Mr Ruffini said in September that a successful stock market listing would allow the company to push into the US and Brazil.
Joint global co-ordinators are Goldman Sachs, Bank of American Merrill Lynch and Mediobanca. Banca IMI is acting as placement manager for the public offering.
This article has been amended to correct Remo Ruffini’s title
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