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Marchi looking to stich up an IPO: chief executive
Posted on Friday, 14 February 2020 09:55
Marco Marchi said he is planning to list the holding company of Italian fashion businesses Liu Jo and Blumarine, Reuters noted.
Speaking at an industry event in Milan yesterday, the chief executive of the two brands stated the group could potentially launch an initial public offering (IPO) within the next two years.
Reuters observed that Marchi told reporters the company is not yet ready to pursue a flotation.
Established in 1995, Liu Jo sells a range of women’s clothing, footwear, bags, as well as other accessories such as belts, keyrings and scarves.
The company is based in Capri, a province of Modena, which is renowned for its expertise in knitwear.
Liu Jo has 2,674 stores across Italy and posted sales of around EUR 400.00 million in 2019, according to Marchi.
Similarly, Blumarine offers women’s clothing collections, fragrance and eyewear and sunglasses, among other items.
Housed under the brand Blufin, it also has boutiques across Italy and worldwide, with stores in Thailand.
Marchi acquired the fashion outlet in November last year through its newly-formed holding company Eccellenze Italiane Holding.
The business, Reuters reported, was set up to manage both Blumarine and Liu Jo.
At the industry event, Marchi noted that trying to create a holding company to purchase other brands within the Italian fashion industry can sometimes incur penalties due to managerial or financial deficiencies.
News of the possible listing comes just months after he agreed to buy a 15.0 per cent stake in department store chain Coin, via a private placing, in November last year.
According to Zephyr, the M&A database published by Bureau van Dijk, there were 26 IPOs of Italian companies announced or completed in 2019.
In the largest of these, Nexi raised EUR 2.01 billion on the Italian Stock Exchange in April.
© Zephus Ltd