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Italian apparel brand Brunello Cucinelli files for IPO
06
Feb '12
Brunello Cucinelli, the high-end Italian cashmere apparel brand, has filed a request with stock regulators in Milan to list one-third of the company's stocks through an initial public offering (IPO).

The premium brand's sweaters have been worn by Prince William and celebrities like Daniel Craig.

Mr. Brunello Cucinelli, the founder of the brand, said the company's listing would provide it with greater financial stability and boost its business.

He added that the listing would also help the company raise its visibility and attract employees with global exposure, needed to increase the company's business in foreign countries.

In spite of difficult market conditions in Italy, Cucinelli has chosen to list his company in his home country, rather than in any Asian country. It shows Cucinelli's faith in revival of Italian economy, which is currently under reform to reduce its debt, and modify the economy to avoid falling further victim to European sovereign debt crisis.

Earlier, Cucinelli had forecasted its 2011 revenues at €246 million and its pre-tax profit at €30 million, backed by good demand in North America and China.

Brunello Cucinelli is based in Solomeo in Italy and owns over 50 outlets. The company also offers its products through over 1,000 retail points across five continents.

Fibre2fashion News Desk - India

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