Italy : Missoni: No plan for IPO yet

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Missoni: No plan for IPO yet

18
Dec '13

Missoni, an Italian fashion house founded by Ottavio and Rosita Missoni in 1953, has said that it has no plans of a stock exchange listing in the coming months.

Known for its multitude of patterns such as stripes, geometrics, and abstract florals, in a kaleidoscope of colours, Missoni has been on the radar of several foreign luxury conglomerates. However, Missoni has kept itself at bay from any advances.

Earlier, Moncler SpA, Salvatore Ferragamo SpA and Brunello Cucinelli SpA had successfully gone public to maintain growth and outpace rivals.

However, weak investor appetite in Europe, falling Chinese consumption and decline in the value of Japanese yen has slowed the sales of the luxury brands. According to reports, the luxury market globally is expected to grow at its slowest pace since 2009.

Responding to queries related to Missoni’s listing, CEO Alberto Piantoni said, “I exclude it. We want to grow but with our own resources and at our own pace.”

“We want to make the company grow and grow well,” Piantoni added.

Missoni is expecting a sales growth of around 5 per cent to USD 219 million this year, including revenue from licence agreements, based on preliminary figures, said media reports.

Fibre2fashion News Desk - India

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