×
536
Fashion Jobs
HAYS RECRUIMENT
Merchandising Manager - Growing Jewellery Brand
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Ecommerce Manager
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Sales Supervisor
Permanent · LONDON
TOO FACED
Too Faced Business Manager, Boots - Oxford
Permanent · OXFORD
TOO FACED
Too Faced Business Manager - Boots, Leeds Trinity
Permanent · LEEDS
FOUR SEASONS RECRUITMENT
Merchandising Manager
Permanent · LONDON
360 RESOURCING
Account Manager
Permanent · LONDON
BIMBA Y LOLA
Sales Assistant Brompton Road
Permanent · LONDON
BIMBA Y LOLA
Part Time Sales Assistant Brompton Road
Permanent · LONDON
BIMBA Y LOLA
Sales Assistant Richmond
Permanent · LONDON
HAYS RETAIL
Retail Operations Manager
Permanent · LONDON
NEXT RETAIL LTD
Home Design Consultant
Permanent · CAMBERLEY
NEXT RETAIL LTD
Warehouse Administrator
Permanent · DONCASTER
HAYS RECRUIMENT
E-Commerce Manager
Permanent · LONDON
HAYS RECRUIMENT
Eyewear Account Manager South London
Permanent · LONDON
NEXT RETAIL LTD
Home Design Consultant
Permanent · CARDIFF
NEXT RETAIL LTD
Sales Coordinator - Permanent
Permanent · LONDON
360 RESOURCING
Head Office Recruitment Consultant - Fashion Retail
Permanent · LONDON
360 RESOURCING
Temps Controller / Temps Recruitment Consultant - Fashion Retail
Permanent · LONDON
OUTSIDE THE BOX RECRUITMENT
Production Manager-Shoes & Slg-Luxury- London Salary up to £70k
Permanent · LONDON
DEPLOY LONDON
International Sales & Marketing Manager
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Digital Marketing Manager
Permanent · LONDON
Advertisements

Italian fashion giants find stock market increasingly enticing

By
AFP
Published
today Jun 24, 2007
Reading time
access_time 3 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

MILAN (AFP) - Italy's leading fashion houses are increasingly looking to the stock market for the kind of financing needed to develop in the ever-competitive luxury sector, while keeping the business in the family.


Créations of Salvatore Ferragamo during the 2007/2008 fall-winter women's collection in Milan Photo : Pierre Verdy/AFP

Two leading Italian labels, Salvatore Ferragamo and Roberto Cavalli, this week announced plans to be quoted on the stock market from 2008, unlike the trend of the 1990s when labels sought to join large groups.

At that time, Fendi and Emilio Pucci became part of LVMH, the French luxury goods group, while Gucci, Bottega Veneta and Sergio Rossi fell in with its rival, Pinault Printemps Redoute (PPR).

In 1998, veteran Italian designer Valentino sold the company he had established 40 years earlier to HPD, an Italian group quoted on the stock exchange, then to Marzotto in 2002 before selling 30 percent of its capital to Permira investment fund in May.

In 2000, the house of Gianfranco Ferre, who died last weekend after suffering a massive brain haemorrhage, had sold 90 percent of its capital to the Groupe Tonina Perna.

"These companies preferred to sell to better develop themselves," Armando Branchini, head of the InterCorporate consultants' company, told AFP.

"They are often houses that have found themselves on the market for a long time, which have existed for several generations and which sometimes no longer find a successor," he said.

Today, however, several fashion houses that are still financially independent -- Versace, Prada, Salvatore Ferragamo or Roberto Cavalli -- are tempted by the stock market.

"Currently in Italy there are many family businesses and also young companies whose future will be shaped more and more in the stock market, and not in integrating into big luxury groups," Branchini continued.

"Stock market flotation permits the keeping of a majority of the capital in family hands" and also to retain control of all aspects of the management, he added.

On Thursday, the president of Salvatore Ferragamo, Ferruccio Ferragamo, one of the founder's heirs, announced plans to introduce the company on the stock market next year.

It followed hard on the heels, a day earlier, of Roberto and Eva Cavalli's announcement that they were thinking of bringing a partner into their fashion house in order to be quoted on the stock market, but not for a year.

Ten years after the death of the designer Gianni Versace, the Versace label is still completely family-owned.

While his sister Donatella and brother Santo share 50 percent of the business, his niece Allegra holds the other half. But in recent months, the company has indicated it is mulling stock market quotation.

Prada, owned by the founder's niece Miuccia Prada, has twice abandoned plans to be floated on the stock market but said recently that it intended to be quoted in the near future.

Only Dolce and Gabbana and Giorgio Armani have rejected the stock market option, or an alliance with investors.

"At 70, I see it as a gift the fact that I continue to think and advance in an autonomous way, without somebody leading me by the hand," Armani said in 2004 shortly before his birthday.

The Italian designer is not only the founder of this fashion empire but also sole shareholder, chief executive officer and chief designer of the company, whose consolidated turnover was 1.5 billion euros (2 billion dollars) in 2006.

Copyright © 2020 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.