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Furla moves closer to an IPO

By Vivian Hendriksz

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Business

Italian accessories brand Furla is one step closer to an initial public offering (IPO) after signing an agreement with Tamburi Investment Partners (TIP).

The investment bank is set to underwrite a convertible loan of 15 million euros to the Italian company which will be swapped into Furla shares during its future listing, according to a joint statement published on Monday. In addition, TIP aims to invest a further 15 million euros in Furla when it floats. An exact date for the flotation has yet to be announced.

"I’m happy for this step made by the company.. to be more and more strength in the competition worldwide and to pursuit the growth to the future that our heritage deserves," commented Giovanna Furlanetto, Executive Chairman of Furla. "Most of all I’m happy for the management and all the employees that would participate to this growth as they deserve for the important development they have effectively contributed till now."

An IPO will help the family owned luxury brand continue competing globally, whilst giving its employees the benefits of its growth, added the companies in the statement. By taking the first steps for a future flotation, Furla joins the likes of Prada, Moncler and Salvatore Ferragamo in offering its shares publicly.

Furla is set to call a board meeting to approve of the decision, and if it is approved, Giovanni Tamburi and Alessandra Gritti will join the board of directors. TIP has retained the right to subscribe or have investors of its choice to subscribe to a further tranche of the IPO at the time of listing.

"I’m particularly proud of this deal which links to our company one of the undoubtedly, most prestigious Italian entrepreneurial excellence," added Giovanni Tamburi, Chairman and CEO of TIP. "Consequently I thank a lot Furlanetto family that, even if without a specific need, wanted us standing alongside."

Furla was first established in Bologna in 1927 by Aldo and Margherita Furlanetto. The Italian luxury firm ended its fiscal year 2015 with consolidated revenues amounting to approximately 339 million euros,a 30 percent increase compare to last year. EBITDA amounted to over 44 million euros, increasing 29 percent from fiscal year 2014.

Photos: Furla, Facebook

Furla
IPO
Tamburi Investment Partners