Since its IPO last Friday shares in Italian luxury fashionhouse Brunello Cucinelli have proved wildly popular. Two major Italian brands have already taken a stake in the company: Ermenegildo Zegna with 3 percent and the Benetton Group with 2 percent.
"He is an entrepreneur I hold in high regard. He works with enthusiasm and passion, and his company stands for luxury, the family and knitwear — all values we share,” Benetton's brand new chief executive Alessandro Benetton said during a press conference. The acquisition, worth 10 million euros , is a 'sign of dialogue and exchange', said Benetton.
Brunello Cucinelli said that demand from institutional investors was 18 times oversubscribed. With a price of 7.75 euros per share, and 20.4 million shares issued, the company has a market capitalization of 527 million euros.