Pambianco Study: Valentino Once Again Ranks First in Potential IPO List

For the second year in a row, Valentino was identified as the company with the most potential to publicly list, according to Pambianco Strategie di Impresa. Furla ranked second, followed by Sportswear Co., parent of the Stone Island brand.

Giorgio Armani, which was positioned No. 2 last year, after four years in a row as No. 1, ranked fifth after Golden Goose, and followed by Dolce & Gabbana — although the latter would have to move past the crisis in the wake of its fallout in China last month. In September, former Gucci chairman and CEO Patrizio di Marco joined Golden Goose Deluxe Brand as chairman. He succeeded Marco De Benedetti, who will remain as director, and is managing director and co-head of Carlyle’s Europe Buyout group, the buzzy sneaker label’s parent fund.

Calzedonia Holding, Max Mara Fashion Group, Stefano Ricci and Gianvito Rossi ranked seventh to 10th, followed by the Ermenegildo Zegna Group. Gildo Zegna, CEO of the latter, has repeatedly said a listing was not in the cards for the family-owned company.

The 13th edition of the Milan-based consultancy’s 2018 ranking of the “listable” companies in fashion, design and beauty was for the first time drawn in a partnership with Barclays. The study analyses the companies that have the economic financial and positioning characteristics to be listed in a range of three to five years, regardless of whether a listing is even in the plans of the firm.

After mulling an initial public offering starting in 2016, Mayhoola, owner of Valentino, put the listing on hold, said the brand’s CEO, Stefano Sassi, in May. “It’s not a priority, and the company does not even need it,” he told WWD at the time, reporting a 5 percent increase in sales to 1.16 billion euros ($1.32 billion).

Armani has repeatedly waved away the possibility of listing his company and in 2016 set up a foundation in his name to ensure the future of his group.

In May 2016, Furla set in motion plans to go public, inking an agreement with TIP Tamburi Investment Partners SpA, but the initial public offering is “not on the agenda,” CEO Alberto Camerlengo said in October.

Each year, the consultancy considers around 500 companies in the fashion, beauty and design industries, and selects those that have registered sales of more than 50 million euros in the last fiscal year.

They are then ranked by eight parameters developed by Pambianco: growth in the 2015-17 period; average earnings before interest, taxes, depreciation and amortization in the same period; brand awareness; size; exports; direct retail; debt; and market positioning.

David Pambianco, CEO of Pambianco Strategie di Impresa, said being part of the list means certifying the companies’ “ability to produce value.”

Missoni ranked 23rd, followed by Diesel parent OTB in 25th position and Etro in 26th. Missoni, as reported, has a new investor. In June, the family-owned brand sold a 41.2 percent stake to FSI Midmarket Growth Equity Fund for 70 million euros. Angela Missoni, who took on the role of president, while maintaining her creative director title, said at the time that she was a public listing as “an opportunity.” Former Valentino and Salvatore Ferragamo CEO Michele Norsa, industrial partner of FSI, became vice president of Missoni.

Nine new companies joined the list, including Essemoda with the Clayton brand, which ranked 22nd; Confezioni Peserico, 24th; and Fashion Box, parent of Replay, in 28th.

For the 2018 edition, 40 fashion brands and 10 beauty brands were selected. There were also 30 design and home brands. In 2017, revenues of the 80 companies totaled 24.6 billion euros, up 4.5 percent compared with sales of the same companies in 2016. Average Ebitda stood at 16 percent, up 0.5 percent compared with the previous year.

Geographically, the companies were concentrated in the Lombardy region, which counted 26 companies; Emilia Romagna, with 25 companies, and Veneto, with nine. The first three regions represent 60 companies out of the 80, or 75 percent of the top companies.

For the first time, the beauty sector had its own separate ranking. Alfa Parf held the top spot, followed by AGF 88 with the Pettenon brand and Sodalis with the Tesori D’Oriente label.

Among the design and home brands, Design Holding — Flos, B&B Italia, Paulsen and Arclinea — was ranked first, followed by Minotti and Poltrona Frau Group — Poltrona Frau, Cassina, Cappellini.

This story was reported by WWD and originally appeared on WWD.com.

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