Italian online fashion retailer sets up IPO
In a bid to expand its business operations, Italian online fashion retailer Yoox has launched an initial public offering (IPO) option this week. This is in a bid to expand its business despite the ongoing global financial crisis.
According to reports, the company is offering up to a total of 55.5 percent stake and is setting the price of the shares between 3.60 to 4.50 euros per share. This values the company at around 226.8 million euros. The IPO is expected to be completed by November 30 this year.
There are currently four investment funds that currently own the 55 percent stake in the company. Yoox sells high-end brands such as Emporio Armani, Valentino, Diesel and Dolce&Gabbana.
The Italian company reported an increase in sales for the first nine months of this year with net profits going as high as 2.8 million euros. A positive trend compared to last year’s decline of 400,000 euros.