Moncler aims to float in Milan in December with a valuation which has doubled in the past two years to about 2 billion euros ($2.57 billion), sources close to the matter said.
An attempt to float in 2011 was called off due to choppy
markets but in the meantime sales have grown strongly for the
company, which started as a ski jacket maker in 1952.
Moncler is hoping to woo investors with strong growth
prospects based on its global expansion plans and now trendy
A December flotation would allow its top shareholder,
private equity firm Eurazeo, to make a hefty profit on
its purchase of a 45 percent stake in 2011 which valued the
brand at 1.2 billion euros.
Sellers would also include private equity firm Carlyle
which owns 18 percent after selling the bulk of its
holding to Eurazeo. Carlyle took a 48 percent stake in 2008 when
the whole of Moncler was valued at 220 million euros.
However, Remo Ruffini, the company's president who
spearheaded its transformation, does not intend to sell any of
his 32 percent stake, three sources said.
"He wants to remain the biggest shareholder and be
associated with the brand long term," one of the sources said.
Two of the sources said they expected about 30 percent of
the company to be sold to investors at the IPO.
One of these two sources said December was chosen because by
then, Moncler, known for its black shiny down jackets, would
have sold about 70 percent of its stock.
"It is a very seasonal business, so by December, Moncler
will have good visibility on its winter season," the source said
on condition of anonymity.
Moncler was a dormant brand generating 45 million euros in
sales when Ruffini took control in 2003. He has turned Moncler
into a hot fashion label and its jackets which were first sold
in Alpine ski resorts such as Cortina and are now found in the
hip shopping streets of Paris and Tokyo.
The brand's sales rose 35 percent to 489 million euros in
2012 and 18 percent on a like-for-like basis. Moncler's total
group sales including other brands such as Henry Cotton's and
Marina Yachting, which will not be included in the IPO, reached
624 million euros in 2012.
before interest, tax, depreciation and amortisation (EBIDTA) - the bulk
of which come from the Moncler brand - reached 170 million euros last
Sources close to the matter said they expected Moncler's
valuation to reach between 10-15 times estimated Ebitda.
Bruno Cucinelli shares which have more than doubled
since their debut last year, trade on an enterprise value/Ebitda
multiple of 20 times but the high rating is partly due to the
shares not being very liquid, analysts say.
This week, the world's biggest luxury group LVMH
unveiled a 2-billion-euro takeover of Loro Piana which valued
the Italian cashmere brand at 19.2 times its estimated Ebitda.
Moncler's debut would follow the successful listing by
sunglasses retailer Italian Independent last month.
Moncler has been expanding worldwide, opening 22 shops in
2012 and now running 88 boutiques.
To build its name and image, Moncler has been using
off-the-wall media campaigns by famous photographers such as
Bruce Weber and hiring star designers.
Moncler's last Gamme Rouge collection, designed by
Giambattista Valli, was staged like an Arctic expedition at
Paris fashion week, featuring mountain climbers ambling down
fake-snow covered runways, Siberian huskies in tow.
Moncler jackets, which are mostly made in Italy, sell for around 800-1,000 euros and are made from goose down purchased from Russia, Poland and France.
By Astrid Wendlandt Reuters