Jun 13, 2011
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Salvatore Ferragamo launches public offering

Jun 13, 2011

June 13 - Italian luxury group Salvatore Ferragamo launched a sale of nearly a quarter of the company on the Milan stock exchange Monday in a bid to raise up to 400 million euros ($575 million).

Salvatore Ferragamo
Couture shoe design by Salvatore Ferragamo (Photo: Corbis)

The public offering by holding company Ferragamo Finanziaria S.p.A. aims to sell 38.275 million shares representing 22.73 percent of capital, a company statement said Friday.

Investors have until June 23 to offer between eight and 10.5 euros per share. High bids would raise 401 million euros.

The company was set up in 1927 by Salvatore Ferragamo, a Florentine shoemaker who came back to Italy after living in the United States where he became famous for designing shoes for Hollywood stars.

Ferragamo now also makes clothes, leather goods and eyewear.

It is currently controlled by the Ferragamo family, which sold eight percent of the company's capital to Hong Kong businessman Peter Woo.

The group has 2,800 employees and 578 shops around the world.

Another Italian family-owned group, Prada, also launched a public offering on Monday but on the Hong Kong stock exchange -- a sign of the importance of the Asian luxury goods market.

Prada hopes to raise up to $3 billion (2.1 billion euros) with its offering.

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