Salvatore Ferragamo SpA Thursday said the prospectus for its initial public offering was approved by the Italy’s market watchdog Consob, raising the likelihood of its road show starting next week. The Italian fashion house plans to list up to a 25 percent stake in a move to fund further expansion plans in Asia
Ferragamo already received the necessary authorization from the Italian stock exchange. The company, with an estimated value of euro2.25 billion ($3.28 billion), is expected to land on the Milan Stock Exchange in late June.
Ferragamo was founded in 1927 and started considering listing its operations in 2006 when it hired Michele Norsa–a veteran manager of the fashion industry–as chief executive. Norsa, a non-family member who quickly gained the confidence of the Ferragamo family, was able to transform the Italian luxury company into a global player with operations in the U.S. and Asia.
