MILAN — An IPO is still in the cards for the owner of Liu Jo and Blumarine, EIH Eccellenze Italiane, as the group, which also owns a minority stake in retailer Coin, keeps evaluating market conditions.
In an interview with WWD, founder and president of the board Marco Marchi pointed to robust growth for the conglomerate, spurred by customer loyalty to the Liu Jo contemporary brand and the successful creative shift at Blumarine.
Hiring Moncler SpA alum Paola Durante as general manager for Liu Jo last June suggested a renewed interest to go public for Marchi, who had originally planned a listing of Liu Jo in 2018, a project that the entrepreneur has said was postponed because of unfavorable market conditions.
The executive now says the listing of the entire group is on the table, characterizing the potential move as an opportunity rather than a necessity.
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“Since 2018, the company has been organized to be ready whenever an opportunity pops up. Paola’s arrival is a strong plus, for the skills she developed throughout her career, and because she chose a company that has the right features to become a successful case story. The fact that [she decided to] share a journey geared at an extraordinary operation [listing] is a reason of pride as it means we had headed in the right direction [before],” Marchi told WWD.
A date has not been set for the time being as Eccellenze Italiane needs “to seize the best moment to make it work successfully,” Marchi said.
“We see a complex and turmoiled environment in the market, so we don’t see [listing] as an opportunity in the short term. However, we’re committed to keep growing in a healthy and responsible manner… we will do it whenever all conditions align, otherwise we will keep doing what we do in a virtuous way,” he said.
“My ambition is to ensure that Italian companies can survive the entrepreneur who founded them,” Marchi explained. “This is a must and a priority high on my agenda every day. I think that an IPO today is a great and important opportunity not only for the group per se but also for the brands joining it to guarantee a solid and virtuous future for them.”
The entrepreneur dodged questions about making additional acquisitions, but said ongoing conversations are happening with several parties. “I value the idea of synergies and [shared] know-how in supporting growth with respect to the identities of each brand. We’re always having conversations with entrepreneurs who are triggered and curious about Eccellenze Italiane as the house for brands in the premium segment,” he said.
Marchi established the conglomerate on the heels of the acquisition in November 2019 of the Gruppo Blufin and its brands Blumarine, Blugirl, Anna Molinari and Be Blumarine, a week after announcing he had bought a 15% stake in Coin SpA.
This story was reported by WWD and originally appeared on WWD.com. Read the full story on WWD.com.
