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Brunello Cucinelli aims to raise £132m from IPO

Luxury cashmere and tailoring company Brunello Cucinelli debuted in Milan yesterday with its initial public offering (IPO).

Founder Brunello Cucinelli is endeavouring to list a third of the company for €160m (£132m), with trading for the IPO expected to start on May 3. 

According to the Financial Times, the listing has created interest from institutional funds particularly in the US.

Cucinelli told the newspaper he had decided to list a third of the company in Milan because he was “convinced that the bourse is the best available route for a company to grow in the interests of those who work for it, for the market and for the country”.

It has been reported that Cucinelli will use the proceeds of the public offer to open stores in Europe, America and Asia.

The brand is the latest in a number of luxury brands to float with companies including Michael Kors, Prada and Salvatore Ferragamo all going public in the last year.

Brunello Cucinelli posted a €30m (£25m) profit last year with revenues of €242m (£203m).

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