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Ferragamo prepares for float

Italian luxury brand Salvatore Ferragamo is to appoint an advisor to help it float on the Milan Stock Exchange by June.
The company is looking toappoint global co-ordinators for the sale by the end of the month, according to chief executive Michel Norsa.
Ferragamo, which originally planned to float late next year, could have an equity value of between €1.5 billion and €1.8bn (£1bn and £1.3bn), according to investment bank estimates.

The company expects sales to reach €700 million (£501m) by the end of the year, with a net profit of €50m (£36m).

Sales next year are expected to rise to €750m (£537m), reaching €820m (£587m) in 2009 and €920m (£658m) in 2010.
Rival Prada is also expected to go public next year. Estimates suggest that Prada could fetch between €4.5bn and €5bn (£3.2bn and £3.6bn), which would make it the most valuable listed luxury goods producer.

Both Ferragamo and Prada will hope to avoid a similar post-flotation performance to Italian luxury goods companies Damiani, a jeweller, and Aeffe, which owns the Moschino fashion brand.

Both floated on the Milan Stock Exchange this year and the companies’ shares are now trading below their public offering prices.

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