German fashion group Steilmann has announced its intention to float on the Frankfurt Stock Exchange before the end of the year.
The business, which operates in more than 35 countries including Germany, the UK, France, Italy and Austria, plans to use the funds raised to boost its wholesale stockist numbers, open standalone stores and acquire small, multi-brand retailers.
“We are now entering the next phase of our development, which – in line with our history – continues to focus on opening new points of sale,” said Steilmannn chief executive Michele Pullernb.
“The IPO is intended to provide us with the necessary financial means to pursue our growth strategy through possible further acquisitions.”
Steilmann, which targets the over-45s market, sells clothing under womenswear and menswear brands Steilmann, Apanage, Kapalua and Stones. In the UK it also supplies jackets, trousers and shirts to Marks & Spencer.
In the first half of 2015, the business reported interim revenues of €417m (£306.9m), up €3m (£2.2m) year-on-year. Adjusted EBITDA decreased €0.9 (£0.7m) to €4.9m (£3.6m). Steilmann will publish its full financial results for the first six months of 2015 on September 30.
Steilmann is owned by the Italian Puller and Giazzi families and entrepreneurs Miro Radici, Edoardo Miroglio and Donato Martinelli. The owners will not be selling down shares in the company in connection with the IPO.