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Luxury coat brand Moncler readies $1.1 billion flotation
November 27, 2013 9:54 AM
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moncler moncler jackets By Isla Binnie and Astrid Wendlandt moncler womens jackets MILAN/PARIS (Reuters) - Goose down jacket maker Moncler (IPO-MON.MI) is seeking to raise as much as 785 million euros (650.50 million pounds) in what will be the biggest flotation in the European luxury sector since Salvatore Ferragamo more than two years ago. buy moncler The Italian company, which started life as a ski jacket maker in the French Alps in 1952, is one of most striking brand revival success stories of the luxury industry in recent years. moncler man It is hoping to attract investors with solid growth prospects based on global expansion plans and consumers' strong appetite for chic outdoor wear. moncler coats Moncler recently diversified into sunglasses and knitwear, but makes around 85 percent of revenue from its goose down jackets that cost 800-1,000 euros ($1,100-$1,300). In the nine months to September 30, sales were up 17.5 percent at 389 million euros, up 22 percent at constant exchange rates. The size of the offering, which will be at least 585-681 million euros, could rise by as much as 15 percent to 672-785 million if the greenshoe option is exercised, terms sheets seen by Reuters showed. On the basis of the company's 8.75-10.2 euro-a-share indicative price range, Moncler's market capitalisation could be from 2.2 billion to more than 2.55 billion euros. In relative terms, the indicative price range values Moncler at 10-12 times expected 2014 earnings before interest, tax, depreciation and amortisation (EBITDA). Gucci and Yves Saint Laurent owner Kering (PAR:PP) trade on just over 10 times. In the middle of the price range, it would be on par with British luxury brand Burberry (LSE:BRBY) which is on more than 11 times, and at 12 times 2014 EBITDA, it would be at a small discount to Prada (HKG:1913) which is on around 12.6 times. Moncler is set to be the third company to start trading on Milan's main market this year. Notebook maker Moleskine (MSK.MI) listed in April and freight forwarding company Savino del Bene is expected to list on December 6. Strong equity markets have helped drive a revival in European listings activity after several years of drought since the financial crisis, with the total raised by European companies between the start of the year and November 21 at $30 billion, up 173 percent on the same period last year. Moncler called off a planned listing in 2011 and opted to sell a 45 percent stake to French investment firm Eurazeo (PAR:RF) in a deal that valued the brand at 1.2 billion euros. It is hoping to replicate the success of luxury brands such as Ferragamo (SFER.MI) whose shares have more than trebled since their 2011 debut, while Hong Kong-listed Prada shares have nearly doubled since flotation. Bruno Cucinelli (BCU.MI) shares have more than tripled since a Milan float in April last year. HEFTY PROFIT Moncler's free float will be at least 26.7 percent and none of the proceeds will fill the company's coffers as the sale will be made up entirely of existing stock. Eurazeo expects to make a hefty profit on the flotation when it sells a 14 percent stake, while fellow private equity group Carlyle (CG.O) will sell around half its 18 percent holding. Carlyle bought a 48 percent stake in 2008 that valued the whole of Moncler at 220 million euros. Brands Partners, which currently holds 5 percent of the company, plans to cash in on 3.7 percent of the share capital. Moncler President Remo Ruffini will retain his entire 32 percent stake, making him the biggest shareholder. Ruffini and the company's management will be subject to a one-year lock-up and selling shareholders under a lock-up of 180 days. Moncler will offer 10 percent of the base deal to retail investors in Italy, and 10 percent to buyers in Japan. By midday on Wednesday, the company's offer was fully subscribed, sources close to the deal said. Moncler was a dormant brand generating 45 million euros in sales when Ruffini took control in 2003. Helped by the strong growth of the upmarket outdoor gear market, Ruffini succeeded in turning Moncler into a hot fashion label. The brand's shiny black jackets, first sold in Alpine ski resorts such as Cortina, are now found in the hip shopping streets of Paris, New York and Tokyo. To build its image, Moncler has used off-the-wall media campaigns by famous photographers such as Bruce Weber and hired star designers such as Giambattista Valli for its Gamme Rouge line which is shown at Paris Fashion Week. Its sunglasses are advertised by American rapper Pharrell Williams. The company has expanded worldwide, opening 22 shops in 2012 and by the end of September, it had 98 shops compared with 79 at the same time last year. It makes 45 percent of its sales from its retail network, up from 37 percent last year. The shares are expected to make their debut on December 16. (Additional reporting by Kylie MacLellan in London, Editing by Louise Heavens and David Evans) Director Dealings Finance Moncler
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