Zegna and Benetton take stake in BrunelloWednesday, 25 April 2012
Since its IPO last Friday shares in Italian luxury fashion
house Brunello Cucinelli have proved wildly popular. Two major Italian brands have already taken a stake in the company: Ermenegildo Zegna with 3 percent and the Benetton Group with 2 percent.
"He is an entrepreneur I hold in high regard. He works with enthusiasm and passion, and his company stands for luxury, the family and knitwear — all values we share,” Benetton's brand new chief executive Alessandro Benetton said during a press conference. The acquisition, worth 10 million euros , is a 'sign of dialogue and exchange', said Benetton.
Brunello Cucinelli said that demand from institutional investors was 18 times oversubscribed. With a price of 7.75 euros per share, and 20.4 million shares issued, the company has a market capitalization of 527 million euros.