⁍ The family owners of Italian fashion house Salvatore Ferragamo have held informal discussions with financial investors to sell a minority stake.
⁍ A spokeswoman for the company denied that the Ferragamo family planned to sell the stake.
⁍ Sources told Reuters that the family is still in the preliminary stages of testing market appetite and that a deal might face resistance from investors.
– The family owners of Italian fashion house Salvatore Ferragamo have held informal discussions with financial investors to sell a minority stake within their holding firm, as they seek to turn around the luxury brand and cope with the fallout of COVID-19, five sources told Reuters. The company’s chairman Ferruccio Ferragamo, son of founder Salvatore who is now leading the shoe dynasty, held the discussions sometime after the summer, offering a stake of about 20% in the holding vehicle that controls the Milan-listed business, banking and private equity sources said, speaking on condition of anonymity as the matter is confidential. A spokeswoman for the company—which has a market value of $2.43 billion—denies that the Ferragamo family planned to sell the stake. The sources told Reuters that the family is still in the preliminary stages of testing market appetite and that a deal might face resistance from investors since the family is not willing to give away any governance control.
Source: https://www.reuters.com/article/ferragamo-ma/exclusive-ferragamo-family-explores-stake-sale-to-drive-italian-fashion-brand-revamp-sources-idUSL8N2HC5I6