- Angela Gonzalez-Rodriguez |
Brunello Cucinelli, the Italian fashion businessman behind the eponymous high-end label, has sold a 6 percent stake in the fashion company and raised about 100 million euros for his family’s charitable foundation.
Through his company Fedone Srl, Brunello Cucinelli sold on Tuesday more than four million shares of the luxury group at 26 euros a share, for a total of around 100million euro.
Brunello Cucinelli raises 100 million euros for his charitable foundation
Mediobanca was sole bookrunner for the deal, which was conducted via an accelerated bookbuild of 6 percent of the company shares to institutional investors.
Cucinelli told the ‘Financial Times’ that he and his family intended to remain as majority shareholders of the company he founded 40 years ago, but he wanted to raise funds from the share sale to put towards his “life-long project of restoration” in his local community. In other words, the company’s family owner will invest further in what they call “humanist capitalism”.
After the share sale, Brunello Cuccinelli, his wife, and two daughters remain majority shareholder, with 51 percent of the company’s equity. Fidelity with a 10 percent stake, and OppenheimerFunds with a 5 percent, are the other largest shareholders.
Via the share placement, he said, he wanted to separate the family’s philanthropic activities from the business for the long term. The family had reached the decision as part of a wider discussion over strategy “for the next 15, 30, 40 years”, he added.
Cucinelli shares fell 3.6 percent on Wednesday after the announcement of the placement, closing down 6.57 percent to 27 euros on the Milan Stock Exchange.
Image:Brunello Cucinelli, Brunello Cucinelli Official web